Market Overview - On May 13, the Shanghai Composite Index rose by 0.17%, while the CSI 300 increased by 0.15%. The STAR Market 50 fell by 0.15%, the CSI 1000 decreased by 0.27%, and the ChiNext Index dropped by 0.12%. The Hang Seng Index saw a decline of 1.87% [4][6] - The best-performing sectors on May 13 included banking (+1.52%), beauty and personal care (+1.18%), pharmaceuticals and biotechnology (+0.9%), transportation (+0.72%), and coal (+0.62%). The worst-performing sectors were defense and military (-3.07%), computers (-0.8%), machinery (-0.66%), electronics (-0.64%), and telecommunications (-0.61%) [4][6] - The total trading volume for the A-share market on May 13 was 13,260.2 billion yuan, with a net inflow of 2.261 billion Hong Kong dollars from southbound funds [4][6] Key Recommendations - The report highlights TCL Smart Home (002668) as a leading player in the refrigerator ODM export market, expected to benefit from the continued export boom in the refrigerator industry. The company is projected to experience rapid growth in 2024 due to the export wave, although growth may slow in 2025 due to factors such as completed overseas inventory replenishment and tariff pressures [7][8] - The first quarter of 2025 saw a year-on-year increase of 11.8% in China's refrigerator export volume and a 11.3% increase in export value. Specifically, exports to Europe rose by 7%, while exports to Latin America surged by 43% [8] - Revenue forecasts for TCL Smart Home from 2025 to 2027 are 20,404.24 million yuan, 22,343.55 million yuan, and 24,108.32 million yuan, respectively, with corresponding net profit estimates of 1,147.24 million yuan, 1,272.94 million yuan, and 1,389.93 million yuan. The projected growth rates for revenue are 11.13%, 9.50%, and 7.90%, while net profit growth rates are 12.56%, 10.96%, and 9.19% [8] Important Insights - The macroeconomic research indicates that the peak of China-US trade friction has been reached, with overall tariffs expected to stabilize around 30%. The additional tariffs imposed by the US on China are projected to decrease from 145% to 30% within the next 90 days [10][11] - The strategy research suggests that the public fund industry is likely to enter a more mature development phase, enhancing the attractiveness of equity assets and encouraging long-term capital allocation to A-shares. This shift is expected to improve both property income and consumer demand, thereby supporting a positive cycle in the domestic economy [12]

Investment Rating - The report maintains an "Outperform" rating for the home appliance industry [6][14]. Core Insights - The home appliance industry is experiencing an upward trend in profitability and revenue growth, driven by government subsidies and strong export performance. The total revenue for 43 listed home appliance companies is projected to reach 1,253.9 billion yuan in 2024, reflecting a year-on-year growth of 5.8% [13][15]. - The gross profit margin is expected to decline by 1.6 percentage points to 27.1%, while the net profit attributable to shareholders is forecasted to be 111.1 billion yuan, up 9.7% year-on-year [15][30]. - The first quarter of 2025 shows a significant revenue increase of 14.9% compared to the previous year, marking the highest quarterly growth since 2022 [23][25]. Summary by Sections 1. Home Appliance Industry Overview - The home appliance sector is witnessing a recovery in domestic sales, supported by government subsidy policies, with a projected revenue growth of 9.0% in domestic sales and 15.4% in exports for 2024 [15][30]. - The overall profitability of the industry is improving, with net profit margins increasing by 0.3 percentage points to 8.9% in 2024 [15][30]. 2. Sub-sector Analysis 2.1 White Goods - White goods companies are expected to achieve a revenue of 1,044.3 billion yuan in 2024, with a year-on-year growth of 5.8%. The net profit margin is projected to increase by 0.6 percentage points to 9.1% [32][41]. - The first quarter of 2025 shows a revenue increase of 16.1% year-on-year, indicating strong performance in both domestic and export markets [33][41]. 2.2 Kitchen Appliances - The kitchen appliance sector is facing challenges, with a projected revenue decline of 3.7% to 28.3 billion yuan in 2024. The net profit margin is expected to decrease by 2.7 percentage points to 10.3% [42][58]. - The first quarter of 2025 shows a further revenue decline of 7.2% year-on-year, reflecting the impact of the real estate market [42][58]. 2.3 Small Appliances - Small appliances are projected to achieve a revenue of 123.3 billion yuan in 2024, with a growth of 7.3%. However, the net profit margin is expected to decrease by 0.9 percentage points to 7.7% [60][65]. - The first quarter of 2025 shows a revenue increase of 12.2% year-on-year, driven by strong export performance [60][65]. 2.4 Lighting and Components - The lighting and components sector is expected to see a revenue growth of 6.2% to 58 billion yuan in 2024, with a slight increase in net profit margin to 5.7% [3][27]. - The first quarter of 2025 shows a revenue increase of 8.9% year-on-year, indicating stable growth in this segment [3][27]. 3. Investment Recommendations - Key recommendations include Midea Group, Gree Electric Appliances, Haier Smart Home, and TCL for white goods; Boss Electric for kitchen appliances; and Bear Electric, New Treasure, and Roborock for small appliances [4][5].

