Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [3][6]. Core Views - The company reported a revenue of 4.6 billion yuan in Q1 2025, representing 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]. - TCL Smart Home is actively expanding its global strategy, with significant growth in overseas markets such as Europe, Southeast Asia, and Latin America, leading to a 7.34% increase in overall sales volume [1]. - The company's gross margin improved by 2.52 percentage points to 22.57% in Q1 2025, attributed to product structure optimization and increased average selling prices [1]. - Operating cash flow for Q1 2025 was 578 million yuan, a year-on-year increase of 33.33%, with cash received from sales reaching 4.949 billion yuan, up 15.71% [2]. - The company is enhancing its production capabilities with the completion of the Hefei home appliance supporting factory project and the launch of high-end refrigerator manufacturing projects [2]. - New product launches, such as the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines, are expected to enhance product competitiveness [2]. Financial Summary - The forecast for net profit attributable to shareholders for 2025-2027 is 1.173 billion yuan, 1.314 billion yuan, and 1.454 billion yuan, respectively, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% [3]. - The financial indicators for 2025E show expected revenue of 20.564 billion yuan, with a year-on-year growth rate of 12.0% [5]. - The latest diluted EPS for 2025 is projected to be 1.08 yuan per share, with a net asset return rate of 31.8% [5].

Investment Rating - The report maintains a "Buy" investment rating for TCL Smart Home (002668.SZ) [3][6] Core Views - The company reported a revenue of 4.6 billion yuan in Q1 2025, representing 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] - TCL Smart Home is actively expanding its global strategy, with significant growth in exports and ODM orders, leading to a 7.34% increase in overall sales volume [1] - The gross margin improved by 2.52 percentage points to 22.57% in Q1 2025, attributed to product structure optimization and increased average selling prices [1] - The company has launched new products to enhance competitiveness, including the "Ice Kirin" series deep-freezing refrigerator and AI-powered washing machines [2] Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 1.173 billion yuan, 1.314 billion yuan, and 1.454 billion yuan, respectively, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% [3] - The operating cash flow for Q1 2025 was 578 million yuan, reflecting a year-on-year increase of 33.33% [2] - The company’s revenue is expected to grow from 20.564 billion yuan in 2025 to 23.984 billion yuan in 2027, with corresponding growth rates of 12.0% and 7.0% [5]

Investment Rating - The investment rating for TCL Smart Home is maintained at "Buy-A" with a 6-month target price of 12.72 CNY per share [4]. Core Views - TCL Smart Home reported a robust revenue growth of 9.6% year-on-year (YoY) in Q1 2025, achieving a revenue of 4.6 billion CNY. The net profit attributable to shareholders increased by 34.0% YoY to 300 million CNY, while the net profit excluding non-recurring items rose by 31.3% YoY to 290 million CNY. The growth is attributed to the continued increase in exports of the Oma refrigerator and improved cost management [1][2]. - The company is focusing on expanding its market presence in Latin America and the Middle East and Africa, which is expected to enhance export orders [1]. - The gross profit margin for Q1 2025 was reported at 22.6%, an increase of 2.3 percentage points YoY, primarily due to favorable exchange rates and reduced shipping costs compared to the previous year [1][2]. Financial Performance Summary - In Q1 2025, the operating cash flow net amount increased by 140 million CNY YoY, driven by a 670 million CNY increase in cash received from sales, while cash paid for purchases rose by only 400 million CNY [2]. - The forecasted earnings per share (EPS) for 2025 and 2026 are projected to be 1.06 CNY and 1.16 CNY, respectively, with a price-to-earnings (PE) ratio of 12x for 2025 [2][4]. - The company’s revenue is expected to grow from 15.18 billion CNY in 2023 to 25.49 billion CNY by 2027, with net profit increasing from 787 million CNY to 1.4 billion CNY over the same period [10].

