Investment Rating - The investment rating for TCL Smart Home is "Outperform the Market" [5] Core Views - The company achieved a revenue of 18.36 billion with a year-on-year growth of 21.0%, and a net profit attributable to shareholders of 1.02 billion, reflecting a growth of 29.6% [1][3] - The fourth quarter revenue was 4.42 billion, showing a growth of 15.1%, while the net profit attributable to shareholders reached 190 million, up by 29.7% [1] - The report highlights the continuous improvement in operational quality and significant enhancement in non-recurring profit [1][3] Financial Performance Summary - In 2024, TCL Smart Home's revenue was 18.36 billion, with a net profit of 1.02 billion, and a non-recurring net profit of 1.00 billion, marking a growth of 39.8% [1][4] - The company’s gross margin for 2024 was 23.0%, a decrease of 0.6 percentage points year-on-year, while the net margin improved to 5.6% [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.13 billion, 1.24 billion, and 1.34 billion respectively, indicating a growth of 11%, 10%, and 8% [3][4] Market Trends - The refrigerator export market in China saw a growth of 21.8% in 2024, with TCL's refrigerator and washing machine revenue reaching 5.04 billion, up by 15.5% [2][3] - The average price of refrigerators increased by 2.5% to approximately 938 yuan per unit, while washing machines saw a decline in average price by 4.2% to about 759 yuan per unit [3][4] - The report notes a strong demand recovery in Europe and North America, contributing to the overall growth in exports [2][3]

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home, with a target price based on the last closing price of 11.42 [1][6]. Core Views - TCL Smart Home's 2024 performance exceeded expectations, driven by significant overseas growth and improved net profit margins in Hefei appliances [1][6]. - The company achieved a revenue of 18.361 billion yuan in 2024, representing a year-on-year increase of 20.96%, and a net profit of 1.019 billion yuan, up 29.58% year-on-year [3][9]. - The report highlights strong growth in the washing machine segment and robust overseas sales, particularly in the refrigerator and freezer categories [4][5]. Revenue Summary - In 2024, TCL Smart Home's revenue from refrigerators and washing machines was 15.513 billion yuan and 2.701 billion yuan, respectively, with year-on-year growth of 19.45% and 33.19% [4]. - The company sold 1.654 million refrigerators and 0.356 million washing machines, with sales growth of 17% and 39% year-on-year [4]. - Overseas revenue reached 13.495 billion yuan, a 31.82% increase, while domestic revenue was 4.865 billion yuan, down 1.55% [4]. Profitability Summary - The report indicates that the net profit margin for TCL's Hefei appliances improved to 1.43%, with a revenue of 5.044 billion yuan, reflecting a 15.5% increase [5]. - In Q4 2024, the company's gross margin was 21.99%, up 3.25 percentage points year-on-year, and the net margin was 8.31%, an increase of 3.90 percentage points [5]. Financial Forecast - The report projects TCL Smart Home's revenue to grow to 20.619 billion yuan in 2025, with a net profit of 1.156 billion yuan, corresponding to an EPS of 1.07 yuan [9][12]. - The expected growth rates for revenue and net profit from 2024 to 2027 are 12.30% and 13.37%, respectively [9][12].

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [6] Core Views - TCL Smart Home achieved a total revenue of 18.361 billion yuan in 2024, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1][3] - The company's net profit margin improved to 10.57% in 2024, an increase of 0.44 percentage points year-on-year [3] - The report highlights significant growth in overseas self-branded business, with a 51% increase in revenue, and a 56% growth in overseas business for Hefei appliances [2] Financial Performance Summary - Revenue and Profit: - 2024 revenue: 18.361 billion yuan, up 20.96% YoY [1] - 2024 net profit: 1.019 billion yuan, up 29.58% YoY [1] - Q4 2024 revenue: 4.415 billion yuan, up 15.06% YoY [1] - Q4 2024 net profit: 194 million yuan, up 29.67% YoY [1] - Product Performance: - Refrigerator revenue increased by 19.45% and washing machine revenue by 33.19% in 2024 [2] - Refrigerator sales volume reached 16.54 million units, up 17% YoY, with an average price of 938 yuan, up 2.09% YoY [2] - Washing machine sales volume reached 3.56 million units, up 39% YoY, with an average price of 759 yuan, down 4.18% YoY [2] - Profitability Metrics: - Gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points YoY [3] - The company maintained strong cost management with sales, management, and R&D expense ratios showing minor declines [3] - Future Earnings Forecast: - Expected net profit for 2025-2027: 1.173 billion yuan (2025), 1.314 billion yuan (2026), and 1.454 billion yuan (2027), with growth rates of 15.1%, 12.0%, and 10.7% respectively [3]

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [6] Core Views - TCL Smart Home achieved a total revenue of 18.361 billion yuan in 2024, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1][3] - The company's net profit margin improved to 10.57% in 2024, an increase of 0.44 percentage points compared to the previous year [3] - The report highlights significant growth in overseas self-branded business, with a 51% increase in revenue, and a 56% growth in overseas business for Hefei appliances [2] Financial Performance Summary - **Revenue and Profit**: In 2024, TCL Smart Home's revenue was 18.361 billion yuan, with a net profit of 1.019 billion yuan. The fourth quarter alone saw revenue of 4.415 billion yuan, a 15.06% increase year-on-year, and a net profit of 194 million yuan, up 29.67% [1][3] - **Segment Performance**: Revenue from refrigerators and washing machines increased by 19.45% and 33.19% respectively. Refrigerator sales reached 16.54 million units, a 17% increase, while washing machine sales surged by 39% to 3.56 million units [2] - **Regional Performance**: Domestic sales saw a slight decline of 1.55%, while international sales grew by 31.82% [2] - **Profitability Metrics**: The gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points, while the net profit margin improved to 10.57% [3] Future Earnings Forecast - The report projects net profits for TCL Smart Home to reach 1.173 billion yuan in 2025, 1.314 billion yuan in 2026, and 1.454 billion yuan in 2027, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% respectively [3]

容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 广东 TCL 智慧家电股份有限公司 容诚审字[2025]518Z0723 号 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]518Z0723 号 广东 TCL 智慧家电股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了 ...

