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 答:2024年,公司自有品牌业务海外收入同比增长 51%。TCL 冰箱 和洗衣机积极走出国门,在泰国、菲律宾、法国等国家实现主流渠道覆 盖,且在中高端细分市场表现亮眼。根据第三方数据,合肥家电在泰国 的洗烘一体机市场中稳居前二,而在菲律宾滚筒市场,合肥家电稳居第 一。在品牌建设方面,子公司合肥家电积极参与国际重要展会,并通过 与欧洲杯、美洲杯等多支明星球队合作,运用体育营销策略,进一步提 升 TCL 品牌冰箱和洗衣机在全球范围内的品牌认知度和市场地位。 6. 请介绍一下奥马冰箱在海外各区域的市占率情况? 答:根据第三方数据,奥马冰箱已实现连续 16年中国冰箱出口全球 总量第一,连续17年中国冰箱出口欧洲第一;在中国冰箱冷柜出口前十 的国家中,奥马冰箱已在日本、英国、法国、意大利、加拿大等市场出 口市占率位居第一,在德国、巴西、澳大利亚等市场出口市占率位居第 二或第三。2024年奥马冰箱出口法国、巴西销量同比增速超 100%,远超 行业增速:出口加拿大、意大利销量增速亦高于行业水平。 7. 公司为什么不回购 ...

| | 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 | 中信建投马王杰、中信建投翟延杰、交银施罗德基金孔祥睿、汇丰晋信基 | | 及人员姓名 | 金蔡宁悦、华泰柏瑞基金凌一童、广发基金张溢、银华基金韩天鸿 | | 时间 | 2025 年 3 月 24 日 、2025 年 3 月 25 日 | | 地点 | 线上会议 | | | 董事会秘书 温晓瑞女士 | | 上市公司接待 人员姓名 | 证券事务代表 吴鑫 | | | 投资者关系主管 王珮璇 | | | 1. 请问公司海外市场拓展如何？ | | 投资者关系活 | 答：近年来，公司坚定实施全球化战略，加力拓展全球市场。2024 年， | | 动主要内容介 | 公司海外市场收入达 134.95 亿元，同比增长 31.82%，尤其海外自有品牌 | | 绍 | 收入增长迅猛，增速高达 51%。 | | | 请问公司2024年经营性现金流量净额同比下降的原因是什么？ 2. | | | 答：截至 ...

| | ☐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 | 参与调研的机构及人员为：线上参与公司 年度业绩说明会的投资者 2024 | | | | 及人员姓名 | 及媒体 | | | | 时间 | | | 2025 年 3 月 20 日 15:00-16:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | | | | | 独立董事 刘宁女士 | | | | 总经理兼财务总监 王浩先生 | | | | | 董事会秘书 温晓瑞女士 | | | | | 答：尊敬的投资者，您好！2024 年，公司实现营业收入 | | | | | 同比增长 20.96%；实现归属于上市公司股东的净利润 亿元，同比 | | | | 绍 | | | | | | 提供优质的产品及服务，同时大力开拓海外市场，全面推进智能工厂及数 | | | | | 字化建设 ...

证券代码:002668 证券简称:TCL 智家 一、进展情况 2023 年 3 月 17 日,即前述股权转让工商登记完成满 36 个月,公司第五届 董事会第二十次会议审议通过了《关于公司行使回购控股子公司少数股东股权暨 发出回购股权告知函的议案》,同意公司行使回购子公司奥马冰箱的 49%股权, 并授权公司管理层向奥马冰箱少数股东发出拟回购目标股权的告知函(简称"回 购告知函"）。同时,公司就回购可能涉及的风险进行了明确提示,"奥马冰箱 1 / 4 少数股东的转让意愿、回购目标股权的价格等关键回购条件均尚未确定,本次回 购能否签署正式协议并实施完成存在重大不确定性,敬请广大投资者谨慎决策, 注意风险。"具体内容详见公司于 2023年 3 月 18 目披露的《关于公司行使回购 控股子公司少数股东股权的风险提示公告》（公告编号:2023-025）。 公告编号:2025-020 广东 TCL 智慧家电股份有限公司 关于公司行使回购控股子公司少数股东股权的进展 暨回购期满的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整,没有虚 假记载、误导性陈述或重大遗漏。 广东 TCL 智慧家电股份有限公司(以下简称 ...

