本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 08 日 TCL 智家(002668.SZ) Q2 毛利率同比改善，业绩加速增长 事件：TCL 智家公布 2024 年中报，因公司 2023 年度收购合肥 家电，公司对 2023 年同期数据进行调整。公司 2024H1 实现收入 89.6 亿元，YoY+24.7%；实现归母净利润 5.6 亿元，YoY+32.7%。 折算 2024Q2 单季度实现收入 47.6 亿元，YoY+24.9%；实现归母净 利润 3.3 亿元，YoY+36.1%。根据公司公告，子公司奥马冰箱 2024H1 净利润 YoY+21.9%，另一子公司合肥家电（TCL 家用电器（合肥） 有限公司）2024H1 净利润增速或高于公司整体。 Q2 收入延续较快增长：公司 Q2 收入延续较快增长，我们认为 主要是因为合肥家电出口增速较快。根据产业在线数据，奥马/TCL 冰箱 2024Q2 外销量分别 YoY+14/+83%，行业整体 YoY+19%。TCL 洗 衣机外销量 YoY+83%，行业整体 15%，TCL 冰箱和洗衣机出口增速 远高于行业。公司持续扩展外 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.08 ——TCL 智家 2024 中报业绩点评 出口强劲增长，盈利能力超预期 TCL 智家(002668) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 010-83939833 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | ...

Financial Performance - Revenue for the reporting period reached RMB 8,961,867,991.38, a 24.74% increase compared to the same period last year (adjusted to include Hefei Home Appliances)[10] - Net profit attributable to shareholders of the listed company was RMB 559,298,777.26, up 32.65% year-over-year (adjusted to include Hefei Home Appliances)[10] - Basic earnings per share (EPS) increased by 32.66% to RMB 0.5159 compared to the same period last year (adjusted to include Hefei Home Appliances)[10] - Total assets grew by 11.89% to RMB 14,066,586,522.32 compared to the end of the previous year[10] - Net cash flow from operating activities decreased by 14.72% to RMB 786,029,894.28 compared to the same period last year[10] - Weighted average return on equity (ROE) decreased by 2.71 percentage points to 33.02% compared to the same period last year[10] - Company achieved revenue of 8.962 billion yuan in the first half of 2024, a year-on-year increase of 24.74%[20] - Net profit attributable to shareholders reached 559 million yuan in the first half of 2024, a year-on-year increase of 32.65%[20] - Operating cash flow reached 786 million yuan in the first half of 2024[20] - Revenue increased by 24.74% to RMB 8,961,867,991.38, driven by growth in ODM orders[31] - Operating costs rose by 25.08% to RMB 6,902,742,634.50 due to expanded sales scale[31] - R&D investment grew by 28.52% to RMB 284,944,157.59, with multiple technologies achieving international leading levels[31] - Overseas revenue accounted for 74.19% of total revenue, increasing by 37.67% to RMB 6,648,596,455.16[33] - Domestic revenue decreased by 1.77% to RMB 2,313,271,536.22, representing 25.81% of total revenue[33] - Refrigerator and freezer sales contributed 84.94% of total revenue, growing by 21.73% to RMB 7,612,057,417.68[33] - Washing machine sales surged by 46.27% to RMB 1,284,526,919.60, making up 14.33% of total revenue[33] - Revenue from the home appliance industry reached 8,896,584,337.28 yuan, a year-on-year increase of 24.75%[34] - Revenue from the refrigerator and freezer segment was 7,612,057,417.68 yuan, with a gross margin of 24.92%[34] - Overseas revenue increased by 37.67% year-on-year to 6,648,596,455.16 yuan[34] - Total operating revenue for the first half of 2024 reached 8,961,867,991.38 yuan, a 24.7% increase compared to 7,184,480,837.49 yuan in the same period of 2023[110] - Net profit attributable to parent company shareholders was 559,298,777.26 yuan, up 32.7% from 421,620,833.52 yuan in the first half of 2023[111] - R&D expenses increased to 284,944,157.59 yuan, a 28.5% rise from 221,703,298.09 yuan in the same period last year[110] - Total liabilities increased to 730,198,075.05 yuan, up 121.8% from 329,264,030.43 yuan in the previous year[109] - Long-term borrowings grew to 370,620,000.00 yuan, a 110.1% increase from 176,400,000.00 yuan in the first half of 2023[109] - Basic earnings per share rose to 0.5159 yuan, a 32.7% increase from 0.3889 yuan in the same period last year[111] - Total comprehensive income reached 1,041,441,106.58 yuan, up 38.2% from 753,802,675.38 yuan in the first half of 2023[111] - Sales expenses increased to 321,249,224.79 yuan, a 24.9% rise from 257,218,654.30 yuan in the same period last year[110] - Total assets grew to 1,996,612,061.52 yuan, a 24.6% increase from 1,602,721,641.23 yuan in the first half of 2023[109] - Operating profit reached 1,208,892,798.06 yuan, a 22.3% increase from 988,036,572.49 yuan in the same period last year[110] - Operating profit for the first half of 2024 was -7,043,624.33 RMB, a significant decrease compared to -31,749,030.37 RMB in the same period last