TCL Smart Home(SZ:002668) GOLDEN SUN SECURITIES·2026-03-11 07:25Investment 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, up 10.22% year-on-year [1]. - The fourth quarter of 2025 showed a decline in revenue, with a total 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 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% [2]. Financial Performance - The gross margin for 2025 improved by 2.2 percentage points to 25.23%, with refrigerator and washing machine gross margins increasing by 2.20 percentage points and 3.30 percentage points, respectively [2]. - The net profit margin for 2025 increased by 0.95 percentage points to 11.52% [2]. - The company expects net profits for 2026, 2027, and 2028 to be 1.196 billion yuan, 1.312 billion yuan, and 1.410 billion yuan, respectively, with year-on-year growth rates of 6.5%, 9.6%, and 7.5% [2]. Business Segmentation - In terms of business segments, revenue from refrigerators and washing machines grew by 0.32% and 4.81% year-on-year, respectively [1]. - The sales volume of refrigerators increased by 2% to 16.82 million units, with exports growing by 5.9% [1]. - The washing machine sales volume rose by 1% to 3.58 million units, with exports significantly increasing by 37.5% [1]. Regional Performance - Domestic sales revenue decreased by 15.20% year-on-year, while export revenue increased by 6.74% [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].