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company is a leading player in the ODM refrigerator export market in China, and it is expected to benefit from the continued export boom in the refrigerator industry, which may drive its performance beyond expectations [1][2] Summary by Sections Performance Outlook - The market anticipates that the company will experience rapid growth in 2024 due to the refrigerator export wave, but growth may slow significantly in 2025 due to factors such as the completion of overseas inventory replenishment and tariff pressures in North America [2] - In Q1, China's refrigerator export volume increased by 11.8% year-on-year, and export value rose by 11.3% year-on-year, indicating strong overseas demand [3] Regional Market Insights - The company primarily exports to Europe and emerging markets, which are expected to continue benefiting from strong demand. Specifically, exports to Europe grew by 7% year-on-year in Q1, while exports to Latin America surged by 43% year-on-year [3] - The company's exposure to the U.S. market is minimal, accounting for less than 5% of total revenue, thus insulating it from North American tariff and demand fluctuations [3] Financial Projections - Revenue projections for 2025-2027 are as follows: 204.04 billion, 223.44 billion, and 241.08 billion CNY, representing year-on-year growth rates of 11.13%, 9.50%, and 7.90% respectively. Net profit forecasts for the same period are 11.47 billion, 12.73 billion, and 13.90 billion CNY, with corresponding growth rates of 12.56%, 10.96%, and 9.19% [4][5] - The expected earnings per share (EPS) for 2025-2027 are 1.06, 1.17, and 1.28 CNY, with price-to-earnings (P/E) ratios of 10X, 9X, and 8X, indicating that the company is undervalued as a leading refrigerator exporter [4][5]

证券代码:002668 证券简称:TCL 智家 公告编号:2025-026 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、变卖的提示性公告 本公司股东武汉株信睿康科技有限责任公司保证本公告内容真实、准确和完 整,没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告的内容与股东武汉株信睿康科技有限责 任公司提供的信息一致。 1、本次变价、拍卖、变卖基本情况 | 股东 | 是否为控股股东 或第一大股东及 | 本次变价、拍卖、 | 占株信睿康所 持公司股份比 | 占公司总 | 是否 为限 | 申请执行 | 原因 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 其一致行动人 | 变卖数量(股) | 例 | 股本比例 | 售股 | < | | | 株信 容康 | 合 | 35,000,000 | 60.87% | 3.23% | 合 | 鹏华资产 管理有限 | 合同 રા રાજ | | | | | | | | 公司 | | 注:上述股份变价、拍卖、变卖的方式、价格、时间、地点或平台暂未 ...

