Homa(002668) 国盛证券·2025-04-22 10:23Investment 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 overseas markets such as Europe, Southeast Asia, and Latin America, leading to a 7.34% increase in overall sales volume [1]. - The company's 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]. - Operating cash flow for Q1 2025 was 578 million yuan, a year-on-year increase of 33.33%, with cash received from sales reaching 4.949 billion yuan, up 15.71% [2]. - The company is enhancing its production capabilities with the completion of the Hefei home appliance supporting factory project and the launch of high-end refrigerator manufacturing projects [2]. - New product launches, such as the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines, are expected to enhance product competitiveness [2]. Financial Summary - The forecast for net profit attributable to shareholders for 2025-2027 is 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 financial indicators for 2025E show expected revenue of 20.564 billion yuan, with a year-on-year growth rate of 12.0% [5]. - The latest diluted EPS for 2025 is projected to be 1.08 yuan per share, with a net asset return rate of 31.8% [5].