year[114] - Net cash flow from operating activities for the first half of 2024 was 786,029,894.28 RMB, a decrease from 921,671,773.42 RMB in the same period last year[116] - Cash received from sales of goods and services in the first half of 2024 was 8,515,746,557.51 RMB, an increase from 6,021,874,811.32 RMB in the same period last year[115] - Cash received from tax refunds in the first half of 2024 was 609,557,787.16 RMB, an increase from 313,599,208.03 RMB in the same period last year[116] - Cash paid for goods and services in the first half of 2024 was 6,568,843,089.58 RMB, an increase from 4,601,462,448.30 RMB in the same period last year[116] - Net cash flow from investing activities for the first half of 2024 was -875,533,817.57 RMB, an improvement from -1,251,794,363.77 RMB in the same period last year[116] - Cash received from investments in the first half of 2024 was 5,365,307,260.15 RMB, a significant increase from 1,830,000,000.00 RMB in the same period last year[116] - Net cash flow from financing activities for the first half of 2024 was 413,980,299.26 RMB, a decrease from 622,597,647.18 RMB in the same period last year[116] - Cash and cash equivalents at the end of the first half of 2024 were 2,159,081,397.04 RMB, an increase from 1,863,927,141.22 RMB at the end of the same period last year[116] - Comprehensive income for the first half of 2024 was -7,043,624.33 RMB, an improvement from -31,749,030.37 RMB in the same period last year[114] - Operating cash flow increased significantly to 327.18 million yuan in the first half of 2024, compared to a negative 8.03 million yuan in the same period last year[118] - Investment cash flow showed a net outflow of 596.78 million yuan, primarily due to investment payments of 1.3 billion yuan[118] - Financing cash flow turned positive at 191.57 million yuan, driven by 198 million yuan in new borrowings[118] - Total cash and cash equivalents decreased by 78.03 million yuan, ending at 166.32 million yuan[118] - Comprehensive income for the period reached 1.04 billion yuan, contributing to a 545.78 million yuan increase in parent company's equity[119] - Minority shareholders' equity increased by 495.67 million yuan, reaching 1.46 billion yuan at the end of the period[119] - Retained earnings improved significantly, with a 559.3 million yuan increase, reducing the deficit to 575.18 million yuan[119] - Total owner's equity grew by 1.04 billion yuan, reaching 3.42 billion yuan at the end of June 2024[119] - Capital reserve remained stable at 1.58 billion yuan, with no significant changes during the period[119] - Other comprehensive income showed a negative balance of 262.07 million yuan, reflecting a 13.52 million yuan decrease during the period[119] - Total share capital remains unchanged at 1,084,111,428.00 yuan[121][122] - Capital reserve decreased from 1,587,258,969.34 yuan in 2023 to 1,437,884,481.89 yuan in 2024[121][122] - Retained earnings decreased by 7,043,624.33 yuan in 2024, compared to a decrease of 31,749,030.37 yuan in 2023[121][122] - Total owner's equity decreased from 1,273,457,610.80 yuan at the beginning of 2024 to 1,266,413,986.47 yuan at the end of the period[121] Market and Sales Performance - Refrigerator and freezer industry sales reached 68.2 million units in the first half of 2024, a year-on-year increase of 14.68%[16] - Refrigerator and freezer export sales in the first half of 2024 were 38.65 million units, up 25.36% year-on-year[16] - Washing machine industry sales reached 41.35 million units in the first half of 2024, a year-on-year increase of 11.82%[16] - Washing machine export sales in the first half of 2024 were 21.62 million units, up 22.06% year-on-year[16] - Company's refrigerator and freezer sales reached 8.34 million units in the first half of 2024, a year-on-year increase of 22.9%[20] - Company's washing machine sales reached 1.659 million units in the first half of 2024, a year-on-year increase of 46.5%[20] - Mid-to-high-end air-cooled refrigerator products accounted for 64.0% of revenue, up 2.5 percentage points year-on-year[20] - TCL brand washing machines ranked third in domestic market sales in the first half of 2024, up from fifth at the end of the previous year, while TCL brand refrigerators ranked sixth[21] - TCL brand washing machines and refrigerators are sold in over 80 countries and regions, with leading market positions in Thailand and the