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 4.6 billion yuan, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million yuan, up 33.98% year-on-year, with 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million yuan, reflecting a year-on-year growth of 33.33% [2] Group 2: Global Expansion Strategy - The company is actively pursuing a globalization strategy, focusing on markets in Europe, Southeast Asia, and Latin America, resulting in a 7.34% increase in overall sales [2][3] - The company aims to enhance brand recognition and market position through participation in international exhibitions and sports marketing strategies [6] Group 3: Product Development and Innovation - The company invested 150 million yuan in R&D in Q1 2025, a year-on-year increase of 20.91%, focusing on innovations in preservation technology and washing technology [8] - New product launches include the "Ice Kirin" series refrigerators and the "AI Super Cylinder" washing machine, which have received industry accolades [3][8] Group 4: Production Capacity and Optimization - The company maintains a high capacity utilization rate, with the production of high-end wind-cooled refrigerators expected to reach 280,000 units annually [5] - A new production facility in Hefei has been completed, enhancing the production chain and operational efficiency [3][5] Group 5: Dividend Policy - The company currently has negative retained earnings and does not meet the conditions for profit distribution, but plans to reward investors once conditions are met [4]

Core Viewpoint - TCL has expanded its business beyond traditional home appliances into smart terminals and new energy sectors under the leadership of Li Dongsheng, with mixed financial results from its four listed companies in 2024 [1][3]. Group 1: Financial Performance of TCL Companies - TCL Technology reported a revenue of approximately 164.82 billion yuan in 2024, a decrease of 5.47% year-on-year, with a net profit of about 1.564 billion yuan, down 29.38% [3]. - The semiconductor display business of TCL Technology achieved a record revenue of 104.3 billion yuan in 2024, growing by 25% year-on-year, and a net profit of 6.23 billion yuan, an increase of 62.4% [3][5]. - TCL Zhonghuan, a subsidiary of TCL Technology, faced significant challenges, with a revenue of approximately 28.419 billion yuan in 2024, down 51.95%, and a net loss of about 9.818 billion yuan [4]. Group 2: Performance of Other TCL Subsidiaries - Tianjin Printers achieved a revenue of approximately 1.128 billion yuan in 2024, a year-on-year increase of 74.57%, with a net profit of about 33.8644 million yuan, up 28.16% [7]. - TCL Smart Home reported a revenue of approximately 18.361 billion yuan in 2024, a growth of 20.96%, and a net profit of about 1.019 billion yuan, an increase of 29.58% [7][8]. Group 3: Market Capitalization Trends - The total market capitalization of the four TCL companies was approximately 124.297 billion yuan, with TCL Technology leading at nearly 78 billion yuan [9]. - In 2025, the total market capitalization of these companies experienced a decline, with TCL Smart Home seeing the largest drop of over 20% [9].

Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 18.4 billion in 2024, representing a year-over-year increase of 21%, with a net profit attributable to shareholders of 1 billion, up 30% year-over-year [1] - The overseas market performance was strong, with overseas revenue reaching 13.495 billion in 2024, a growth rate of 31.82%, and self-owned brand overseas revenue increasing by 51% [2] - The company's profitability improved in Q1 2025, with a gross profit margin of 22.6%, up 2.52 percentage points year-over-year, and a net profit margin of 12%, up 1.2 percentage points year-over-year [3] Summary by Sections Revenue Performance - In 2024, the revenue from refrigerators and freezers was 15.5 billion (up 19% YoY), washing machines revenue was 2.7 billion (up 33% YoY), and other businesses generated 150 million (down 11% YoY) [2] - The company is rapidly expanding its self-owned brand in overseas markets, with significant growth in the global strategy from Hefei appliances [2] Profitability - The gross profit margin for 2024 was 23% (down 0.65 percentage points YoY), while the net profit margin was 10.6% (up 0.44 percentage points YoY) [3] - The company has enhanced its manufacturing capabilities for high-end products, significantly improving profitability [3] Financial Forecast - The company expects revenues of 20.5 billion, 22.7 billion, and 24.9 billion for 2025, 2026, and 2027 respectively, with net profits projected at 1.17 billion, 1.3 billion, and 1.44 billion for the same years [8] - The earnings per share (EPS) are forecasted to be 1.08, 1.20, and 1.33 for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 10, 9, and 8 [8]

