Homa(002668) 国投证券·2025-04-22 04:33Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy-A" with a 6-month target price of 12.72 CNY per share [4]. Core Views - TCL Smart Home reported a robust revenue growth of 9.6% year-on-year (YoY) in Q1 2025, achieving a revenue of 4.6 billion CNY. The net profit attributable to shareholders increased by 34.0% YoY to 300 million CNY, while the net profit excluding non-recurring items rose by 31.3% YoY to 290 million CNY. The growth is attributed to the continued increase in exports of the Oma refrigerator and improved cost management [1][2]. - The company is focusing on expanding its market presence in Latin America and the Middle East and Africa, which is expected to enhance export orders [1]. - The gross profit margin for Q1 2025 was reported at 22.6%, an increase of 2.3 percentage points YoY, primarily due to favorable exchange rates and reduced shipping costs compared to the previous year [1][2]. Financial Performance Summary - In Q1 2025, the operating cash flow net amount increased by 140 million CNY YoY, driven by a 670 million CNY increase in cash received from sales, while cash paid for purchases rose by only 400 million CNY [2]. - The forecasted earnings per share (EPS) for 2025 and 2026 are projected to be 1.06 CNY and 1.16 CNY, respectively, with a price-to-earnings (PE) ratio of 12x for 2025 [2][4]. - The company’s revenue is expected to grow from 15.18 billion CNY in 2023 to 25.49 billion CNY by 2027, with net profit increasing from 787 million CNY to 1.4 billion CNY over the same period [10].