Homa(002668) 太平洋·2025-03-11 00:15Investment Rating - The report maintains a "Buy" rating for TCL Smart Home, with a target price based on the last closing price of 11.42 [1][6]. Core Views - TCL Smart Home's 2024 performance exceeded expectations, driven by significant overseas growth and improved net profit margins in Hefei appliances [1][6]. - The company achieved a revenue of 18.361 billion yuan in 2024, representing a year-on-year increase of 20.96%, and a net profit of 1.019 billion yuan, up 29.58% year-on-year [3][9]. - The report highlights strong growth in the washing machine segment and robust overseas sales, particularly in the refrigerator and freezer categories [4][5]. Revenue Summary - In 2024, TCL Smart Home's revenue from refrigerators and washing machines was 15.513 billion yuan and 2.701 billion yuan, respectively, with year-on-year growth of 19.45% and 33.19% [4]. - The company sold 1.654 million refrigerators and 0.356 million washing machines, with sales growth of 17% and 39% year-on-year [4]. - Overseas revenue reached 13.495 billion yuan, a 31.82% increase, while domestic revenue was 4.865 billion yuan, down 1.55% [4]. Profitability Summary - The report indicates that the net profit margin for TCL's Hefei appliances improved to 1.43%, with a revenue of 5.044 billion yuan, reflecting a 15.5% increase [5]. - In Q4 2024, the company's gross margin was 21.99%, up 3.25 percentage points year-on-year, and the net margin was 8.31%, an increase of 3.90 percentage points [5]. Financial Forecast - The report projects TCL Smart Home's revenue to grow to 20.619 billion yuan in 2025, with a net profit of 1.156 billion yuan, corresponding to an EPS of 1.07 yuan [9][12]. - The expected growth rates for revenue and net profit from 2024 to 2027 are 12.30% and 13.37%, respectively [9][12].