北京市嘉源律师事务所 关于广东 TCL 智慧家电股份有限公司 回购期满不实施控股子公司少数股东股权回购 之法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 1 载师事务所 YUAN LAW OFFICES 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONG KONG·广州 GUANGZHOU·西安 XI'AN 致:广东 TCL 智慧家电股份有限公司 嘉源(2025)-05-061 敬启者: 广东 TCL 智慧家电股份有限公司（以下简称"TCL 智家""上市公司"或"公 司")在前实际控制人控制期间,于 2020年 2 月与子公司广东奥马冰箱有限公司 (以下简称"奥马冰箱")核心管理团队的 8 位自然人及中山市国资委旗下投资机 构中山市金奥股权投资中心（有限合伙）(以下合称"少数股东")签署了《股权 转让及回购合同》,约定 TCL 智家将奥马冰箱 49%股权转让给少数股东,同时, TCL 智家对前述股权有回购权利(以下简称"少数股权回购事项")。因《股权 转让及回购合同》约定回购期届满,TCL 智家已与少数股东友好协商并达成一 致,拟不实施回购。就 TCL ...

公司研究 2025.03.11 TCL 智家（ 0 0 2 6 6 8） 公司点评报告 24Q4 盈利能力提升，24 年海外自主品牌高增 《TCL 智家(002668)：24Q2 业绩超预期，冰洗 表现均优于行业》2024.08.10 《奥马电器(002668)：2024Q1 外销高景气拉 动收入快增，控费效果明显》2024.04.30 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 吴慧迪 | 登记编号：S1220523110002 | | --- | --- | | 陈炯阳 | 登记编号：S1220523040001 | 推 荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 行业 | | | | | 冰洗 | | 最新收盘价(人民币/元) | | | | | 11.42 | | 总市值(亿)(元) | | | | | 123.81 | | 52 周最高/最低价(元) | | | | 13.76/7.63 | | 历 史 表 现 -12% 4% 20% 36% 52% 68% 24/3/11 24/ ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) with a target price of —— yuan over the next six months [1][3]. Core Views - TCL Smart Home achieved a revenue of 18.36 billion yuan in 2024, representing a year-on-year growth of 21% [7]. - The net profit attributable to the parent company was 1.02 billion yuan, up 29.6% year-on-year, with a non-recurring net profit of 1 billion yuan, increasing by 39.8% [7]. - The company continues to see strong growth in exports, with significant contributions from its two main business units, Oma Refrigerator and Hefei Appliances, which reported revenues of 13.41 billion yuan and 5.04 billion yuan, respectively [7]. - The company is focusing on digital transformation to enhance operational efficiency and profitability, with both main units showing substantial profit growth [7]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 18,360.80 million yuan, with expected growth rates of 20.96% for 2024, 11.59% for 2025, and gradually decreasing thereafter [2][8]. - The net profit attributable to the parent company is forecasted to reach 1,019.25 million yuan in 2024, with a growth rate of 29.58% [2][8]. - Earnings per share (EPS) are expected to be 0.94 yuan in 2024, increasing to 1.39 yuan by 2027 [2][8]. Business Segments - The report highlights that the refrigerator segment sold 16.54 million units, a 17% increase, while washing machines saw a 39% increase in sales [7]. - The overseas revenue for 2024 reached 13.5 billion yuan, marking a 31.8% increase, with significant growth in exports to France and Brazil [7]. Profitability and Cost Management - The overall gross margin for 2024 is reported at 23%, with a slight decrease attributed to accounting changes [7]. - The net profit margin improved to 10.6%, reflecting a 0.4 percentage point increase year-on-year [7]. - The company has successfully reduced its expense ratios across various categories, contributing to enhanced profitability [7].

[ T able_StockInfo] 2025 年 03 月 08 日 证券研究报告•2024 年年报点评 TCL 智家（002668）家用电器 目标价：——元（6 个月） 持有 （维持） 当前价：11.66 元 外销维持高增长，两大主体释放盈利能力 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 18360.80 | 20488.60 | 22789.58 | 25128.46 | | 增长率 | 20.96% | 11.59% | 11.23% | 10.26% | | 归属母公司净利润（百万元） | 1019.25 | 1172.63 | 1322.04 | 1501.83 | | 增长率 | 29.58% | 15.05% | 12.74% | 13.60% | | 每股收益 EPS（元） | 0.94 | 1.08 | 1.22 | 1.39 | | 净资产收益率 ROE | 54.78% | 36.96% | 29.41% | 25 ...

