证券代码:002668 证券简称:TCL智家 == = 公告编号:2026-003 广东 TCL 智慧家电股份有限公司 关于公司与高榕资本重大诉讼进展暨达成和解的公告 二、案件一的基本情况及判决结果 特别提示: (一) 当事人及诉讼请求 公司与高榕资本因 2017年 4 月 7 日签订的《关于中融金(北京) 科技有限 公司之股权转让协议》发生争议。公司向深圳中院提起诉讼,请求判令高榕资本 返还股权转让款本金及利息 158,581,174.51元,请求判令赵国栋承担连带责任, 即案件一;高榕资本向南山法院提起诉讼,请求判令公司支付剩余股权转让款及 滞纳金 55,048,515.06元,即案件二。 2026年2月4日,公司与高榕资本就案件一及案件二的所有争议达成和解 并签署了《和解协议》,主要内容为:公司于2月5日前按照案件二南山法院一 审判决向高榕资本支付股权转让款本金23,519,980.80元,利息 3,297,404.65元(总 计 26.817,385.45 元);公司与高榕资本就中融金《股权转让协议》项下所有争 议解决完毕,法院判决视为全部履行完毕,双方均不得再提起上诉。公司已于2 月5日完成款项支付 ...

证券之星消息，2月4日白色家电板块较上一交易日上涨2.29%，惠而浦领涨。当日上证指数报收于 4102.2，上涨0.85%。深证成指报收于14156.27，上涨0.21%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600983 | 惠而浦 | 12.00 | 7.62% | 20.27万 | | 2.40 Z | | 600690 | 海尔智家 | 26.04 | 3.33% | 74.08万 | | 19.11亿 | | 000333 | 美的集团 | 79.81 | 2.44% | 38.91万 | | 30.80 Z | | 002668 | TCL智家 | 9.96 | 1.94% | - 13.50万 | | 1.33亿 | | 000921 | 海信家电 | 24.30 | 1.50% | 9.48万 | | 2.29亿 | | 000521 | 长虹美菱 | 6.62 | 1.38% | 12.41万 | | 8170.06万 | ...

Market Overview - The white goods sector increased by 0.05% on February 3, with Whirlpool leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Stock Performance - Whirlpool (600983) closed at 11.15, with a rise of 2.39% and a trading volume of 77,200 shares, amounting to a transaction value of 85.91 million yuan [1] - Snowball Electric (001387) closed at 14.80, up by 1.86%, with a trading volume of 34,200 shares and a transaction value of 50.25 million yuan [1] - Hisense Home Appliances (000921) closed at 23.94, increasing by 1.70%, with a trading volume of 76,300 shares and a transaction value of 182 million yuan [1] - Haier Smart Home (600690) closed at 25.20, up by 0.80%, with a trading volume of 388,500 shares and a transaction value of 977 million yuan [1] - Midea Group (000333) closed at 77.91, with a slight increase of 0.08%, trading 345,000 shares for a total of 2.692 billion yuan [1] - Other notable performances include Gree Electric (000651) down by 0.47% and TCL Smart Home (002668) down by 0.81% [1] Capital Flow - The white goods sector saw a net inflow of 137 million yuan from institutional investors, while retail investors experienced a net outflow of 61.62 million yuan [1] - The capital flow for major stocks indicates that Midea Group had a net inflow of 26.3 million yuan from institutional investors, but a net outflow of 79.25 million yuan from retail investors [2] - Haier Smart Home had a net inflow of 38.57 million yuan from institutional investors, with a net outflow of 1.88 million yuan from retail investors [2] - Gree Electric experienced a significant net outflow of 143 million yuan from institutional investors [2] - Deep Kangjia A (000016) faced a substantial net outflow of 15.33 million yuan from institutional investors, while retail investors had a net inflow of 1.22 million yuan [2]

