证券代码:002668 证券简称:TCL智家 == 公告编号: 2024-053 本公司及董事会全体成员保证信息披露的内容真实、准确、完整,没有虚 假记载、误导性陈述或重大遗漏。 特别提示: 案件一:公司为原告,高榕资本及赵国栋为被告,公司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。目 前该案件由深圳市中级人民法院一审判决驳回公司诉讼请求(尚未生效)。为切 实维护公司、广大中小股东及社会公众利益,公司将依法向广东省高级人民法院 提起上诉。 案件二:公司为被告,高榕资本为原告,高榕资本请求判令公司支付剩余股 权转让款及滞纳金 55,048,515.06元。目前该案件由深圳市南山区法院裁定中止 审理。 案件一及案件二最终判决结果、执行情况等存在不确定性,公司尚无法判断 其对公司本期利润或期后利润产生的影响。 一、诉讼的基本情况 (一) 事实情况 2015 年 3 月,赵国栋成为中融金（北京）科技有限公司（已更名为"北京 题融科技有限公司",简称"中融金"）的实际控制人、董事、法定代表人。2015 年 5 月,高榕资本(深圳)投资中心(有限合伙)（简称"高 ...

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：2024-02 ☐特定对象调研 ☐分析师会议 ☐媒体采访 业绩说明会 投资者关系活 ☐新闻发布会 ☐路演活动 动类别 ☐现场参观 ☐其他（请文字说明其他活动内容） | --- | --- | |--------------|------------------------------------------------------------| | | 投资者参会人员：线上参与公司2024年半年度业绩说明会的投资者 | | | 上市公司参会人员： | | 活动参与人员 | 独立董事 卢馨教授 | | | 总经理兼财务总监 王浩先生 | | | 董事会秘书 温晓瑞女士 | 时间 2024年08月16日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 形式 线上文字交流 1."智家"怎么体现？ 答:尊敬的投资者，您好！公司于今年5月正式更名为"广东TCL智慧家电股份有限公 司"，证券简称"TCL智家"。面向未来，公司将致力于成为全球领先的智慧家电企业，坚 ...

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved revenue of 8.96 billion yuan, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 560 million yuan, up 32.7% year-on-year [1] - The growth was driven by the external ODM business, with significant increases in sales of refrigerators and washing machines, outperforming industry growth rates [1][2] - The company is positioned for future growth with a focus on smart home appliances, expecting EPS of 0.87 yuan, 1.04 yuan, and 1.20 yuan for 2024-2026 [2] Financial Performance Summary - Revenue for 2024 is projected at 17.72 billion yuan, with a growth rate of 16.75% [3] - Net profit attributable to shareholders is expected to reach 945.68 million yuan in 2024, reflecting a growth rate of 20.22% [3] - The company's gross margin for the first half of 2024 was 23%, a decrease of 5.2 percentage points year-on-year, primarily due to changes in product mix [1][2] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth [2] - The company has maintained a leading position in technology, design, product quality, manufacturing costs, and operational efficiency [2] Future Outlook - The company aims to continue expanding its product categories in smart home appliances, which is expected to contribute to growth momentum [2] - The report anticipates stable financial performance with a focus on maintaining competitive advantages in the market [2][3]

Investment Rating - The report maintains a "Hold" rating for TCL Smart Home (002668) [1][2] Core Views - In the first half of 2024, TCL Smart Home achieved a revenue of 8.96 billion yuan, representing a year-on-year growth of 24.7%. The net profit attributable to shareholders was 560 million yuan, up 32.7% year-on-year, while the net profit after deducting non-recurring items also reached 560 million yuan, reflecting a 42.2% increase [1][2] - The growth was primarily driven by the increase in ODM (Original Design Manufacturer) orders for exports, with domestic sales showing a slight decline [1][2] - The company is expected to continue expanding its product categories in smart home appliances, contributing to future growth [2] Summary by Sections Financial Performance - For Q2 2024, TCL Smart Home reported a revenue of 4.76 billion yuan, a year-on-year increase of 24.9%, and a net profit of 330 million yuan, up 36.1% year-on-year [1] - The overall gross margin for the first half of 2024 was 23%, down 5.2 percentage points year-on-year, attributed to changes in product mix [1][2] - The company’s sales, management, and R&D expense ratios were 3.6%, 3.5%, and 3.2% respectively, showing a slight decrease compared to the previous year [1] Product and Market Position - TCL's washing machine sales in the domestic market rose to third place, while its refrigerator sales ranked sixth. The company also maintained strong positions in international markets, particularly in Thailand and the Philippines [2] - The sales volume for refrigerators and washing machines in the first half of 2024 reached 8.34 million units and 1.66 million units, respectively, with growth rates of 22.9% and 46.5% year-on-year [1][2] Earnings Forecast - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.87 yuan, 1.04 yuan, and 1.20 yuan respectively, indicating a positive growth trajectory [2][3] - The report anticipates revenue growth rates of 16.75% in 2024, 11.21% in 2025, and 10.00% in 2026 [3]