Core Viewpoint - TCL Smart Home reported strong financial performance in Q1 2025, focusing on its core home appliance business and global expansion strategy, achieving significant revenue and profit growth [1][4]. Financial Performance - The company achieved revenue of 4.6 billion yuan, a year-on-year increase of 9.58%, marking nine consecutive quarters of positive growth [1] - Net profit attributable to shareholders reached 302 million yuan, up 33.98%, with 15 consecutive quarters of double-digit year-on-year growth [1] - Net cash flow from operating activities was 578 million yuan, reflecting a 33.33% increase [1] Global Expansion Strategy - TCL Smart Home is actively expanding into overseas markets, particularly in Europe, Southeast Asia, and Latin America, with notable success in establishing benchmark markets in France, Brazil, and Spain [1] - The company reported a 7.34% increase in overall sales volume, outperforming the industry [1] - The company is enhancing its global supply chain and production capabilities, including a new production base in Southeast Asia expected to add 1 to 1.4 million units of annual capacity [5] Research and Development - TCL Smart Home increased R&D investment to 150 million yuan, a year-on-year growth of 20.91%, focusing on innovations in refrigeration and washing technologies [2] - New product launches at AWE 2025 include advanced refrigerators and washing machines, showcasing differentiated advantages in quality and technology [2][3] Market Opportunities - The company is capitalizing on the "old-for-new" policy in China, which is expected to boost retail demand for home appliances [4] - In Q1 2025, China's home appliance retail sales (excluding 3C products) grew by 4.7% online and 12.9% offline [4] - Home appliance exports reached 24.17 billion USD in Q1 2025, a year-on-year increase of 8.7% [4] Brand Influence - TCL has become an Olympic global partner, enhancing its brand visibility and competitiveness in the global market [6] - The company aims to continue executing its globalization and AI smart home strategies to improve operational efficiency and profitability [6]

Guangdong TCL Smart Home Appliances Co.,Ltd. Stock Code: 002668 Abbr. TCL Smart Home ENVIRONMENTAL, SOCIAL AND 2024 GOVERNANCE REPORT Contents | About the Report | 04 | | --- | --- | | Message from the Board | | | of Directors | 06 | | About TCL Smart Home | 08 | | ESG Management | 10 | | Outlook for the Future | 93 | | Appendix | 94 | 01 02 Implement Green Development | Response to Climate Change | 24 | | --- | --- | | Green Production | 28 | | Green Culture | 35 | | Green Industry Chain | 36 | Uphold Prod ...

广东TCL智慧家电股份有限公司 股票代码：002668 股票简称：TCL智家 环境、社会及公司治理报告 2024 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 1 目录 | 关于本报告 | 01 | | --- | --- | | 董事会致辞 | 03 | | 关于 TCL 智家 | 05 | | ESG 管理 | 07 | | 未来展望 | 90 | | 附录 | 91 | 01 02 | 研发与创新 | 37 | | --- | --- | | 产品质量与安全 | 46 | | 数智化转型 | 51 | | 客户服务 | 53 | 04 建设和谐社会 | 负责任供应链 | 73 | | --- | --- | | 社会公益 | 77 | 05 稳健公司治理 | 党建引领 | 81 | | --- | --- | | 公司治理 | 82 | | 合规与风险管理 | 83 | | 反腐败与商业道德 | 86 | | 信息安全与隐私保护 | 87 | 03 构建幸福职场 | 员工雇佣 | 59 | | --- | --- | | 人才发展 | 61 | | 员工关爱 | ...

证券代码：002668 证券简称：TCL 智家 公告编号：2025-024 广东 TCL 智慧家电股份有限公司 第六届监事会第五次会议决议公告 本公司及监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、监事会会议召开情况 具体内容详见公司同日于巨潮资讯网披露的《2025 年第一季度报告》（公 告编号：2025-025）。 三、备查文件 1、公司第六届监事会第五次会议决议。 特此公告。 广东 TCL 智慧家电股份有限公司 广东 TCL 智慧家电股份有限公司（以下简称"公司"）第六届监事会第五次 会议于 2025 年 4 月 21 日（星期一）以通讯方式召开。会议通知已于 2025 年 4 月 16 日通过邮件方式送达各位监事。本次会议应出席监事 3 人，实际出席监事 3 人。 会议由监事会主席周笑洋先生主持，公司高级管理人员通过审阅会议资料的 方式列席会议。会议召开符合有关法律法规、规章和《公司章程》的规定。出席 会议的监事对各项议案进行了认真审议并做出了如下决议： 二、监事会会议审议情况 1、审议通过《关于公司〈2025 年第一季度报告〉的议案》 表决结果：3 票同 ...