Philippines[21] - TCL's washing machines and refrigerators achieved mainstream channel coverage in countries such as Thailand, the Philippines, and France, with strong performance in the mid-to-high-end market segments[21] - TCL's washing machines and refrigerators participated in major international exhibitions like IFA and CES, and collaborated with star teams of the 2024 European Cup and Copa America, enhancing global brand awareness[21] Strategic Focus and Innovation - The company completed the acquisition of Hefei Home Appliances in 2023, which is now included in the consolidated financial statements[9] - The company's strategic focus remains on becoming a global leader in smart home appliances[1] - TCL's subsidiary Hefei Home Appliances launched the world's first -40°C crystalline membrane deep-freeze preservation technology in 2023, forming 63 patents and winning industry awards[23] - TCL's ultra-thin zero-embedded refrigerator P12 won the AWE Excellent Product Award and the CITE Innovation Award in 2024 for its innovative features[23] - TCL's washing machines introduced innovations such as pollution-free washing technology, fabric quantity sensing, and intelligent classification washing, with the TCL C16 Twin Chamber Smart Washing Machine winning a national AI competition award[25] - TCL's washing machine T7H won the CITE Innovation Award in 2024 for its 1.2 ultra-high washing ratio and other innovations[26] - TCL's quality control measures, including automated testing and a "zero-defect" prevention mechanism, have maintained industry-leading product quality[26] - Over the past five years, TCL's refrigerator subsidiary, Homa, reduced its SCR (repair rate) by 60%-70% through strict quality control processes[26] - Labor-intensive positions achieved an automation replacement rate of over 80%, with door appearance defect detection rate reaching 99%[27] - Annual refrigerator shipment exceeded 12 million units, with double-digit percentage reductions in per-unit labor and manufacturing costs[29] - The high-end air-cooled refrigerator intelligent manufacturing project was completed and put into production in November 2023, enhancing market competitiveness[28] Financial Position and Assets - Total assets increased to 14,066,586,522.32 yuan, up from 12,572,194,644.76 yuan at the beginning of the period[105] - Fixed assets slightly decreased to 1,948,681,825.17 yuan from 1,972,110,165.90 yuan[105] - Long-term equity investments remained stable at 1,038,343,694.45 yuan[108] - Short-term borrowings decreased to 420,419,898.21 yuan from 618,967,196.03 yuan[105] - Accounts payable increased to 4,841,885,566.10 yuan from 4,613,126,709.88 yuan[105] - Contract liabilities rose to 353,108,307.99 yuan from 295,194,289.89 yuan[105] - Total liabilities increased to 10,646,076,446.47 yuan from 10,193,125,675.49 yuan[106] - Owner's equity grew to 3,420,510,075.85 yuan from 2,379,068,969.27 yuan[106] - Cash and cash equivalents decreased to 166,332,123.26 yuan from 244,340,971.64 yuan[107] - Other current assets increased to 169,653,148.79 yuan from 103,100,011.07 yuan[108] - Monetary funds at the end of the reporting period amounted to 2,427,856,185.92 yuan, accounting for 17.26% of total assets[35] - Accounts receivable increased by 2.91% to 3,525,393,749.11 yuan, representing 25.06% of total assets[36] - The company's trading financial assets increased by 3.91% to 1,811,966,791.55 yuan[36] - The company recognized derivative investment income of 9.4872 million yuan during the reporting period[41] - The company's total restricted assets amounted to 875,930,028.06 yuan, including monetary funds, receivables, and fixed assets[39] - The company's long-term loans increased by 1.62% to 466,300,347.04 yuan[36] - The company's contract liabilities increased by 0.16% to 353,108,307.99 yuan[36] - The company's forward foreign exchange contracts had an initial investment amount of 1.849 billion yuan, with a fair value change loss of 6.2933 million yuan during the reporting period, and the ending investment amount accounted for 15.35% of the company's net assets at the end of the reporting period[42] - The company's total monetary funds at the end of the period were 2,427,856,185.92 yuan, an increase from 2,414,712,516.23 yuan at the beginning of the period[104] - The company's total current assets at the end of the period were 11,138,917,672.24 yuan, an increase from 