来源：新浪证券-红岸工作室 2月3日，TCL智家跌0.81%，成交额1.48亿元，换手率1.39%，总市值105.92亿元。 异动分析 跨境电商+家用电器+一带一路+人民币贬值受益+人工智能 1、2022年10月31互动易回复：公司有部分出口业务通过线上跨境电子商务平台开展，目前占比较小。 区间今日近3日近5日近10日近20日主力净流入-265.40万-1395.13万-2189.66万-5466.31万-9410.96万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额3447.56万，占总成交额的5.96%。 技术面：筹码平均交易成本为10.45元 2、公司的主营业务是家用冰箱、冷柜及洗衣机的研发、生产及销售。 3、2023年5月9日公司互动：公司已实现连续14年中国冰箱出口量第一，公司为包含一带一路国家在内 的全球130多个国家和地区提供优质的冰箱冷柜产品。据公司官网显示，公司设有欧洲事业部以促产品 销往欧洲。 4、根据2024年年报，公司海外营收占比为73.50%，受益于人民币贬值。 5、2023年4月7日互动易回复：公司在AI语音控制、AI智能双变频技术等方面已有布局，公司产品智能 化水平可以满 ...

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，近期，铜等原材料价格上涨引发市场对白电龙头盈利的担 忧，复盘此前原材料上涨周期，原材料成本上涨对毛利率的负面影响逐渐减弱，白电龙头通过结构调 整、费用节省等方式，盈利能力有望穿越周期。据产业在线数据，2月我国白电合计排产量达到2379万 台，较去年同期生产实绩下降22.1%；1-2月合计排产量预计下降5.0%。环比2025Q4排产10%以上的降 幅来看，白电排产表现有所修复。随着国补政策效果持续显现，白电排产有望延续企稳回升的态势。 2025年家电零售额下降4%，小家电表现较好 奥维云网推总数据显示，2025年中国家电市场零售规模8931亿元，同比2024年下滑4.3%；其中空调市 场零售额达2357亿元，同比下降0.4%；冰箱零售额1271亿元，同比下降11.5%；洗衣机零售额达963亿 元，同比下降4.6%；干衣机零售额达145亿元，同比下降10.4%；厨房小家电整体零售额663亿，同比上 涨3.8%；明火炊具零售额达201亿元，同比微增1.6%。2025年我国家电零售规模在2024年国补的较高基 数下有所回落，受国补影响较小的小家电品类增长 ...

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite recent challenges [5][3] - Rising raw material prices, particularly copper and aluminum, are expected to have a limited impact on the profitability of leading white goods manufacturers, as historical data shows diminishing effects over time [1][17] - The report anticipates that the overall gross margin decline for white goods companies will be less than 2 percentage points due to price adjustments and cost-saving measures [1][17] Production and Demand Trends - In February, the total production of white goods in China reached 23.79 million units, reflecting a year-on-year decline of 22.1%, but the rate of decline is improving compared to previous months [2][24] - The cumulative production decline for January and February is estimated at 5%, showing signs of recovery driven by government subsidy policies [2][24] - The report highlights that the demand for white goods is expected to stabilize and recover as the effects of national subsidy policies continue to manifest [2][24] Retail Market Performance - The retail scale of China's home appliance market is projected to decline by 4.3% in 2025, with small appliances showing relatively better performance [2][31] - Specific categories such as air conditioners and refrigerators are experiencing significant declines in retail sales, while kitchen small appliances are expected to see growth [2][31] Key Investment Recommendations - The report recommends several companies for investment, including Midea Group, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances in the white goods sector, and Stone Technology and Bear Electric in the small appliances sector [3][12] - The report emphasizes the importance of companies with strong overseas growth potential and solid domestic performance, particularly those benefiting from cost reduction and efficiency improvements [12][14] Company Profitability Forecasts - The report provides profitability forecasts for key companies, indicating expected earnings per share (EPS) growth for Midea Group, Haier Smart Home, and TCL Smart Home, among others [4][50] - The projected price-to-earnings (PE) ratios for these companies suggest favorable valuations compared to historical averages, supporting the investment thesis [4][50]

