Summary of TCL Smart Home Conference Call Company and Industry Overview - **Company**: TCL Smart Home - **Industry**: Home Appliances, specifically focusing on refrigerators and white goods Key Points and Arguments 1. **Ouma Refrigerator's Dominance**: Ouma Refrigerator holds a leading position within TCL Smart Home due to its high profit margins, benefiting from its upstream position in the supply chain and strong economies of scale, with an average profit of approximately 150 RMB per unit [2][8] 2. **Acquisition Strategy**: TCL's acquisition of Ouma Electric aims to enhance the valuation of white goods assets through a reverse listing and leverage the synergy between black and white goods, particularly in the European market, to expand higher-margin white goods business [2][6] 3. **China's Global Market Position**: Chinese home appliance manufacturers dominate the global market, producing a significant portion of the world's air conditioners, refrigerators, and washing machines, with Ouma accounting for about 30% of the export market share [2][11] 4. **Acquisition Status**: TCL has paused the acquisition of the remaining 49% stake in Ouma Refrigerator but retains the right of first refusal for future strategic needs [2][10] 5. **Impact of European Market**: The European market is crucial for the refrigerator export industry, with fluctuations in inventory, shipping costs, and exchange rates affecting large enterprises like Ouma, which can capitalize on rising shipping costs to gain market share [2][17] 6. **Consolidation in Domestic Market**: The domestic refrigerator industry is experiencing consolidation, with smaller manufacturers losing market share, while larger companies like Ouma benefit from economies of scale and process optimization to achieve higher profit margins [2][18] 7. **Profitability Factors**: TCL Smart Home has benefited from lower domestic PPI and higher European CPI, significantly improving export profit margins despite potential short-term growth slowdowns [3][16] 8. **Core Assets**: The core assets of TCL Smart Home include Ouma Refrigerator and TCL Hefei, with Ouma contributing the majority of profits, while TCL Hefei is currently at a break-even point [4][6] 9. **Historical Context**: Ouma Electric faced liquidity risks in 2019 due to its internet finance business, leading to the sale of a 49% stake in Ouma Refrigerator to address these issues, followed by TCL becoming the largest shareholder in 2021 [5][6] 10. **Black and White Goods Synergy**: The synergy between black and white goods is vital for enhancing brand influence and market share, particularly in Europe, where successful examples exist [7][8] 11. **Cost Advantages**: Chinese home appliance manufacturers, including Ouma, enjoy significant cost advantages, with manufacturing cost indices showing China at 100 compared to 120-130 for Vietnam and 180-200 for the U.S. [8][11] 12. **Bullwhip Effect**: The home appliance export sector experiences a bullwhip effect, where retail fluctuations are less than shipment fluctuations, leading to increased uncertainty in the upstream supply chain [14] 13. **International Market Dynamics**: TCL's exposure to the U.S. market is limited due to tariff policies, while its exports to Europe are increasing, reflecting a shift in production capabilities [15][22] 14. **Future Growth Potential**: TCL Smart Home's current valuation is around ten times earnings, considered relatively cheap, with long-term growth potential expected from the next industrial cycle [22] Additional Important Insights - **Production Cost Management**: Ouma's ability to reuse molds significantly reduces opening mold costs, enhancing its competitive edge in the refrigerator manufacturing sector [12] - **Emerging Market Challenges**: While emerging markets present growth opportunities, challenges such as electricity coverage and potential loss of existing customer orders due to brand competition remain [21][20] - **Strategic Global Capacity Layout**: Ouma Electric is expanding its global capacity in Southeast Asia to meet future business demands, leveraging its strong supply chain capabilities [19]

证券之星消息，8月5日白色家电板块较上一交易日上涨0.76%，TCL智家领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002668 | TCL智家 | 10.48 | 2.14% | 17.77万 | 1.85 Z | | 000016 | 深康佳A | 4.91 | 1.45% | 35.62万 | 1.74亿 | | 000651 | 格力电器 | 46.72 | 1.30% | 27.79万 | 12.92亿 | | 600983 | 惠而浦 | 11.34 | 1.07% | 7.99万 ﻟﻠ | 9023.85万 | | 600336 | 澳柯玛 | 7.04 | 1.00% | 11.91万 | 8356.70万 | | 001387 | 雪祺电气 | 14.58 | 0.69% | 4.18万 | 6089.87万 | | 000333 | 美的集 ...

