证券代码：002668 证券简称：TCL智家 公告编号：2025-008 广东 TCL 智慧家电股份有限公司 关于 2024 年度拟不进行利润分配的专项说明 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。 特别提示： 1.截至 2024 年 12 月 31 日，公司合并报表未分配利润为-1.15 亿元，母公司未分 配利润为-3.44 亿元。公司 2024 年度利润分配方案预案为：不派发现金红利，不送 红股，不以资本公积转增股本。 2.公司利润分配方案预案不涉及《深圳证券交易所股票上市规则》第 9.8.1 条相 关规定的可能被实施其他风险警示情形。 一、审议程序 1、董事会、监事会审议情况 广东TCL智慧家电股份有限公司（以下简称"公司"）于2025年3月6日分别召 开了第六届董事会第六次会议及第六届监事会第四次会议，审议通过了《关于2024 年度利润分配预案的议案》，公司董事会、监事会均认为本次利润分配预案符合《中 华人民共和国公司法》等法律法规及《公司章程》关于利润分配的相关规定，综合 考虑了公司实际经营情况、未来业务发展及资金需求。 2、本议案尚需提交公司 ...

证券代码：002668 证券简称：TCL智家 公告编号：2025-001 广东 TCL 智慧家电股份有限公司 第六届董事会第五次会议决议公告 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。 一、董事会会议召开情况 本事项在公司董事会审批权限内，无需提交公司股东大会审议。本事项不构 成关联交易，也不构成《上市公司重大资产重组管理办法》规定的重大资产重组。 具体内容详见公司同日披露于巨潮资讯网（http://www.cninfo.com.cn）的《关 于在东南亚投资新建生产基地的公告》（公告编号：2025-002）。 1 / 2 （二）审议通过了《关于控股子公司与关联方签订分布式光伏发电项目合同 暨关联交易的议案》 公司控股子公司广东奥马冰箱有限公司（简称"奥马冰箱"）拟使用自有资 金在厂区内规划建设分布式光伏发电站。该电站产生的电能将用于厂区生产经营， 以替代部分公共电网供电，促进节能减排，实现降本增效。经组织招投标程序， TCL 新能源工程（深圳）有限公司（简称"TCL 新能源"）以综合评分第一中标 奥马冰箱分布式光伏发电项目，TCL 新能源将负责该项目建设及 ...

Investment Rating - The investment rating for the company is "Buy (First Time)" [1] Core Views - The report highlights TCL Smart Home as a leading player in the refrigerator ODM export market, emphasizing its return to core business after TCL's acquisition [2][3] Company Overview - **History**: The company has a strong focus on refrigerator ODM exports and has undergone two ownership changes, with TCL taking full control [6][14] - **Governance**: TCL's complete acquisition has positioned the company for strategic growth [14][15] - **Financials**: The main business of refrigerators is steadily expanding, with continuous improvement in profitability [16] Industry Insights - **Global Trends**: There is a clear trend of upgrading refrigerators globally, with significant opportunities in overseas markets [27] - **Overseas Market**: The report notes stable volume growth and price increases, indicating a broad market potential [27] - **China Market**: The Chinese market shows slight volume decline but stable price growth, suggesting a steady growth trajectory [32] Competitive Advantages - **Scale and Strategy**: The company benefits from leading scale, a premium product strategy, and platform synergies [34] - **Asset Integration**: The completion of TCL's asset injection into the refrigerator and washing machine segment, along with ongoing subsidiary share buybacks, is expected to enhance operational efficiency [55] Financial Forecast and Investment Recommendations - **Revenue Projections**: The company is projected to achieve revenues of 151.8 billion in 2023, growing to 222.8 billion by 2026, with year-on-year growth rates of 30.1%, 19.8%, 10.8%, and 10.6% respectively [3][64] - **Earnings Per Share (EPS)**: EPS is expected to increase from 0.73 in 2023 to 1.18 by 2026 [64] - **Valuation Metrics**: The price-to-earnings (PE) ratio is projected to decrease from 18.1 in 2023 to 11.2 by 2026, indicating potential for value appreciation [64]