证券代码：002668 证券简称：TCL 智家 公告编号：2025-023 表决结果：7 票同意，0 票反对，0 票弃权。 具体内容详见公司同日于巨潮资讯网披露的《2025 年第一季度报告》（公 告编号：2024-025）。 广东 TCL 智慧家电股份有限公司 第六届董事会第七次会议决议公告 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 广东 TCL 智慧家电股份有限公司（以下简称"公司"）第六届董事会第七次 会议于 2025 年 4 月 21 日（星期一）以通讯方式召开。会议通知已于 2025 年 4 月 16 日通过邮件方式送达各位董事。本次会议应出席董事 7 人，实际出席董事 7 人。 会议由董事长彭攀先生主持，监事及高级管理人员通过审阅会议资料的方式 列席会议。会议召开符合有关法律法规、规章和《公司章程》的规定。经各位董 事认真审议，会议形成了如下决议： 二、董事会会议审议情况 1、审议通过《关于公司〈2025 年第一季度报告〉的议案》 2、审议通过《关于公司〈2024 年度环境、社会和公司治理报告〉的议 案》 表决结果：7 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥4,599,798,233.74, representing a year-on-year increase of 9.58% compared to ¥4,197,672,791.12 in the same period last year[6] - Net profit attributable to shareholders increased by 33.98% to ¥301,899,387.50 from ¥225,340,072.24 year-on-year[6] - The net cash flow from operating activities rose by 33.33% to ¥578,138,147.19, up from ¥433,604,843.09 in the previous year[6] - Total operating revenue for the current period reached ¥4,599,798,233.74, an increase of 9.57% compared to ¥4,197,672,791.12 in the previous period[22] - Net profit for the current period was ¥553,445,880.96, representing a 30.8% increase from ¥423,107,311.06 in the previous period[23] - Basic and diluted earnings per share increased to ¥0.28 from ¥0.21, reflecting a growth of 33.33%[24] - The company reported a total comprehensive income of ¥559,385,003.63, up from ¥400,541,302.70 in the previous period, marking a 39.7% increase[24] Asset and Liability Management - The total assets at the end of the reporting period were ¥15,057,896,311.14, a 1.11% increase from ¥14,892,298,707.25 at the end of the previous year[6] - The total current assets increased to CNY 11,689,963,675.11 from CNY 11,516,976,047.17, reflecting a growth of approximately 1.5%[19] - Cash and cash equivalents rose to CNY 3,252,320,623.12, up from CNY 2,502,366,570.22, representing an increase of about 30%[19] - Total liabilities decreased to CNY 10,956,075,164.34 from CNY 11,349,862,564.08, indicating a reduction of approximately 3.5%[21] - The company's total assets reached CNY 15,057,896,311.14, up from CNY 14,892,298,707.25, showing an increase of about 1.1%[21] - The total non-current assets slightly decreased to CNY 3,367,932,636.03 from CNY 3,375,322,660.08, a decline of about 0.5%[20] - The company's short-term borrowings increased to CNY 656,544,995.23 from CNY 596,717,774.84, reflecting an increase of approximately 10%[21] - The company's accounts payable decreased to CNY 4,710,431,508.16 from CNY 5,058,676,384.07, a reduction of approximately 6.9%[21] Product Development and Market Strategy - The company achieved a gross profit margin increase of 2.52% due to product structure optimization and enhanced competitiveness[10] - The company launched new products, including the "Ice Kirin" deep-freezing refrigerator and the "AI Super Drum" washing machine, which received industry recognition[10] - The company plans to continue its global expansion strategy, focusing on markets in Europe, Southeast Asia, and Latin America, with a significant increase in export and ODM orders[10] - The production capacity for high-end products is expected to improve with the completion of supporting facilities and the launch of new manufacturing projects[11] - The company aims to enhance operational efficiency and profitability through digital transformation and smart appliance strategies[11] Cash Flow Analysis - Cash and cash equivalents at the end of the period totaled ¥2,833,752,504.31, an increase from ¥2,575,064,195.18 in the prior period[28] - Investment activities generated a net cash flow of ¥65,623,950.02, a decrease from ¥280,455,411.25 in the previous period[28] - Financing activities produced a net cash flow of ¥109,455,437.21, compared to ¥80,032,080.70 in the previous period, indicating a 36.6% increase[28] - Other comprehensive income after tax for the current period was ¥5,939,122.67, a recovery from a loss of ¥22,566,008.36 in the previous period[24]

关于子公司投资新建配套厂房进展暨建设完成的公告 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。 一、项目概述 广东 TCL 智慧家电股份有限公司 证券代码：002668 证券简称：TCL 智家 公告编号：2025-022 2、公司指定的信息披露媒体为《中国证券报》《证券时报》《上海证券报》 《证券日报》和巨潮资讯网（www.cninfo.com.cn），公司所有信息均以在上述指 定媒体刊登的信息为准。 广东 TCL 智慧家电股份有限公司（以下简称"公司"）于 2024 年 3 月 18 日召开第五届董事会第二十六次会议，审议通过了《关于子公司投资新建配套厂 房的议案》，同意公司全资子公司 TCL 家用电器（合肥）有限公司（以下简称 "合肥家电"）投资新建配套厂房，项目总投资不超过 15,300 万元。具体内容详见 公司于 2024 年 3 月 19 日在巨潮资讯网披露的《关于子公司投资新建配套厂房的 公告》（公告编号：2024-016）。 二、项目进展 近日，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在 竣工验收后逐步投入使用，后续公司将根据生 ...