Group 1: Financial Performance - The company achieved a revenue of 4.6 billion CNY in Q1 2025, representing a year-on-year growth of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders reached 302 million CNY, with a year-on-year increase of 33.98%, maintaining over 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities was 578 million CNY, reflecting a year-on-year growth of 33.33% [2] Group 2: Global Expansion Strategy - The company is actively pursuing a globalization strategy, focusing on AI smart home appliances and expanding into markets such as Europe, Southeast Asia, and Latin America [3][4] - The overall sales volume increased by 7.34% due to a rise in exports and ODM orders, with significant achievements in markets like France, Spain, and Brazil [3] Group 3: Product Development and Innovation - The company has optimized its product structure, resulting in a gross margin increase of 2.52% [3] - New product launches include the "Ice Kirin" series deep-freezing refrigerators and the "AI Super Tub" washing machine, which has a cleaning ratio exceeding 1.31 [3] - The company is enhancing its production capabilities, with the Hefei appliance factory's supporting facilities completed and the high-end wind-cooled refrigerator project expected to produce 2.8 million units annually [3][6] Group 4: Sales and Distribution - Currently, the self-owned brand sales account for less than 20% of total sales, primarily relying on TCL's established sales platform [5] - The company plans to maintain its existing sales channels while focusing on improving product quality and R&D capabilities [5] Group 5: Future Plans and Market Positioning - The company aims to maintain growth in overseas markets by launching innovative products and increasing brand awareness through international exhibitions and marketing strategies [4] - There are no immediate plans to expand into air conditioning, as the current focus remains on refrigerators, freezers, and washing machines [9] - The company is committed to becoming a global leader in smart home appliances, emphasizing technology-driven innovation and high-quality product offerings [10]

事件：2025 年4 月21 日，TCL 智家发布2025 年一季报。25Q1 营收/归母净利润/扣非归母净利润分别为 46/3.0/2.9 亿元，同比分别+10/+34/+31%，利润端快速增长。 公司坚定推进全球化战略，积极开拓欧洲、东南亚及拉美等海外市场。 25Q1 公司出口及 ODM 订单增加，整体销量同比增长7.34%，表现优于行业。公司在打造法国、巴西和 西班牙等标杆市场上取得显著成效，推动业务稳定增长。 毛利率：25Q1 毛利率22.6%，同比+2.3pct。公司进一步优化产品结构，提升产品竞争力，25Q1 合肥家 电推出"冰麒麟"系列深冷冰箱等新品，洗衣机推出"大眼萌·AI 超级筒"新品洗衣机，洗净比突破 1.31， 奥马冰箱推出 520PLUS 多彩脂玉母婴冰箱。公司持续优化生产链条，提高中高端产品产能。合肥家电 配套厂房项目已完工，建成的生产配套楼及外围存储仓将持续为公司生产链条优化提供支持，提升生产 运营效率；奥马冰箱"年产280 万台高端风冷冰箱智能制造项目"一期和二期分别于2023 年11 月和2025 年1 月正式投产，高端风冷冰箱出货量稳步提升，预计未来可持续支持公司产品结构优化 ...

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 4.6 billion, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [2] - The net profit attributable to shareholders increased by 33.98% year-on-year to CNY 302 million, with 15 consecutive quarters of double-digit growth [2] - The net cash flow from operating activities reached CNY 578 million, up 33.33% year-on-year, reflecting strong cash recovery [4] Group 2: Strategic Initiatives - The company is committed to becoming a global leader in smart home appliances, focusing on AI technology to enhance product interconnectivity and user experience [2] - The global expansion strategy includes increasing exports and ODM orders, with a 7.34% rise in overall sales [3] - New product launches, such as the "Ice Kirin" series refrigerator and AI-powered washing machines, have improved product competitiveness and increased gross margin by 2.52% [3] Group 3: Production Capacity and Expansion - The company maintains high production capacity utilization, with ongoing upgrades and expansions to meet market demand [5] - The new production facility in Southeast Asia is expected to add 1 to 1.4 million units of annual capacity, enhancing global market presence [6] - The Hefei appliance project, with an investment of up to CNY 153 million, aims to upgrade refrigerator and washing machine production capacity [5] Group 4: Shareholder Relations - The company currently does not have sufficient undistributed profits to meet dividend distribution conditions but aims to reward investors once conditions are met [7][8] - The decision not to repurchase shares from minority shareholders of Oma Refrigerator is based on the belief that maintaining current equity arrangements will better incentivize management and support business growth [8]