TCL Smart Home(SZ:002668) GOLDEN SUN SECURITIES·2026-03-11 06:41Investment Rating - The investment rating for TCL Smart Home is maintained as "Accumulate" [4] Core Views - The company reported a total revenue of 18.531 billion yuan for 2025, reflecting a year-on-year growth of 0.93%, and a net profit attributable to shareholders of 1.123 billion yuan, which is a 10.22% increase year-on-year [1][2] - The company has announced a shareholder return plan for the next three years, with a total cash dividend of 220 million yuan for 2025, representing a payout ratio of 19.67%. The minimum payout ratios for 2026, 2027, and 2028 are set at 20%, 40%, and 80% respectively [2] - The company expects to achieve net profits of 1.196 billion yuan, 1.312 billion yuan, and 1.410 billion yuan for 2026, 2027, and 2028, indicating year-on-year growth rates of 6.5%, 9.6%, and 7.5% respectively [2] Financial Performance - In Q4 2025, the company reported a single-quarter revenue of 4.185 billion yuan, down 5.21% year-on-year, and a net profit of 146 million yuan, down 24.81% year-on-year [1] - The gross profit margin for 2025 improved by 2.2 percentage points to 25.23%, with the refrigerator and washing machine segments seeing gross margin increases of 2.20 percentage points and 3.30 percentage points respectively [2] - The net profit margin for 2025 was 11.52%, an increase of 0.95 percentage points year-on-year [2] Business Segmentation - Revenue from the refrigerator and washing machine segments grew by 0.32% and 4.81% year-on-year respectively in 2025. The sales volume of refrigerators increased by 2% to 16.82 million units, with exports growing by 5.9%. The washing machine sales volume rose by 1% to 3.58 million units, with exports increasing significantly by 37.5% [1] - Domestic and overseas revenue for 2025 showed a year-on-year decline of 15.20% and an increase of 6.74% respectively [1] - The overseas revenue from self-owned brands grew by 115% year-on-year, and the overseas revenue from Hefei appliances has maintained a growth rate of over 40% for two consecutive years [1]