Core Views - The report maintains an "Outperform" rating for the home appliance industry, indicating a positive outlook despite challenges from rising raw material prices and market competition [1][5][11]. Raw Material Price Impact - Recent increases in copper and aluminum prices have raised concerns about the profitability of leading white goods manufacturers. However, historical analysis shows that the negative impact of raw material cost increases on gross margins has diminished over time. For instance, during previous cycles from 2008 to 2022, the maximum quarterly gross margin decline for leading white goods companies was 5-7 percentage points in 2009-2011, around 5 percentage points in 2016-2017, and only about 2 percentage points in 2020-2022. The current price increases are expected to have a lesser impact, with an anticipated gross margin decline of less than 2 percentage points [1][17][18]. Production and Demand Trends - In January and February 2026, the total production of white goods in China was 23.79 million units, reflecting a year-on-year decline of 22.1%. However, the cumulative production decline for the first two months is expected to be around 5%. The production performance has shown signs of recovery compared to a more than 10% decline in Q4 2025. The demand is expected to stabilize due to the effects of national subsidy policies [2][24]. Retail Market Performance - The retail market for home appliances in China is projected to decline by 4.3% in 2025, with a total retail scale of 893.1 billion yuan. Specific categories such as air conditioners and refrigerators are expected to see declines of 0.4% and 11.5%, respectively, while small kitchen appliances are expected to grow by 3.8% [2][31]. Investment Recommendations - The report recommends several companies for investment based on their performance and market position. For white goods, companies like Midea Group, Haier Smart Home, TCL Home, and Hisense Home Appliances are highlighted. In the small appliance sector, Stone Technology, Bear Electric, and New Treasure are recommended. For black goods, TCL Electronics and Hisense Visual are suggested [3][12][50]. Company Earnings Forecasts - The report provides earnings forecasts for key companies, indicating that Midea Group is expected to have an EPS of 5.84 yuan in 2025 and 6.43 yuan in 2026, with a PE ratio of 13 for 2025. Haier Smart Home is projected to have an EPS of 2.27 yuan in 2025 and 2.53 yuan in 2026, with a PE ratio of 11 for 2025 [4][50].

Core Viewpoint - TCL Smart Home (002668) indicates that the rise in copper prices has not significantly impacted its operations due to the low proportion of copper in its raw materials [1] Group 1: Company Operations - The company reports that its raw material inventory and production operations are normal [1] - TCL maintains good relationships with its main raw material suppliers, which provides a scale advantage in procurement [1] Group 2: Market Strategy - The company plans to closely monitor market trends and implement measures such as technological improvements, production process optimization, and lean management to enhance its scale effect advantages [1] - These strategies aim to mitigate the impact of rising raw material prices [1]

Market Overview - The white goods sector experienced a decline of 0.14% on February 2, with the Shanghai Composite Index closing at 4015.75, down 2.48%, and the Shenzhen Component Index at 13824.35, down 2.69% [1] Individual Stock Performance - Aokema (600336) closed at 7.88, up 1.42% with a trading volume of 252,000 shares and a turnover of 202 million yuan - Midea Group (000333) closed at 77.85, up 0.34% with a trading volume of 345,900 shares and a turnover of 2.696 billion yuan - Gree Electric (000651) closed at 38.54, down 0.41% with a trading volume of 367,200 shares and a turnover of 1.424 billion yuan - Haier Smart Home (600690) closed at 25.00, down 0.44% with a trading volume of 471,000 shares and a turnover of 1.189 billion yuan - Deep Kangjia A (000016) led the decline, closing at 4.48, down 10.04% with a trading volume of 93,400 shares and a turnover of 41.824 million yuan [1] Capital Flow Analysis - The white goods sector saw a net inflow of 402 million yuan from institutional investors, while retail investors experienced a net outflow of 158 million yuan [1] - Midea Group had a net inflow of 508 million yuan from institutional investors, but a net outflow of 328 million yuan from retail investors [2] - Haier Smart Home recorded a net inflow of 29.328 million yuan from institutional investors, with a net outflow of 37.224 million yuan from retail investors [2] - Deep Kangjia A experienced a significant net outflow of 20.7661 million yuan from institutional investors, while retail investors had a net inflow of 15.3664 million yuan [2]

Core Viewpoint - TCL Smart Home is actively expanding its overseas production capacity to enhance its market share and support global expansion strategies [1] Group 1: Production Capacity - The company's production capacity is primarily located in Zhongshan and Hefei [1] - The first phase of the Thailand production base has been completed and is operational, expected to add a capacity of 300,000 units per year for refrigerators [1] - The second phase of the Thailand project is progressing, which is anticipated to add a capacity of 1.4 million units per year for refrigerators upon completion [1] Group 2: Market Expansion - The overseas capacity expansion will help consolidate and expand the company's market share in international markets [1] - The initiatives are aimed at meeting the demands of global market expansion and balancing potential tariff impacts [1] - The company's global strategy is expected to be further advanced through these overseas production efforts [1]