Core Viewpoints and Investment Recommendations - The report maintains an "Outperform" rating for the home appliance sector, indicating a positive outlook for the industry [7] - The report highlights the expected stable growth in domestic demand driven by the "old-for-new" policy, while external sales may face challenges due to U.S. tariff policies [15][17] - Key recommended companies include Midea Group, Gree Electric Appliances, Haier Smart Home, TCL Smart Home, and Hisense Home Appliances, with a focus on those with strong overseas growth potential and efficient operations [14][15][17] Monthly Research Tracking and Investment Insights - In August, the white goods production volume decreased by 5% year-on-year, with domestic sales experiencing a slowdown due to the seasonal demand drop and adverse weather conditions [20][21] - The report notes that in June, domestic sales of major home appliances showed robust growth, with air conditioners, refrigerators, and range hoods achieving over 10% growth [27][29] - U.S. retail sales of home appliances grew by 0.7% year-on-year in June, with inventory levels rising, indicating a stable demand despite tariff impacts [30][33] Key Data Tracking - The home appliance sector experienced a relative decline of 2.90% in July compared to the Shanghai Composite Index, which rose by 3.54% [35][37] - In July, the prices of copper and aluminum decreased by 1.9% and 0.4% respectively, while cold-rolled steel prices increased by 15.8% [38][40] - Shipping indices showed a significant decline in rates for routes to the U.S. West and East coasts, while European routes saw a slight increase [48][49] Key Company Announcements and Industry Dynamics - The report indicates that the home appliance market in China saw significant growth in H1 2025, particularly in the cleaning appliance segment, which grew by 30% year-on-year [52] - The kitchen appliance market is expected to show resilience, with stable performance from leading companies like Robam Appliances, which is focusing on expanding its product categories [15][52] - The report also highlights the ongoing adjustments in the home appliance sector, with companies like Ecovacs and Roborock showing strong overseas growth and product diversification [18][19]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600983 | 惠両浦 | 11.22 | 1.91% | 7.50万 | 8357.12万 | | 001387 | 雪祺电气 | 14.48 | 1.83% | 4.59万 | 6594.47万 | | 000651 | 格力电器 | 46.12 | 0.50% | 21.08万 | 9.71亿 | | 600336 | 澳柯玛 | 6.97 | 0.43% | 9.51万 | 6602.08万 | | 600690 | 海尔智家 | 24.96 | 0.24% | 19.99万 | 4.98 Z | | 000333 | 美的隻厨 | 70.94 | 0.21% | 19.78万 | 13.98亿 | | 000016 | 深康佳A | 4.84 | -0.21% | 19.45万 | 9372.97万 | | 000921 | 海信家电 | 25.42 | -0.31% | 15.47万 | 3.92亿 | | 000521 | 长虹美菱 ...

证券之星消息，8月1日白色家电板块较上一交易日上涨0.65%，TCL智家领涨。当日上证指数报收于 3559.95，下跌0.37%。深证成指报收于10991.32，下跌0.17%。白色家电板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002668 | TCL智家 | 10.33 | 1.87% | 20.84万 | 2.16亿 | | 001387 | 雪祺电气 | 14.22 | 1.79% | 5.49万 | 7758.03万 | | 000333 | 美的集团 | 70.79 | 0.85% | 28.64万 | 20.19亿 | | 600336 | 澳柯玛 | 6.94 | 0.73% | 8.63万 | 5977.68万 | | 600983 | 惠而浦 | 11.01 | 0.64% | 5.54万 | 6092.05万 | | 000651 | 格力电器 | 45.89 | 0.59% | 23.40万 | 10.73亿 | | 000521 | 长虹美菱 ...

