Homa(002668) Southwest Securities·2024-04-01 16:00Investment Rating - The report gives a "Hold" rating for the company, with a current price of 7.77 CNY and a target price not specified for the next six months [2][86]. Core Viewpoints - The company is a leading refrigerator exporter in China, having maintained its position as the top exporter for 15 consecutive years. It has focused on its core business after divesting from financial services and has made significant acquisitions to enhance its operational structure [11][23][86]. - In 2023, the company achieved a revenue of 15.18 billion CNY, a year-on-year increase of 93.6%, and a net profit of 790 million CNY, up 85.7% from the previous year. The acquisition of Hefei Appliances has significantly contributed to revenue growth [14][29][86]. - The company has improved its gross margin to 23.7%, an increase of 3.8 percentage points year-on-year, driven by a higher proportion of overseas sales and a decrease in raw material costs [14][33][49]. Summary by Sections Company Overview - The company has transitioned through three phases, with a focus on refrigerator manufacturing since TCL's acquisition in 2021. The divestment of financial services has allowed the company to concentrate on its core business [12][23]. Financial Performance - In 2023, the company reported a revenue of 15.18 billion CNY, with a net profit of 790 million CNY. The revenue from refrigerator products reached 12.99 billion CNY, reflecting a 67.8% year-on-year growth [14][49]. - The company’s gross margin for refrigerator products was 25.4%, showing a slight increase due to improved sales and cost management [33][49]. Business Segments - The company operates through two main entities: Hefei Appliances and Oma Refrigerators, with a diverse product range including various types of refrigerators and washing machines. The acquisition of Hefei Appliances has enhanced the product matrix and operational efficiency [13][26][42]. Future Outlook - The company is expected to continue its growth trajectory, with projected EPS of 0.82 CNY, 0.96 CNY, and 1.11 CNY for 2024, 2025, and 2026 respectively. The ongoing synergy from the Hefei Appliances acquisition is anticipated to further boost performance [14][86].