Group 1: Financial Performance - In the first half of 2024, the company's global revenue reached 66.49 billion yuan, accounting for 74% of total revenue [2] - The export market is primarily focused on Europe, with the revenue from the U.S. market being relatively low [2] - The company is actively monitoring policy changes and adjusting its business strategies to mitigate potential impacts from external factors [2] Group 2: Currency and Risk Management - The company's export business is primarily settled in USD and EUR, with exchange rate fluctuations posing a risk to profitability [2] - A foreign exchange hedging mechanism has been established to mitigate the risks associated with exchange rate volatility [2] Group 3: Strategic Development - The company aims to become a global leader in smart home appliances, focusing on AI technology and innovation [3] - The recent name change to TCL Smart Home reflects the company's strategic direction and enhances brand image [3] - The subsidiary TCL Home Appliances (Hefei) will focus on high-end washing and refrigeration products, while Guangdong Aoma Refrigerator Co., Ltd. will maintain its independent brand positioning [3] Group 4: Market Outlook and AI Integration - The smart home appliance market is expected to grow significantly due to the rapid advancement of AI technology [3] - The company has made substantial investments in AI technologies, which are already being integrated into various products [3] Group 5: Shareholder Relations - The progress of the minority stake acquisition in Aoma Refrigerator is uncertain, with key conditions for the buyback yet to be determined [3] - The analyst meeting facilitated thorough communication between company representatives and investors, adhering to regulations regarding undisclosed information [3]

广东 TCL 智慧家电股份有限公司（简称"公司"）于 2024 年 10 月 22 日、 11 月 13 日在巨潮资讯网分别披露了《关于持股 5%以上股东部分股份被司法裁 定进行变价、拍卖、变卖的提示性公告》（公告编号：2024-062）及《关于持股 5%以上股东部分股份被司法裁定进行变价、拍卖、变卖的进展公告》（公告编 号：2024-070）。因质押合同纠纷，公司股东武汉株信睿康科技有限责任公司（简 称"株信睿康"）持有的 6,880,000 股公司股票（占公司总股本 0.63%）被广东 省深圳市中级人民法院（简称"深圳中院"）裁定进行变价、拍卖、变卖，深圳 中院要求天风证券股份有限公司武汉分公司（株信睿康开户券商，简称"天风证 券"）协助执行变卖事项。 2024 年 11 月 18 日，公司接到株信睿康及天风证券通知，并经中国证券登 记结算有限责任公司深圳分公司系统查询获悉，天风证券已于 11 月 11 日至 11 月 15 日期间通过集中竞价方式累计卖出株信睿康持有的 6,880,000 股公司股票， 本次变卖事项已实施完毕。现将有关情况公告如下： 一、本次变卖成交情况 证券代码：002668 证券简称 ...

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 2024 年第五次临时股东大会的 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 源管师事务所 嘉源(2024)-04-834 北京市嘉源律师事务所(以下简称"本所")接受广东TCL智慧家电股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简 称"《公司法》")、《上市公司股东大会规则》(以下简称"《股东大会规则》") 等现行有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规") 以及《广东TCL智慧家电股份有限公司章程》(以下简称"《公司章程》")的 有关规定,指派本所律师对公司2024年第五次临时股东大会(以下简称"本次股 东大会"）进行见证,并依法出具本法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下承诺和保证:就本所认为出具本 法律意见书所必需审查的事项而言,公司已经提供了全部相关的原始书面材料、 副本材料或口头证言,该等资料均属真实 ...

证券代码：002668 证券简称：TCL智家 公告编号：2024-071 广东 TCL 智慧家电股份有限公司 2024 年第五次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会不存在否决议案的情形； 2、本次股东大会审议的《关于变更会计师事务所的议案》，涉及变更2023 年年度股东大会已通过的决议:公司于2024年4月9日召开了2023年年度股东大会， 续聘大华会计师事务所（特殊普通合伙）为公司2024年度财务报表和内部控制审 计机构。根据《国有企业、上市公司选聘会计师事务所管理办法》及《公司章程》 《会计师事务所选聘管理办法》等相关规定,结合公司审计工作的需要,本次变更 容诚会计师事务所（特殊普通合伙）为公司2024年度财务报表和内部控制审计机 构。 一、 会议召开和出席情况 （四）召集人：广东 TCL 智慧家电股份有限公司（以下简称"公司"）董事会 （五）主持人：董事长彭攀先生 （一）召开时间：2024 年 11 月 15 日（星期五）15:30 （二）召开地点：广东省中山市南头镇南头大道中 59 号 2 楼 ...