Core Viewpoint - TCL Smart Home has filed a lawsuit against its subsidiary, Guangdong Oma Refrigerator Co., Ltd., seeking to invalidate certain provisions of the company's articles of association, which TCL believes restricts the legitimate rights of the controlling shareholder and is detrimental to the long-term development of Oma Refrigerator [1][5]. Group 1: Lawsuit Details - The lawsuit was submitted to the Zhongshan Second People's Court of Guangdong Province in June 2025 and has been accepted by the court [1][5]. - The specific provisions in question relate to the election and replacement of directors not representing employees, which require a special resolution when there is a change in the actual control of the listed company [1][5]. - The lawsuit does not involve any monetary claims and is currently in the preliminary stage, with no impact on the company's current or future profits [4][5]. Group 2: Parties Involved - The plaintiff in the case is TCL Smart Home, while the defendant is Guangdong Oma Refrigerator Co., Ltd. [6]. - The case is being handled by the Zhongshan Second People's Court of Guangdong Province [6].

Core Viewpoint - TCL Smart Home has shown a positive market performance with a 1.87% increase in stock price and a total market capitalization of 11.199 billion yuan as of August 1 [1] Group 1: Business Overview - The company specializes in the research, production, and sales of household appliances, primarily refrigerators, freezers, and washing machines, with revenue contributions of 84.49% from refrigerators and freezers, and 14.71% from washing machines [6] - As of March 31, the company reported a revenue of 4.6 billion yuan for Q1 2025, representing a year-on-year growth of 9.58%, and a net profit of 302 million yuan, up 33.98% year-on-year [6] - The company has a significant overseas revenue share of 73.50%, benefiting from the depreciation of the Chinese yuan [3] Group 2: Market Activity - The stock has seen a net inflow of 6.2869 million yuan today, with a total of 31.9 million yuan in net inflows for the industry, indicating a lack of clear trends in major funds [4][5] - The average trading cost of the stock is 10.76 yuan, with the current price near a support level of 10.15 yuan, suggesting potential volatility if the support level is breached [5] Group 3: Shareholder Information - As of March 31, the number of shareholders decreased by 1.48% to 37,200, while the average number of circulating shares per person increased by 1.50% to 29,145 shares [6] - The company has distributed a total of 224 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [7]

Group 1 - TCL Smart Home (002668) closed at 10.14 yuan on July 31, 2025, down 2.03% with a turnover rate of 1.36% and a trading volume of 147,500 hands, amounting to 1.50 billion yuan [1] - The latest quarterly report shows total revenue of 4.6 billion yuan, a year-on-year increase of 9.58%, and a net profit attributable to shareholders of 302 million yuan, up 33.98% year-on-year [1] - The company has a current ratio of 1.105, a quick ratio of 0.957, and a debt-to-asset ratio of 72.76% [1] Group 2 - TCL Smart Home has made investments in 7 companies and participated in 20 bidding projects, holding 61 patents and 20 administrative licenses [2]

| 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 000333 | 美的集团 | 1.45 Z | 4.88% | -6259.91万 | -2.11% | -8202.71万 | -2.77% | | 000651 | 格力电器 | 6842.10万 | 4.61% | -5000.48万 | -3.37% | -1841.62万 | -1.24% | | 000016 | 深康佳A | 4920.39万 | 12.02% | -101.50万 | -0.25% | -4818.89万 | -11.78% | | 600690 海尔智家 | | 3230.23万 | 4.03% | -1128.27万 | -1.41% | -2101.97万 | -2.62% | | 002668 TCL智家 | | 1396.78万 | 9.14% | -5869.00 | 0.00% | -1396.19万 | -9.13% | ...

证券之星消息，7月29日白色家电板块较上一交易日下跌0.98%，长虹美菱领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。白色家电板块个股涨跌见下表： 从资金流向上来看，当日白色家电板块主力资金净流出7.27亿元，游资资金净流入4623.32万元，散户资 金净流入6.81亿元。白色家电板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 000921 | 海信家电 | 26.76 | 0.04% | 8.61万 | | 2.30亿 | | 000016 | 深康佳A | 4.91 | -0.61% | 30.94万 | | 1.51亿 | | 600983 | 惠而浦 | 10.87 | -0.82% | ● 3.66万 | | 3967.38万 | | 600690 | 海尔智家 | 25.41 | -0.94% | 31.60万 | | 8.04亿 | | 000333 | 美的集团 | 71.24 ...