TCL Smart Home(SZ:002668)2023-03-24 10:21Group 1: Financial Performance - In 2022, the company achieved a revenue of 7.843 billion CNY, a decrease of 4.24% year-on-year [2] - The net profit attributable to shareholders turned profitable, with a gross margin increase to 35.7%, up by 5.9 percentage points [2] - The sales of high-end frost-free refrigerators accounted for 56.3% of total revenue, reflecting an 8.6% year-on-year increase [2] Group 2: Market Dynamics - The global demand for refrigerators and freezers was relatively weak due to geopolitical conflicts, inflation, and retail inventory issues [2] - Despite industry challenges, the company expanded its domestic and North American markets, achieving significant growth in the Asia-Pacific region [2] Group 3: Operational Strategies - The company focused on product structure optimization and improved production and R&D efficiency, implementing cost-saving measures [2] - The decline in raw material and shipping costs in the second half of 2022 positively impacted the company's financial performance [2] Group 4: Risk Management - The company has addressed previous operational risks and completed the disposal of financial technology assets, enhancing its focus on the refrigerator business [4] - The new major shareholder, TCL, has provided support in areas such as bank credit, logistics, and market expansion, boosting confidence among clients and suppliers [4] Group 5: Currency Risk Mitigation - The company employs a risk-neutral approach to manage foreign exchange fluctuations, using forward contracts aligned with sales forecasts [4]