Investment Rating - The investment rating for TCL Smart Home (002668.SZ) is "Outperform the Market" [2][4][10]. Core Views - The company reported a revenue of 8.96 billion with a year-on-year growth of 24.7% and a net profit attributable to shareholders of 0.56 billion, reflecting a growth of 32.7% in the first half of 2024. The second quarter alone saw revenues of 4.76 billion, up 24.9%, and a net profit of 0.33 billion, up 36.1% [2]. - The high demand for refrigerator and freezer exports continues, with a 25% increase in external sales in the first half of 2024. The company’s revenue growth is driven by strong performance in emerging markets and low overseas inventory levels [2]. - The washing machine segment also showed significant growth, with a 46.3% increase in revenue to 1.28 billion in the first half of 2024, contributing to the overall positive performance of the company [2]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 89.6 billion, a 24.7% increase year-on-year, and a net profit of 5.6 billion, which is a 32.7% increase. The adjusted net profit was also 5.6 billion, reflecting a 42.2% increase [2][3]. - The company’s refrigerator and freezer sales volume reached 8.34 million units, a 22.9% increase, with an average price of 913 yuan per unit, showing a slight decline of 1% year-on-year [2]. - The net profit margin for the second quarter reached 7.0%, an increase of 0.6 percentage points year-on-year, indicating improved profitability [2][3]. Earnings Forecast and Valuation - The earnings forecast for the company has been raised, with projected net profits for 2024-2026 at 0.96 billion, 1.07 billion, and 1.17 billion respectively, reflecting year-on-year growth of 22%, 11%, and 10% [2][3]. - The price-to-earnings (PE) ratio is projected to be 10, 9, and 8 times for the years 2024, 2025, and 2026 respectively, indicating a favorable valuation compared to historical performance [2][3].

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [4][2] Core Views - The company reported a significant performance in Q2 2024, with total revenue reaching 4.764 billion yuan, a year-on-year increase of 24.86%, and a net profit of 334 million yuan, up 36.12% year-on-year [1] - The optimization of product structure has led to a high increase in sales of refrigerators and washing machines, with revenues for these segments growing by 21.73% and 46.27% respectively in H1 2024 [1] - The company’s gross margin for H1 2024 was 23%, a slight decrease of 0.21 percentage points year-on-year, attributed to last year's depreciation of the yuan affecting the base [1] Financial Performance Summary - For H1 2024, TCL Smart Home achieved total revenue of 8.962 billion yuan, a year-on-year growth of 24.74%, and a net profit of 559 million yuan, up 32.65% year-on-year [1] - The company expects to achieve net profits of 1.025 billion yuan, 1.172 billion yuan, and 1.315 billion yuan for the years 2024, 2025, and 2026 respectively, reflecting growth rates of 30.3%, 14.3%, and 12.2% [2] - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.95 yuan, 1.08 yuan, and 1.21 yuan respectively [3] Business Segment Performance - The revenue contribution from high-end frost-free refrigerators reached 64.0% in H1 2024, an increase of 2.5 percentage points year-on-year [1] - The sales volume of refrigerators in H1 2024 was 8.34 million units, a year-on-year increase of 22.9%, while the average price slightly decreased by 0.95% to 913 yuan [1] - The sales volume of washing machines increased by 46.5% year-on-year to 1.659 million units, with an average price of 774 yuan, down 0.16% [1] Profitability Metrics - The net profit margin for H1 2024 was 6.2%, an increase of 0.4 percentage points year-on-year [1] - The company’s operating expenses in Q2 2024 showed a slight increase in management costs due to expanded sales scale and increased warehousing costs [1] - Non-recurring gains, including government subsidies and investment income, contributed to the net profit performance, accounting for 0.6% and 2.4% of the net profit respectively [1]

公司研究 2024.08.09 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------|------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | TCL | ...

