TCL Smart Home(SZ:002668) GF SECURITIES·2024-04-26 06:32Investment Rating - The report assigns an "Accumulate" rating for the company, with a target price of 10.51 CNY per share, compared to the current price of 9.99 CNY [5]. Core Insights - The company reported a revenue of 4.2 billion CNY for Q1 2024, representing a year-on-year increase of 24.6%. The net profit attributable to shareholders was 230 million CNY, up 27.8% year-on-year, with a gross margin of 20.3% [3][4]. - There is a notable improvement in overseas demand, with external sales in the refrigerator industry increasing by 38% year-on-year in the first two months of 2024. The export value of the refrigerator industry in Q1 2024 also rose by 33% year-on-year [3]. - The company has rebranded to TCL Smart Home, indicating a long-term strategic focus on AI smart appliances and a commitment to global expansion [3]. - Profit forecasts suggest that the company will achieve net profits of 880 million CNY, 980 million CNY, and 1.09 billion CNY for the years 2024 to 2026, respectively, with growth rates of 11% for each year [3]. Financial Summary - Revenue for 2022 was 11.663 billion CNY, projected to grow to 17.418 billion CNY in 2024, reflecting a growth rate of 14.7% [4]. - The EBITDA is expected to increase from 1.254 billion CNY in 2022 to 2.378 billion CNY in 2024 [4]. - The net profit attributable to shareholders is forecasted to rise from 464 million CNY in 2022 to 876 million CNY in 2024, with a growth rate of 11.4% [4].