Investment Rating - The investment rating for TCL Smart Home is "Buy" (maintained) [5] Core Views - The company reported a 2024 revenue of 18.361 billion yuan, a year-on-year increase of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.415 billion yuan, reflecting a 15.06% year-on-year growth, with a net profit of 194 million yuan, increasing by 29.67% year-on-year [1] - The overall gross margin for 2024 was 23.03%, slightly down by 0.37 percentage points year-on-year, while the fourth quarter gross margin was 21.99%, down 3.21 percentage points year-on-year [8] Revenue Breakdown - By product: In 2024, revenue from refrigerators and freezers was 15.513 billion yuan, up 19.45% year-on-year; washing machines generated 2.701 billion yuan, up 33.19% year-on-year [2] - By company: In 2024, Oma Electric's revenue was 13.410 billion yuan, up 22.65% year-on-year; TCL Hefei's revenue was 5.044 billion yuan, up 15.53% year-on-year [2] - By region: Domestic revenue was 4.865 billion yuan, down 1.55% year-on-year; overseas revenue was 13.495 billion yuan, up 31.82% year-on-year [2] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 20.404 billion yuan, 22.344 billion yuan, and 24.108 billion yuan, representing year-on-year growth of 11.13%, 9.50%, and 7.90% respectively [3] - Net profit forecasts for the same period are 1.147 billion yuan, 1.273 billion yuan, and 1.390 billion yuan, with year-on-year growth of 12.56%, 10.96%, and 9.19% respectively [3] - The expected earnings per share (EPS) for 2025-2027 are 1.06 yuan, 1.17 yuan, and 1.28 yuan [3] Financial Summary - The company maintained a stable gross margin while improving operational efficiency, leading to enhanced profitability [8] - The financial metrics indicate a net profit margin of 4.40% in Q4, up 0.50 percentage points year-on-year, driven by reduced expenses and increased exchange gains [8]

Investment Rating - The investment rating for TCL Smart Home (002668.SZ) is "Outperform the Market" [5] Core Views - The report highlights that TCL Smart Home achieved a revenue of 18.36 billion with a year-on-year growth of 21.0% and a net profit of 1.02 billion, reflecting a 29.6% increase. The non-recurring net profit reached 1.00 billion, up 39.8% [1][3] - The report indicates a strong performance in the refrigerator export market, with a 21.8% increase in export value for 2024, and TCL's washing machine revenue grew by 33.2% to 2.70 billion [2][3] - The report suggests an upward revision of profit forecasts due to sustained high demand in the refrigerator export market and the implementation of domestic replacement policies, projecting net profits of 1.13 billion, 1.24 billion, and 1.34 billion for 2025-2027 [3][4] Summary by Sections Financial Performance - In 2024, TCL Smart Home's revenue was 18.36 billion, a 21.0% increase, with a net profit of 1.02 billion, reflecting a 29.6% growth. The fourth quarter revenue was 4.42 billion, up 15.1%, and net profit was 190 million, increasing by 29.7% [1][3] - The company did not declare dividends for 2024 due to negative retained earnings [1] Market Trends - The refrigerator export market in China saw a 21.8% increase in value and an 18.6% increase in volume for 2024, with TCL's washing machine revenue growing significantly [2][3] - The average price of refrigerators increased by 2.5% to approximately 938 yuan per unit, while washing machine sales volume rose by 39% [3] Cost Management - The report notes a significant optimization in expenses, with management, R&D, and financial expense ratios decreasing by 2.2%, 0.9%, and 2.3% respectively in Q4 [3] - The net profit margin improved by 1.2 percentage points to 8.3% in Q4, with the annual net profit margin increasing by 0.4 percentage points to 5.6% [3] Profit Forecasts - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 1.13 billion, 1.24 billion, and 1.34 billion, reflecting year-on-year growth rates of 11%, 10%, and 8% respectively [3][4]