广东 TCL 智慧家电股份有限公司 关于增加 2024 年度日常关联交易预计的补充公告 证券代码:002668 证券简称:TCL智家 == 公告编号:2024-052 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"公司"或"TCL 智家"）于 2024 年８月７日召开第六届董事会第二次会议,审议通过了《关于增加 2024年度日常关 联交易预计的议案》,公司拟增加与 TCL 实业及其子公司的日常关联交易,预计金 领不超过 20,832.35 万元。本次拟新增关联交易预计与公司 2024年4月26日披露 的关联交易预计金额 6,453.42万元合计为 27,285.77 万元,达到了公司股东大会审 议标准，公司将统一提交公司 2024年第三次临时股东大会审议。具体内容详见公司 于 2024 年 8 月 8 日在巨潮资讯网披露的《关于增加 2024 年度日常关联交易预计的 公告》（公告编号: 2024-049）。为帮助投资者更好地理解该公告内容。现补充披 露如下（加粗楷体为补充内容）： 一、日常关联交易基本情况 (一) ...

Investment Rating - The investment rating for TCL Smart Home is "Accumulate" with a current price of 8.75 CNY and a fair value of 11.06 CNY [2]. Core Views - The report highlights strong external sales and structural improvements driving profit growth. The company is expected to achieve significant revenue and profit increases in the coming years, with a projected net profit of 9.2 billion CNY in 2024, growing to 11.4 billion CNY by 2026 [5][6]. Financial Summary - **Revenue (CNY million)**: - 2022A: 11,663 - 2023A: 15,180 (YoY +30.1%) - 2024E: 17,418 (YoY +14.7%) - 2025E: 19,401 (YoY +11.4%) - 2026E: 21,341 (YoY +10.0%) [5][7] - **Net Profit (CNY million)**: - 2022A: 464 - 2023A: 787 (YoY +69.4%) - 2024E: 923 (YoY +17.3%) - 2025E: 1,033 (YoY +11.9%) - 2026E: 1,144 (YoY +10.8%) [5][7] - **EBITDA (CNY million)**: - 2022A: 1,254 - 2023A: 1,993 - 2024E: 2,413 - 2025E: 2,756 - 2026E: 3,046 [5][7] - **EPS (CNY/share)**: - 2022A: 0.43 - 2023A: 0.73 - 2024E: 0.85 - 2025E: 0.95 - 2026E: 1.06 [5][7] - **P/E Ratio**: - 2022A: 12.35 - 2023A: 9.05 - 2024E: 10.28 - 2025E: 9.19 - 2026E: 8.29 [5][7] - **ROE (%)**: - 2022A: 47.9% - 2023A: 55.6% - 2024E: 38.4% - 2025E: 30.1% - 2026E: 25.0% [5][7] Business Performance - The company reported a revenue of 8.96 billion CNY in the first half of 2024, a year-on-year increase of 24.7%, with a net profit of 560 million CNY, up 32.7% YoY. The gross margin was 23.0% [5]. - The external sales showed high growth, with the refrigeration business achieving a revenue of 7.61 billion CNY, up 21.7% YoY, and washing machines seeing a revenue increase of 46.3% YoY [5]. - The report indicates that the improvement in product structure has contributed to overall profit enhancement, with a significant increase in the proportion of external sales [5].

| --- | |-------| | | | | | | | | TCL 智家(002668) 目标价: 昨收盘:8.75 TCL 智家：2024Q2 业绩超预期，海外冰冷贡献主动力 ◼ 走势比较 (40%) (18%) 4% 26% 48% 70% 23/8/8 23/10/2024/1/124/3/1424/5/2624/8/7 TCL智家 沪深300 ◼ 股票数据 总股本/流通(亿股) 10.84/10.84 总市值/流通(亿元) 94.86/94.86 12 个月内最高/最低价 (元) 13.22/5.03 相关研究报告 <<奥马电器：2024Q1 业绩快速增长， 运营效率有所提升>>--2024-04-28 <<奥马电器：出口红利+以旧换新催 化，冰冷 ODM 龙头整合 TCL 白电焕发 新生>>--2024-03-28 <<奥马电器：2023Q4 业绩高增，战略 整合 TCL 合肥家电深化协同>>-- 2024-03-24 事件：2024 年 8 月 7 日，TCL 智家发布 2024 年半年报。2024H1 公司 收入 89.62 亿元（+24.74%），归母净利润 5.59 亿元（+32.6 ...