9,686,920,487.61 yuan at the beginning of the period[104] - The company's accounts receivable at the end of the period were 3,525,393,749.11 yuan, an increase from 2,785,244,227.20 yuan at the beginning of the period[104] - The company's inventory at the end of the period was 1,549,119,999.74 yuan, slightly increased from 1,540,742,733.68 yuan at the beginning of the period[104] - The company's prepayments at the end of the period were 169,145,938.80 yuan, significantly increased from 91,584,118.37 yuan at the beginning of the period[104] Subsidiaries and Investments - The company's subsidiary, Guangdong Aoma Refrigerator Co., Ltd., generated a net profit of 1.0339 billion yuan, contributing significantly to the company's overall profitability[49] - The company's subsidiary, TCL Home Appliances (Hefei) Co., Ltd., reported a net profit of 32.671 million yuan, reflecting its operational performance in the refrigerator and washing machine manufacturing sector[49] - The company completed the acquisition of 100% equity of Hefei Home Appliances from TCL Industries Holdings for a total consideration of 330 million yuan, with 198 million yuan paid by the end of 2023 and the remaining 132 million yuan settled on January 26, 2024[84] - The company invested 231.7 million yuan in bank wealth management products using its own funds, with 180.2 million yuan still outstanding and no overdue or impaired amounts[90] Risks and Mitigation Strategies - The company faces risks from significant fluctuations in raw material prices, which account for a high proportion of production costs, and plans to diversify suppliers and enhance product pricing power to mitigate this risk[50] - The company is exposed to export business risks due to its reliance on overseas markets and plans to expand non-European markets and accelerate domestic sales to reduce dependency on single markets and customers[50] - The company is addressing market competition risks by increasing R&D investment, upgrading automated production lines, and advancing its global strategy with a focus on AI smart home appliances[51] - The company is managing exchange rate fluctuation risks by improving foreign exchange hedging mechanisms and ensuring compliance with internal controls for foreign exchange hedging operations[51] - The company is mitigating credit risks by conducting strict credit reviews for customers, purchasing export credit insurance, and continuously monitoring accounts receivable balances[52] Environmental and Social Responsibility - The company invested 3.0272 million RMB in environmental governance and protection in the first half of 2024[60] - The company paid 485.94 RMB in environmental protection taxes during the first half of 2024[60] - The company's wastewater treatment meets the Guangdong Province "Electroplating Water Pollution Discharge Standard" (DB44/1597

Outperform: The stock's total return over the next 12-18 months is expected to exceed the return of its relevant broad market benchmark, as indicated below. Neutral: The stock's total return over the next 12-18 months is expected to be in line with the return of its relevant broad market benchmark, as indicated below. For purposes only of FINRA/NYSE ratings distribution rules, our Neutral rating falls into a hold rating category. Underperform: The stock's total return over the next 12-18 months is expected ...

投资评级 优于大市 首次 覆盖 | --- | --- | --- | --- | |--------------------------|-------|-------|-------| | | | | | | 沪深 300 对比 | 1M | 2M | 3M | | 绝对涨幅（ % ） | 34.4 | 58.5 | 61.7 | | 相对涨幅（ % ） | 32.5 | 56.0 | 52.6 | | 资料来源：海通证券研究所 | | | | 治理持续改善，推进 TCL 智家平台打造 冰箱出口龙头地位稳固，23 年收入规模复苏显著。分业务看，2023 年公司 冰箱冷柜业务实现收入规模 129.87 亿元，同比增长 32.39%，毛利率达 25.39%，同比提升 3.95pct；洗衣机业务实现收入 20.28 亿元，同比增长 21.09%，毛利率同比提升 1.05pct 达 12.26%。分地区看公司境外收入规模 达 102.38 亿元，同比增长 51.95%，毛利率同比提升 3.61pct 达 25.93%，境 内收入达 49.43 亿元，同比增长 0.33%，毛利率提升 2.40pct，达 19.01 ...

2024 年 05 月 27 日 本篇报告我们主要回答两个问题：1）奥马冰箱的核心竞争优势有哪些？2）如何看待 公司未来的成长空间？综合来看，我们认为公司在经营层面和资本运作层面均有提升 空间，未来成长可期。 TCL 冰洗业务主体，深耕 ODM 出口。2002 年奥马冰箱成立之处就开始专注冰箱 ODM 代工，在经历实控人历次变更后，TCL 入主下重回家电主业。当前公司专注于研发、生 产和制造冰箱和洗衣机两大家电品类，其中，奥马冰箱坚定"全球专业冰箱 ODM 供应 商"的专业定位，TCL 合肥聚焦中高端冰洗产品的研发和生产。2022 年战略回归家电 主业以来公司的收入整体向好，业绩明显改善。 ➢ 如何看待公司未来的成长空间？ -37% -18% 0% 18% 37% 55% 73% 91% 2023-05 2023-09 2024-01 2024-05 TCL智家 沪深300 财务报表和主要财务比率 2026E 18450 9003 4397 968 144 1934 2003 2680 -1 1753 311 618 21129 12225 619 9957 1649 181 57 124 12405 412 ...

