证券代码：002668 证券简称：TCL 智家 编号：2026-03 投资者关系活 动类别 特定对象调研 ☐ 分析师会议 ☐ 媒体采访 ☐ 业绩说明会 ☐ 新闻发布会 ☐ 路演活动 ☐ 现场参观 ☐ 其他 参与单位名称 及人员姓名 中泰证券 吴嘉敏、前海开源基金 张安华、富国基金 樊博文、国泰海通 资管 宇杨、睿郡资产 刘逸秋、汇添富基金 周晗 时间 2026 年 3 月 27 日 地点 公司 上市公司接待 人员姓名 董事会秘书 温晓瑞 证券事务代表 吴鑫 投资者关系经理 周蔚恒 投资者关系活 动主要内容介 绍 1. 公司 2025 年外销情况如何？未来如何展望？ 答：2025 年公司境外营业收入同比增长 6.7%达 144 亿元，占营业收 入比重 77.7%，相对 2024 年提升 4.2 个百分点。未来，公司将继续坚定 实施全球化战略：合肥家电将持续深耕泰国、菲律宾、法国、西班牙等 东南亚和欧洲标杆国家，在渠道和服务上，扩大海外线下销售渠道覆盖 范围的同时，强化线上电商渠道优势地位；奥马冰箱则在保持欧洲市场 领先优势的同时，加大亚太、北美、拉美及"一带一路"沿线市场的开 拓力度，巩固全球市场领先地位。 2 ...

每经头条（nbdtoutiao）——实探疯炒的AI"龙虾课"：最高卖到18999元，宝妈、银发族抢着学，但赚钱 的不是学员 （记者 张明双） 每经AI快讯，TCL智家（SZ 002668，收盘价：8.96元）发布公告称，2026年3月24日、25日，TCL智家 接受国泰海通证券等投资者调研，公司证券事务代表吴鑫、投资者关系经理周蔚恒参与接待，并回答了 投资者提出的问题。 ...

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：2026-02 | | 特定对象调研 分析师会议 ☐ ☐ | | --- | --- | | 投资者关系活 | 媒体采访 业绩说明会 ☐ ☐ | | 动类别 | 新闻发布会 路演活动 | | | ☐ | | | 现场参观 ☐ | | | ☐ 其他 | | 参与单位名称 | 国泰海通证券蔡雯娟、叶倩、林叙希，大成基金刘晓琳，上海开思基金 | | 及人员姓名 | 张裕琪，中财招商投资集团徐琼薇，景顺长城基金陈思臻，财通基金蒋 | | | 中煜 | | 时间 | 2026 年 3 月 24 日、25 日 | | 地点 | 券商策略会及线上会议 | | 上市公司接待 | 证券事务代表 吴鑫 | | 人员姓名 | 投资者关系经理 周蔚恒 | | | 1. 今年公司归母净利润实现双位数同比增长，请问公司盈利能力保 | | | 持稳步增长的原因是什么？ | | 投资者关系活 | 答：2025 年公司归母净利润同比增长的主要原因是： | | 动主要内容介 | 在收入端，公司坚定实施全球化战略，实现了海外市场突破， ...

编号：2026-01 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 （2）智能制造带来的成本及产品结构优化：2025 年奥马冰箱年产 280 万台高端风冷冰箱智能制造项目全面建成投产并实现产能爬坡，合肥 家电配套厂房顺利完工。智慧工厂的落地提升了制造效率，使得公司产 品的成本竞争力进一步提升，也进一步助推中高端产能释放。 （3）产品竞争力进一步提升：冰箱方面，合肥家电推出的 TCL 双磁 鲜冰箱凭借双磁鲜保鲜科技、双净味科技和双系统三大核心技术，配合 行业首批新国标一级能效和 830 平台 515L 高容积率零距离平嵌设计，实 现专业级保鲜与家居美学完美统一；而奥马冰箱推出的母婴冰箱 520PLUS 凭借优秀的嵌入性能、保鲜效果、温度稳定性，成功斩获 2025 中国家电行业年度 "好产品"认证。洗衣机方面，第二代超级筒"大眼 萌 超级筒"以 TCL 伏羲大模型为核心，匹配多种智能传感器，以生成式 智能优化洗涤方案，实现 1.33 超高洗净比。产品力的提升以及以上爆品 的打造，进一步提升了公司中高端产品收入占比。 感谢您的关注！ 4.公司目前在海外市场 ...

