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]

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]

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].

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 ...