证券代码：002668 证券简称：TCL 智家 公告编号：2024-070 广东 TCL 智慧家电股份有限公司 关于持股 5%以上股东部分股份被 司法裁定进行变价、拍卖、变卖的进展公告 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 1、株信睿康因质押合同纠纷，其质押权人鹏华资管向深圳中院申请强制执 行。2024 年 11 月 4 日，深圳中院向天风证券送达了《协助执行通知书》，要求 其变卖株信睿康持有的 6,880,000 股公司股票（占公司总股本 0.63%）。 2、被动减持的方式为：集中竞价。 3、截至本次被动减持前，株信睿康持有公司股份 64,380,000 股，占公司总 股本的 5.94%。株信睿康不是公司控股股东，亦不是公司第一大股东，本次被动 减持事项不会导致公司控制权发生变更，不会对公司治理结构及持续经营产生影 响。 1、被动减持原因：株信睿康与鹏华资产管理有限公司（简称"鹏华资管"） 因质押合同纠纷，鹏华资管向深圳中院申请强制变现株信睿康持有的部分公司股 票。 2、减持股份来源：2021 年 8 月 11 日，株信睿康收到湖北省武汉 ...

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with a target price based on the last closing price of 11.83 [1][6]. Core Views - TCL Smart Home reported a significant increase in non-net profit for Q3 2024, benefiting from the booming refrigerator export industry. The company achieved a revenue of 139.45 billion yuan, up 22.95% year-on-year, and a net profit of 8.25 billion yuan, up 29.56% year-on-year [4][6]. - The Q3 2024 revenue reached 49.84 billion yuan, reflecting a 19.86% increase, attributed to the high demand in the ice washing industry and favorable external conditions [4][5]. - The gross profit margin improved to 24.04%, an increase of 1.93 percentage points, indicating better product mix and cost management [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, TCL Smart Home's revenue was 139.45 billion yuan, with a year-on-year growth of 22.95%. The net profit attributable to shareholders was 8.25 billion yuan, marking a 29.56% increase, while the non-net profit reached 8.11 billion yuan, up 39.16% [4]. - In Q3 2024, the company reported a net profit of 2.66 billion yuan, a 23.49% increase, and a non-net profit of 2.53 billion yuan, up 32.99% [4]. Profitability Metrics - The gross margin for Q3 2024 was 24.04%, an increase of 1.93 percentage points, driven by product structure improvements [5]. - The net profit margin for Q3 2024 was 5.33%, reflecting a slight increase of 0.16 percentage points [5]. Future Outlook - The company is expected to benefit from the growth in the refrigerator export market and the synergy from its Hefei appliance operations. The "old-for-new" policy in domestic sales is anticipated to provide additional support [6]. - Forecasts for net profit from 2024 to 2026 are 9.85 billion yuan, 10.97 billion yuan, and 12.19 billion yuan, respectively, with corresponding EPS of 0.91, 1.01, and 1.12 yuan [6].

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668) with an updated target price of RMB 13.8, up from RMB 12.15 previously [6][13] Core Views - TCL Smart Home's Q3 2024 performance slightly exceeded expectations, driven by strong export growth and improved profitability in its Oma subsidiary [4][13] - The company's revenue for the first three quarters of 2024 reached RMB 13.945 billion, up 22.95% YoY, with net profit attributable to shareholders of RMB 825 million, up 29.56% YoY [4][15] - Oma's revenue growth outpaced TCL Hefei's washing and refrigeration business, with Oma expected to grow 20-25% YoY in Q3 2024, while TCL Hefei grew 10-15% [4][16] Financial Performance - The company's gross margin improved significantly in Q3 2024, reaching 24.04%, up 1.93 percentage points YoY, driven by higher sales of Oma's mid-to-high-end products [4][18] - Oma's net profit margin reached 13.8% in Q3 2024, contributing RMB 252 million to the parent company, while TCL Hefei's net profit was less than RMB 14 million [4][18] - The company's operating cash flow for the first three quarters of 2024 was RMB 1.35 billion, down 36% YoY, mainly due to increased payments to suppliers [20] Business Segments - Oma's refrigerator exports increased by 11% YoY in Q3 2024, while domestic sales grew by 2%, with mid-to-high-end products driving average selling prices higher [17] - TCL Hefei's refrigerator exports grew by 58% YoY in Q3 2024, while domestic sales declined by 5%, with washing machine exports up 50% and domestic sales up 22% [17] - TCL Hefei's gross margin remains around 10% due to new capacity investments, with expected improvements as capacity utilization increases [4][21] Market and Industry Outlook - The report expects the company's revenue growth to slow in Q4 2024, with more balanced growth between domestic and export sales [17] - The company's profitability is expected to improve further as Oma's mid-to-high-end product sales increase and shipping costs decline [4][21]