TCL Smart Home(SZ:002668) Tai Ping Yang Zheng Quan·2025-10-31 12:16Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with a target price based on the last closing price of 10.35 [1][6]. Core Insights - TCL Smart Home reported a revenue of 143.46 billion yuan for the first three quarters of 2025, reflecting a growth of 2.87%, and a net profit attributable to shareholders of 9.77 billion yuan, which is an increase of 18.45% [4][5]. - The company's Q3 2025 revenue was 48.69 billion yuan, down 2.30% year-on-year, attributed to external uncertainties such as tariffs. However, the global strategy is expected to drive growth, particularly in overseas markets like the Middle East, Africa, and Latin America [5]. - The net profit for Q3 2025 was 3.39 billion yuan, showing a significant increase of 27.51%, benefiting from the launch of high-end new products and improved production efficiency [5][6]. Financial Performance Summary - For Q3 2025, the gross profit margin was 27.16%, up 3.12 percentage points, driven by the introduction of high-margin products such as the "Ice Kirin" refrigerator and "AI Super Tube" washing machine [5]. - The net profit margin for Q3 2025 was 13.21%, an increase of 3.02 percentage points, indicating improved profitability [5]. - The report forecasts net profits for 2025, 2026, and 2027 to be 12.03 billion yuan, 13.34 billion yuan, and 14.59 billion yuan respectively, with corresponding EPS of 1.11 yuan, 1.23 yuan, and 1.35 yuan [6][7].