Homa(002668) 浙商证券·2025-03-11 02:36Investment Rating - The investment rating for TCL Smart Home is "Buy" (maintained) [5] Core Views - The company reported a 2024 revenue of 18.361 billion yuan, a year-on-year increase of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.415 billion yuan, reflecting a 15.06% year-on-year growth, with a net profit of 194 million yuan, increasing by 29.67% year-on-year [1] - The overall gross margin for 2024 was 23.03%, slightly down by 0.37 percentage points year-on-year, while the fourth quarter gross margin was 21.99%, down 3.21 percentage points year-on-year [8] Revenue Breakdown - By product: In 2024, revenue from refrigerators and freezers was 15.513 billion yuan, up 19.45% year-on-year; washing machines generated 2.701 billion yuan, up 33.19% year-on-year [2] - By company: In 2024, Oma Electric's revenue was 13.410 billion yuan, up 22.65% year-on-year; TCL Hefei's revenue was 5.044 billion yuan, up 15.53% year-on-year [2] - By region: Domestic revenue was 4.865 billion yuan, down 1.55% year-on-year; overseas revenue was 13.495 billion yuan, up 31.82% year-on-year [2] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 20.404 billion yuan, 22.344 billion yuan, and 24.108 billion yuan, representing year-on-year growth of 11.13%, 9.50%, and 7.90% respectively [3] - Net profit forecasts for the same period are 1.147 billion yuan, 1.273 billion yuan, and 1.390 billion yuan, with year-on-year growth of 12.56%, 10.96%, and 9.19% respectively [3] - The expected earnings per share (EPS) for 2025-2027 are 1.06 yuan, 1.17 yuan, and 1.28 yuan [3] Financial Summary - The company maintained a stable gross margin while improving operational efficiency, leading to enhanced profitability [8] - The financial metrics indicate a net profit margin of 4.40% in Q4, up 0.50 percentage points year-on-year, driven by reduced expenses and increased exchange gains [8]