审计报告 广东 TCL 智慧家电股份有限公司 容诚审字[2025]518Z0722 号 审 计 报 告 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 容诚审字[2025]518Z0722 号 广东 TCL 智慧家电股份有限公司全体股东： 一、审计意见 我们审计了广东TCL智慧家电股份有限公司（以下简称TCL智家）财务报表， 包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利 润表、合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务 报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制， 公允反映了 TCL 智家 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度 的合并及母公司经营成果和现金流量。 容诚会计师事务所(特殊普通合伙) 中国 ...

业绩承诺实现情况说明的审核报告 广东 TCL 智慧家电股份有限公司 容诚专字[2025]518Z0181 号 容诚会计师事务所(特殊普通合伙) 中国·北京 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 业绩承诺实现情况说明的审核报告 | 1-2 | | 2 | 业绩承诺实现情况的说明 | 3-4 | 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 业绩承诺实现情况说明的审核报告 容诚专字[2025]518Z0181 号 广东 TCL 智慧家电股份有限公司全体股东： 我们接受委托，审核了后附的广东 TCL 智慧家电股份有限公司（以下简称 TCL 智家）编制的《广东 TCL 智慧家电股份有限公司关于购买合肥家电 100%股 权的业绩承诺实现情况说明》（以下简称业绩承诺实现情况说明）。 一、管理层的 ...

非经营性资金占用及其他关联资金 往来情况专项说明 广东 TCL 智慧家电股份有限公司 容诚专字[2025]518Z0184 号 容诚会计师事务所(特殊普通合伙) 中国·北京 关于广东 TCL 智慧家电股份有限公司 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 非经营性资金占用及其他关联资金往来情况专项说明 本专项说明仅供 TCL 智家年度报告披露之目的使用，不得用作任何其他目的。 附件：广东 TCL 智慧家电股份有限公司 2024 年度非经营性资金占用及其他关 联资金往来情况汇总表。 1 （此页无正文，为广东 TCL 智慧家电股份有限公司容诚专字[2025]518Z0184 号报告之签字盖章页。） 容诚专字[2025]518Z0184 号 广东 TCL 智慧家电股份有限公司全体股东： 我们接受委托，依据中国注册会计师审计准则审计了广东 TC ...

广东 TCL 智慧家电股份有限公司 （一）工作履历及专业背景 本人刘宁，1968 年生，中国国籍，无境外永久居留权，工商管理硕士。曾任 招商局蛇口工业区控股股份有限公司副总经理兼董事会秘书、招商局置地有限公 司非执行董事。现任大族激光科技产业集团股份有限公司独立董事、中集车辆（集 团）股份有限公司独立董事、福华通达化学股份有限公司独立董事。2024 年 6 月 26 日至今，本人担任公司独立董事。 | 姓名 | 在公司职务 | 在其他单位任职情况 | | | --- | --- | --- | --- | | | | 兼职单位 | 职务 | | | | 大族激光科技产业集团股份有限公司 | 独立董事 | | | 第六届董事会独立董事、 | | | | 刘宁 | 审计委员会委员、 | 中集车辆（集团）股份有限公司 | 独立董事 | | | 薪酬与考核委员会召集人 | | | | | | 福华通达化学股份有限公司 | 独立董事 | （二）兼职情况 （三）独立性情况说明 本人独立履行职责，与公司主要股东、实际控制人或者其他与公司存在利害 关系的单位或个人均无关联关系，不存在影响独立性的情况。 2024 年度独立董事 ...

广东 TCL 智慧家电股份有限公司 2024 年度独立董事述职报告 各位股东及股东代表： 2024 年度，我作为广东 TCL 智慧家电股份有限公司（以下简称"公司"） 第五届及第六届董事会独立董事，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管 指引第 1 号——主板上市公司规范运作》等相关法律法规的规定和《公司章程》 《独立董事制度》等的要求，严格保持独立董事的独立性和职业操守，忠实、勤 勉地履行职责，依法合规、谨慎负责地行使公司所赋予独立董事的权力，积极出 席公司相关会议并认真审议各项议案，切实维护公司及全体股东特别是中小股东 的利益。现将 2024 年度履行独立董事职责情况述职如下： 一、独立董事的基本情况 （一）工作履历及专业背景 本人卢馨，1963 年 10 月生，暨南大学管理学院会计系教授，中国人民大学 商学院管理学博士，第十二届、十三届全国人大代表。从 1989 年 7 月至今，本 人长期致力于会计学的教学科研和实践活动，主持和参与多项国家和省部级基金 项目，著有《构建竞争优势——中国企业跨国经营方略》并获商务部第六届全国 ...