Homa(002668) 国盛证券·2025-04-22 09:24Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [3][6] Core Views - The company reported a revenue of 4.6 billion yuan in Q1 2025, representing a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1] - TCL Smart Home is actively expanding its global strategy, with significant growth in exports and ODM orders, leading to a 7.34% increase in overall sales volume [1] - The gross margin improved by 2.52 percentage points to 22.57% in Q1 2025, attributed to product structure optimization and increased average selling prices [1] - The company has launched new products to enhance competitiveness, including the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines [2] Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 1.173 billion yuan, 1.314 billion yuan, and 1.454 billion yuan, respectively, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% [3] - The operating cash flow for Q1 2025 was 578 million yuan, reflecting a year-on-year increase of 33.33% [2] - The company’s revenue is expected to grow from 20.564 billion yuan in 2025 to 23.984 billion yuan in 2027, with corresponding growth rates of 12.0% and 7.0% [5]