导语：海外高歌猛进，国内持续承压。 作者：市值风云 App：木鱼 花四年打个翻身仗！TCL 智家：从亏损到年赚 11 亿 2025 年，全球家电行业面临关税高企、总量趋稳的挑战。 据全国家用电器工业信息中心数据，2025 年我国家电内销市场规模 8,461 亿元， 同比微降 0.1%；海关总署数据显示，全年家电出口额 6,888.5 亿元，同比下降 3.9%。 TCL 智家（002668.SZ）交出了一份不错的 2025 年年报：全年营收 185.31 亿 元，同比增长 0.93%，归母净利润 11.23 亿元，同比增长 10.22%。 TCL 智家如何在变局中实现增长，又面临哪些挑战？ 一、差点退市，被 TCL 花 30 亿捞回来 公司前身是奥马电器，在 2018 年和 2020 年两次陷入巨额亏损的泥潭，一度沦 为"ST 股"。2021 年，TCL 家电集团通过二级市场增持和要约收购，以累计约 30.35 亿元的现金对价获得公司控制权。 李东生入主后，开始剥离金融业务、承担约 3 亿元历史隐性债务、回归冰箱主 业、收购 TCL 旗下合肥家电资产以解决同业竞争问题。2024 年 5 月，公司正式 更名为"T ...

Core Viewpoint - The global home appliance industry is facing challenges such as high tariffs and a stable overall market size by 2025, while TCL's overseas business is thriving, contrasting with its domestic struggles [4][14]. Group 1: Company Performance - In 2025, TCL achieved a revenue of 18.53 billion yuan, a year-on-year increase of 0.93%, and a net profit of 1.12 billion yuan, up 10.22% [9]. - The company’s operating cash flow was 2.55 billion yuan, with free cash flow reaching 1.76 billion yuan [9]. - The business structure includes "ODM+OBM," with a focus on both original design manufacturing and brand management [5]. Group 2: Regional Performance - Overseas business is a significant highlight, with self-owned brand overseas revenue growing by 115%, and total overseas revenue reaching 14.4 billion yuan, a 6.74% increase [11]. - Domestic revenue faced a decline of 15.2%, totaling 4.13 billion yuan, attributed to weak domestic demand and increased competition from major players [14]. Group 3: Market Dynamics - The domestic market for refrigerators and washing machines showed minimal growth, with refrigerator sales increasing by only 1.5% and washing machine sales by 7.1% [14]. - In contrast, TCL's exports to Africa and South America saw significant growth, with refrigerator exports to Africa increasing by 36.1% and to South America by 16% [13]. Group 4: Product and Technology Development - Refrigerators and freezers remain the core products, with TCL maintaining a leading position in exports, particularly in Europe [16]. - The company is focusing on high-end products, with an increase in the proportion of mid-to-high-end large capacity and air-cooled products, contributing to a gross margin increase to 25.23% [17]. Group 5: Future Outlook - TCL is expanding its production capacity with new manufacturing projects in Thailand and ongoing development in local production networks across Southeast Asia and Africa [19]. - The company aims to stabilize its basic operations through ODM while enhancing its brand presence in overseas markets [19].

Investment Rating - The report maintains an "Outperform the Market" rating for the home appliance industry [5][6][70]. Core Views - The home appliance retail demand in China has shown signs of recovery in January and February, with a notable improvement in both domestic and export sales [2][18]. - The export value of home appliances in China increased by 9% year-on-year in the first two months, indicating a significant recovery in the export market [3][38]. - The U.S. home appliance retail sales continued to grow slightly in January, reflecting a steady recovery in consumer demand [4][44]. Summary by Sections 1. Investment Recommendations - Recommended companies include Midea Group, Haier Smart Home, TCL Smart Home, Gree Electric, and Hisense Home Appliances in the white goods sector; Hisense Visual and TCL Electronics in the black goods sector; and Roborock and Bear Electric in the small appliances sector [5][14][16]. 2. Market Performance and Trends - The home appliance sector achieved a relative return of +0.34% this week, outperforming the broader market [4][47]. - The retail sales of major home appliances showed a narrowing decline, with specific categories like air conditioners and refrigerators experiencing improved performance [2][19]. 3. Export Performance - In the first two months, the export volume of home appliances grew by 16%, with the export value reaching 119.2 billion yuan, reflecting a robust recovery [3][38]. - The average export price decreased by 4.4% to 21.1 USD per unit, indicating competitive pricing in the international market [3][38]. 4. U.S. Market Insights - U.S. retail sales for electronics and home appliances increased by 1.6% year-on-year in January, continuing a steady growth trend since the second half of 2025 [4][44]. - Inventory levels in U.S. home appliance stores have been recovering, which supports the demand for Chinese exports [4][44]. 5. Key Data Tracking - The report tracks raw material prices, noting increases in copper and aluminum prices, which may impact production costs [4][51][56]. - The shipping index for major routes has shown slight fluctuations, indicating ongoing adjustments in logistics costs [4][60].

