证券代码：002668 证券简称：TCL 智家 公告编号：2025-027 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份被 司法裁定进行变价、拍卖、变卖的进展公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 特别提示 1、公司于 2025 年 5 月 27 日获悉，公司持股 5%以上股东株信睿康持有的 35,000,000 股公司股票将于 2025 年 7 月 1 日 10 时至 2025 年 7 月 2 日 10 时被深 圳中院进行司法拍卖。 2、株信睿康不是公司控股股东，亦不是公司第一大股东，其持有的公司 35,000,000 股股票被司法拍卖不会导致公司控制权发生变更，不会对公司治理结 构及持续经营产生影响。 本 次 拍 卖 的 详 细 情 况 详 见 深 圳 中 院 京 东 网 司 法 拍 卖 平 台 （https://paimai.jd.com/308612228）上公示的相关信息。 2、股东股份累计被拍卖的情况 年 7 月 ...

证券代码:002668 证券简称:TCL 智家 广东 TCL 智慧家电股份有限公司 投资者关系活动记录表 编号:2025-08 6、公司分红规划? 答:公司母公司报表期末未分配利润为负数,尚未达到《公司法》《公 司章程》等规定的利润分配条件。公司深知投资者的期望和关切,近年 来公司的营业规模及盈利能力持续提升,通过不断优化产品和服务,拓 展市场份额,加强成本控制,实现盈利的稳步增长。随着新《公司法》 实施,未来一旦公司满足分红条件,将积极回报广大投资者,为股东创 造更多的价值。 7、公司不回购奥马冰箱少数股东股权是如何考虑的? 答:自回购告知函发出以来,公司与奥马冰箱少数股东进行了多轮 沟通磋商,目前就股权回购事项达成一致:从 TCL 家电集团有限公司成 为公司控股股东以来,公司全力支持奥马冰箱业务发展,加上奥马冰箱 管理层勤勉努力,共同推动奥马冰箱经营业绩屡创新高;公司认为:目 前阶段保持奥马冰箱当前股权比例安排,能够有效激励奥马冰箱管理团 队,有利于实现上市公司及中小股东、奥马冰箱管理层、政府及监管机 构等多方共赢,因此现阶段公司决定不实施回购。 | 披露重大信息 | 是 否 涉 及 应 当 披露重大信息 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is a leading player in the ODM refrigerator export market in China, and it is expected to benefit from the continued export boom in the refrigerator industry, which may drive its performance beyond expectations [1][2] Summary by Sections Performance Outlook - The market anticipates that the company will experience rapid growth in 2024 due to the refrigerator export wave, but growth may slow significantly in 2025 due to factors such as the completion of overseas inventory replenishment and tariff pressures in North America [2] - In Q1, China's refrigerator export volume increased by 11.8% year-on-year, and export value rose by 11.3% year-on-year, indicating strong overseas demand [3] Regional Market Insights - The company primarily exports to Europe and emerging markets, which are expected to continue benefiting from strong demand. Specifically, exports to Europe grew by 7% year-on-year in Q1, while exports to Latin America surged by 43% year-on-year [3] - The company's exposure to the U.S. market is minimal, accounting for less than 5% of total revenue, thus insulating it from North American tariff and demand fluctuations [3] Financial Projections - Revenue projections for 2025-2027 are as follows: 204.04 billion, 223.44 billion, and 241.08 billion CNY, representing year-on-year growth rates of 11.13%, 9.50%, and 7.90% respectively. Net profit forecasts for the same period are 11.47 billion, 12.73 billion, and 13.90 billion CNY, with corresponding growth rates of 12.56%, 10.96%, and 9.19% [4][5] - The expected earnings per share (EPS) for 2025-2027 are 1.06, 1.17, and 1.28 CNY, with price-to-earnings (P/E) ratios of 10X, 9X, and 8X, indicating that the company is undervalued as a leading refrigerator exporter [4][5]

证券代码:002668 证券简称:TCL 智家 公告编号:2025-026 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份被 司法裁定进行变价、拍卖、变卖的提示性公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整,没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 1、本次变价、拍卖、变卖基本情况 | 股东 | 是否为控股股东 或第一大股东及 | 本次变价、拍卖、 | 占株信睿康所 持公司股份比 | 占公司总 | 是否 为限 | 申请执行 | 原因 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 其一致行动人 | 变卖数量(股) | 例 | 股本比例 | 售股 | < | | | 株信 容康 | 合 | 35,000,000 | 60.87% | 3.23% | 合 | 鹏华资产 管理有限 | 合同 રા રાજ | | | | | | | | 公司 | | 注:上述股份变价、拍卖、变卖的方式、价格、时间、地点或平台暂未 ...