公 司 更 新 报 告 4. 资产及现金流：在手净现金环比提升，经营现金流持续改善 ........ 4 利润率小幅下滑。2024Q1 公司毛利率为 20.28%，同比-1.88pct，净利率 为 10.08%，同比-0.41pct；我们预计毛利率端的下滑主要来自：1）一 季度原材料成本上行以及海运价格波动；2）冰箱出口行业层面的均价下 行。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|----------------------------|--------------------------------------------------|-------|-------|-------|-------------------------------|-------| | 股票代码 | 股票名称 | 收盘价（元） \n4 月 25 | EPS PE \n日 2023E 2024E 2025E 2023E 2024E 2025E | | | | | | | 000333.SZ | 美的集团 | ...

总股本/流通(亿股) 10.84/10.84 总市值/流通(亿元) 108.3/108.3 12 个月内最高/最低价 (元) 11.29/5.03 2024Q1 收入业绩快速增长，冰冷代工龙头充分享受行业出口红利。 1）收入端：2024Q1 公司实现总营收 41.98 亿元(+24.60%),或系行业增长 拉动。外销方面，上游大宗原材料铜价上涨+红海事件催化，或刺激渠道 加速备货。根据海关数据，2024Q1 我国冰箱出口额（美元口径）同比 +28.4%。内销方面，以旧换新政策方案细化，或拉升白电整体更新需求。 2）业绩端：2024Q1 公司归母净利润 2.25 亿元（+27.83%），扣非归母净 利润 2.24 亿元（+33.25%），实现较大幅度提升，系公司日常经营持续改 善，出口订单及 ODM 订单明显增长。（注：同比数据均按企业合并追溯调 整后口径计算） 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 看好：预计未来 6 个 ...

图5：公司毛利率及净利率 图6：公司单季度毛利率及净利率 作者保证报告所采用的数据均来自合规渠道；分析逻辑基于作者的职业理解，通过合理判断并得出结论， 力求独立、客观、公正，结论不受任何第三方的授意或影响；作者在过去、现在或未来未就其研究报告 所提供的具体建议或所表述的意见直接或间接收取任何报酬，特此声明。 请务必阅读正文之后的免责声明及其项下所有内容 请务必阅读正文之后的免责声明及其项下所有内容 国信证券经济研究所 请务必阅读正文之后的免责声明及其项下所有内容 重要声明 证券研究报告 | 2024年04月26日 营收保持较快增长，盈利稳中向好。公司 2024Q1 实现营收 42.0 亿/+24.6%， 归母净利润 2.3 亿/+27.8%，扣非归母净利润 2.2 亿/+33.2%。在出口需求高 景气和 ODM 业务扩张的带动下，公司收入延续较高增速趋势，盈利小幅提升。 整体盈利能力维持稳健。公司 Q1 毛利率同口径下同比下降 1.9pct 至 20.3%， 或主要系原材料及海运等因素。公司持续优化费用率，Q1 销售/管理/研发/ 财务费用率同比分别-0.2/-0.5/-0.2/-1.0pct 至 3.6%/ ...

大幅改善 [Table_Contacts] [Table_Page] 季报点评|家用电器 证券研究报告 [Table_Title] 奥马电器（002668.SZ） 24Q1 外销延续高景气，更名彰显长期发展战略 [Table_Summary] 核心观点： ⚫ 公司披露 2024 年一季报。24Q1 实现营收 42.0 亿元（YoY+24.6%）， 归母净利润 2.3 亿元（YoY+27.8%），毛利率 20.3%（YoY-1.9pct），归 母净利率 5.4%（YoY+0.1pct），销售/管理/研发/财务费用率分别为 3.6%/2.9%/3.0%/-0.8%，分别同比-0.2pct/-0.5pct/-0.2pct/-1.0pct。（以 上同比变动数据均根据 TCL 合肥并表调整后数据计算） ⚫ 海外需求改善，收入端持续高增。（1）外销：根据产业在线数据， 2024M1-2 冰箱行业外销量同比+38%；根据海关总署数据，24Q1 我 国冰箱行业出口金额人民币口径同比+33%。公司整体收入增速慢于行 业，预计主要为并表影响，可参考 23Q4 奥马电器收入同比+24%，剔 除 TCL 合肥后收入同比+42%。（2 ...