白色家电Ⅲ TCL 智家（002668.SZ） 增持-A(首次) 外销稳定，产业链协同效率提升 2026 年 3 月 16 日 公司研究/公司快报 事件描述 公司发布了 2025 年年报，2025 年实现营业收入 185.31 亿元，yoy+0.93%， 实现归母净利润为 11.23 亿元，yoy+10.22%；2025Q4 实现营业收入 41.85 亿 元，yoy-5.21%，实现归母净利润为 1.46 亿元，yoy-24.81%。 事件点评 内销有所拖累，外销收入稳定增长。公司 2025 年外销收入为 144.05 亿 元（占收入比重 77.73%），yoy+6.74%，海关总署数据显示，2025 年家电出 口额 6888.5 亿元，同比下降 3.9%，公司外销实现稳定增长，跑赢大盘。内 销收入为 41.26 亿元（占收入比重为 22.27%），yoy-15.20%，根据全国家用 电器工业信息中心数据，2025 年我国家电内销市场规模为 8461 亿元，同比 微降 0.1%，公司内销下滑幅度大于市场，对业绩有所拖累。 请务必阅读最后股票评级说明和免责声明 1 流通 A 股市值（亿元）： 104.07 总市 ...

白色家电Ⅲ TCL 智家（002668.SZ） 增持-A(首次) 公司近一年市场表现 | 年 月 市场数据：2026 3 | | 日 13 | | | --- | --- | --- | --- | | 收盘价（元/股）： | | | 9.60 | | 年内最高/最低（元/股）： | | | 12.08/8.63 | | 流通 A | 股/总股本（亿股）： | | 10.84/10.84 | | 流通 A 股市值（亿元）： | | | 104.07 | | 总市值（亿元）： | | | 104.07 | 基础数据：2025 年 12 月 31 日 | 基本每股收益(元/股)： | 1.04 | | --- | --- | | 摊薄每股收益(元/股)： | 1.04 | | 每股净资产(元/股)： | 4.48 | | 净资产收益率(%)： | 43.97 | 资料来源：常闻 分析师： 陈玉卢 执业登记编码：S0760525050001 邮箱：chenyulu@sxzq.com 外销稳定，产业链协同效率提升 2026 年 3 月 16 日 公司研究/公司快报 事件描述 公司发布了 2025 年年报，2025 年 ...

Investment Rating - The investment rating for TCL Smart Home (002668.SZ) is "Outperform the Market" [7] Core Views - The company has shown steady improvement in operational quality and has initiated dividend payouts to shareholders, with a proposed cash dividend of 2.0379 yuan per 10 shares, resulting in a payout ratio of 19.7% and a dividend yield of 2.0% based on the closing price on March 10 [1][4] - In 2025, TCL achieved a revenue of 18.53 billion yuan, a slight increase of 0.9%, and a net profit attributable to shareholders of 1.12 billion yuan, up 10.2% year-on-year, indicating a solid operational performance despite challenges in the domestic market [1][4] - The company is focusing on its core business, which has led to improved operational quality and is expected to benefit from synergies with TCL's broader operations [4] Summary by Sections Financial Performance - In Q4 2025, TCL reported a revenue of 4.19 billion yuan, down 5.2% year-on-year, and a net profit of 150 million yuan, down 24.8% year-on-year, primarily due to non-recurring losses related to a settlement with Gao Rong Capital [1] - The overall revenue for 2025 was 18.53 billion yuan, with a net profit of 1.12 billion yuan, reflecting a 10.2% increase compared to the previous year [1][5] - The company’s gross margin improved by 2.2 percentage points to 25.2% for the year, with Q4 gross margin reaching 27.1% [3] Market Trends - The refrigerator export market showed resilience, with a 2.5% increase in export value for 2025, and a notable 1.3% growth in Q4 [2] - The export structure of refrigerators is improving, with the share of inverter refrigerators rising by 5 percentage points to 49%, contributing to higher average prices [2] Future Projections - The company maintains its profit forecasts for 2026-2028, expecting net profits of 1.24 billion, 1.34 billion, and 1.46 billion yuan respectively, with year-on-year growth rates of 10%, 9%, and 8% [4][5] - The projected price-to-earnings (PE) ratios for 2026, 2027, and 2028 are 9, 8, and 7 times respectively, indicating a favorable valuation outlook [4][5]