证券简称:TCL 智家 广东 TCL 智慧家电股份有限公司 证券代码:002668 5、公司未来如何保持海外规模的增长? 答:未来公司将坚定推进全球化战略,以 AI 智慧家电为发展方向, 致力于成为全球领先的智慧家电企业。具体措施:1秉持创新驱动和用 户导向的原则,持续推出市场领先的创新产品,以满足消费者对高品质 生活的多样化需求,提升产品市场占有率;2在优势市场基础上,加大 新兴市场、中高端市场的开拓,通过积极参与国际展览,体育营销策略 等方式提高品牌在全球范围内的知名度和市场地位。 投资者关系活动记录表 编号:2025-07 | ☑特定对象调研 | □分析师会议 | | --- | --- | | 投资者关系活 □媒体采访 动类别 | □业绩说明会 | | □新闻发布会 | □路演活动 | | □现场参观 | | | □其他 | | | | 国泰海通证券蔡雯娟、谢丛睿;润晖投资王伟、刘娜;景林资产王响; | | | 煜德投资程跃;兴业证券颜晓晴、王雨晴;上银基金蒋纯文;中加基金 | | 参与单位名称赵雯晰;国金基金董广达;惠升基金严迪超;国投瑞银张宇初;Point 72 | | | 及人员姓名 | 宋星琦 ...

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 18.4 billion in 2024, representing a year-over-year increase of 21%, with a net profit attributable to shareholders of 1 billion, up 30% year-over-year [1] - The overseas market performance was strong, with overseas revenue reaching 13.495 billion in 2024, a growth rate of 31.82%, and self-owned brand overseas revenue increasing by 51% [2] - The company's profitability improved in Q1 2025, with a gross profit margin of 22.6%, up 2.52 percentage points year-over-year, and a net profit margin of 12%, up 1.2 percentage points year-over-year [3] Summary by Sections Revenue Performance - In 2024, the revenue from refrigerators and freezers was 15.5 billion (up 19% YoY), washing machines revenue was 2.7 billion (up 33% YoY), and other businesses generated 150 million (down 11% YoY) [2] - The company is rapidly expanding its self-owned brand in overseas markets, with significant growth in the global strategy from Hefei appliances [2] Profitability - The gross profit margin for 2024 was 23% (down 0.65 percentage points YoY), while the net profit margin was 10.6% (up 0.44 percentage points YoY) [3] - The company has enhanced its manufacturing capabilities for high-end products, significantly improving profitability [3] Financial Forecast - The company expects revenues of 20.5 billion, 22.7 billion, and 24.9 billion for 2025, 2026, and 2027 respectively, with net profits projected at 1.17 billion, 1.3 billion, and 1.44 billion for the same years [8] - The earnings per share (EPS) are forecasted to be 1.08, 1.20, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [8]

Group 1: Financial Performance - The company achieved a revenue of 4.6 billion CNY in Q1 2025, representing a year-on-year growth of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million CNY, with a year-on-year increase of 33.98%, maintaining over 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million CNY, reflecting a year-on-year growth of 33.33% [2] Group 2: Global Expansion Strategy - The company is actively pursuing a globalization strategy, focusing on AI smart home appliances and expanding into markets such as Europe, Southeast Asia, and Latin America [3][4] - The overall sales volume increased by 7.34% due to a rise in exports and ODM orders, with significant achievements in markets like France, Spain, and Brazil [3] Group 3: Product Development and Innovation - The company has optimized its product structure, resulting in a gross margin increase of 2.52% [3] - New product launches include the "Ice Kirin" series deep-freezing refrigerators and the "AI Super Tub" washing machine, which has a cleaning ratio exceeding 1.31 [3] - The company is enhancing its production capabilities, with the Hefei appliance factory's supporting facilities completed and the high-end wind-cooled refrigerator project expected to produce 2.8 million units annually [3][6] Group 4: Sales and Distribution - Currently, the self-owned brand sales account for less than 20% of total sales, primarily relying on TCL's established sales platform [5] - The company plans to maintain its existing sales channels while focusing on improving product quality and R&D capabilities [5] Group 5: Future Plans and Market Positioning - The company aims to maintain growth in overseas markets by launching innovative products and increasing brand awareness through international exhibitions and marketing strategies [4] - There are no immediate plans to expand into air conditioning, as the current focus remains on refrigerators, freezers, and washing machines [9] - The company is committed to becoming a global leader in smart home appliances, emphasizing technology-driven innovation and high-quality product offerings [10]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 4.6 billion, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders increased by 33.98% year-on-year to CNY 302 million, with 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities reached CNY 578 million, up 33.33% year-on-year, reflecting strong cash recovery [4] Group 2: Strategic Initiatives - The company is committed to becoming a global leader in smart home appliances, focusing on AI technology to enhance product interconnectivity and user experience [2] - The global expansion strategy includes increasing exports and ODM orders, with a 7.34% rise in overall sales [3] - New product launches, such as the "Ice Kirin" series refrigerator and AI-powered washing machines, have improved product competitiveness and increased gross margin by 2.52% [3] Group 3: Production Capacity and Expansion - The company maintains high production capacity utilization, with ongoing upgrades and expansions to meet market demand [5] - The new production facility in Southeast Asia is expected to add 1 to 1.4 million units of annual capacity, enhancing global market presence [6] - The Hefei appliance project, with an investment of up to CNY 153 million, aims to upgrade refrigerator and washing machine production capacity [5] Group 4: Shareholder Relations - The company currently does not have sufficient undistributed profits to meet dividend distribution conditions but aims to reward investors once conditions are met [7][8] - The decision not to repurchase shares from minority shareholders of Oma Refrigerator is based on the belief that maintaining current equity arrangements will better incentivize management and support business growth [8]

Investment 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].

Investment 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]