请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年08月09日 TCL 智家（002668.SZ） 优于大市 2024 年中报点评：经营景气持续，二季度盈利加速提升 收入延续较快增长，盈利加速提升。公司 2024H1 实现营收 89.6 亿/+24.7%， 归母净利润 5.6 亿/+32.7%，扣非归母净利润 5.6 亿/+42.2%。其中 Q2 收入 47.6亿/+24.9%，归母净利润3.3亿/+36.1%，扣非归母净利润3.3亿/+48.8%。 Q2 我国冰箱冷柜出口高景气延续，公司收入在高基数下维持较快增长，成长 动力强劲；归母利润增速环比提升，公司盈利能力稳中向好。 冰箱冷柜出口高景气，奥马冰箱增长强劲。受新兴市场需求增长、生产替代 及海外库存处于低位等因素带动，我国冰箱冷柜出口持续高景气。产业在线 数据显示，2024H1 我国冰箱冷柜外销量同比增长 25%，Q1/Q2 分别+33%/+20%。 奥马冰箱 H1 实现收入 65.6 亿，同比增长 26.2%，预计 Q1/Q2 增速相近；实 现净利润 10.3 亿，净利率达到 15.7%，同比下降 0.6pct。考虑到 H1 汇 ...

证券研究报告 | 半年报点评 2024 年 08 月 09 日 TCL 智家（002668.SZ） 2024Q2 大超预期，产品结构优化 事件：公司发布 2024 年中报。公司 2024H1 实现营业总收入 89.62 亿元， 同比增长 24.74%；实现归母净利润 5.59 亿元，同比增长 32.65%；扣非净 利润 5.58 亿元，同比增长 42.15%。其中，2024Q2 单季营业总收入为 47.64 亿元，同比增长 24.86%；归母净利润为 3.34 亿元，同比增长 36.12%；扣 非净利润 3.34 亿元，同比+48.80%。 主要子公司净利率仍有提升。2024H1TCL 合肥净利率 1.3%，同增 0.3pct； 奥马冰箱并表净利率 8.1%，同增 0.4pct。 产品结构优化，冰洗销量高增。分业务来看：2024H1 冰箱、洗衣机收入分 别同比增加 21.73%、46.27%；2024H1 中高端风冷冰箱收入占比达 64.0%， 同比提升 2.5pct。量价拆分：2024H1 单价略降。2024H1 冰箱销量 834 万 台，同比 22.9%，均价 913 元，同比-0.95%；洗衣机销量 1 ...

公司研究 2024.08.09 | --- | --- | --- | --- | --- | --- | |-----------------------------------------|--------------|------------------------------|-----------------------------------------|----------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | TCL | ...

广东 TCL 智慧家电股份有限公司 关于增加 2024 年度日常关联交易预计的补充公告 证券代码:002668 证券简称:TCL智家 == 公告编号:2024-052 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。 广东 TCL 智慧家电股份有限公司（以下简称"公司"或"TCL 智家"）于 2024 年８月７日召开第六届董事会第二次会议,审议通过了《关于增加 2024年度日常关 联交易预计的议案》,公司拟增加与 TCL 实业及其子公司的日常关联交易,预计金 领不超过 20,832.35 万元。本次拟新增关联交易预计与公司 2024年4月26日披露 的关联交易预计金额 6,453.42万元合计为 27,285.77 万元,达到了公司股东大会审 议标准，公司将统一提交公司 2024年第三次临时股东大会审议。具体内容详见公司 于 2024 年 8 月 8 日在巨潮资讯网披露的《关于增加 2024 年度日常关联交易预计的 公告》（公告编号: 2024-049）。为帮助投资者更好地理解该公告内容。现补充披 露如下（加粗楷体为补充内容）： 一、日常关联交易基本情况 (一) ...

Investment Rating - The investment rating for TCL Smart Home is "Accumulate" with a current price of 8.75 CNY and a fair value of 11.06 CNY [2]. Core Views - The report highlights strong external sales and structural improvements driving profit growth. The company is expected to achieve significant revenue and profit increases in the coming years, with a projected net profit of 9.2 billion CNY in 2024, growing to 11.4 billion CNY by 2026 [5][6]. Financial Summary - **Revenue (CNY million)**: - 2022A: 11,663 - 2023A: 15,180 (YoY +30.1%) - 2024E: 17,418 (YoY +14.7%) - 2025E: 19,401 (YoY +11.4%) - 2026E: 21,341 (YoY +10.0%) [5][7] - **Net Profit (CNY million)**: - 2022A: 464 - 2023A: 787 (YoY +69.4%) - 2024E: 923 (YoY +17.3%) - 2025E: 1,033 (YoY +11.9%) - 2026E: 1,144 (YoY +10.8%) [5][7] - **EBITDA (CNY million)**: - 2022A: 1,254 - 2023A: 1,993 - 2024E: 2,413 - 2025E: 2,756 - 2026E: 3,046 [5][7] - **EPS (CNY/share)**: - 2022A: 0.43 - 2023A: 0.73 - 2024E: 0.85 - 2025E: 0.95 - 2026E: 1.06 [5][7] - **P/E Ratio**: - 2022A: 12.35 - 2023A: 9.05 - 2024E: 10.28 - 2025E: 9.19 - 2026E: 8.29 [5][7] - **ROE (%)**: - 2022A: 47.9% - 2023A: 55.6% - 2024E: 38.4% - 2025E: 30.1% - 2026E: 25.0% [5][7] Business Performance - The company reported a revenue of 8.96 billion CNY in the first half of 2024, a year-on-year increase of 24.7%, with a net profit of 560 million CNY, up 32.7% YoY. The gross margin was 23.0% [5]. - The external sales showed high growth, with the refrigeration business achieving a revenue of 7.61 billion CNY, up 21.7% YoY, and washing machines seeing a revenue increase of 46.3% YoY [5]. - The report indicates that the improvement in product structure has contributed to overall profit enhancement, with a significant increase in the proportion of external sales [5].

| --- | |-------| | | | | | | | | TCL 智家(002668) 目标价: 昨收盘:8.75 TCL 智家：2024Q2 业绩超预期，海外冰冷贡献主动力 ◼ 走势比较 (40%) (18%) 4% 26% 48% 70% 23/8/8 23/10/2024/1/124/3/1424/5/2624/8/7 TCL智家 沪深300 ◼ 股票数据 总股本/流通(亿股) 10.84/10.84 总市值/流通(亿元) 94.86/94.86 12 个月内最高/最低价 (元) 13.22/5.03 相关研究报告 <<奥马电器：2024Q1 业绩快速增长， 运营效率有所提升>>--2024-04-28 <<奥马电器：出口红利+以旧换新催 化，冰冷 ODM 龙头整合 TCL 白电焕发 新生>>--2024-03-28 <<奥马电器：2023Q4 业绩高增，战略 整合 TCL 合肥家电深化协同>>-- 2024-03-24 事件：2024 年 8 月 7 日，TCL 智家发布 2024 年半年报。2024H1 公司 收入 89.62 亿元（+24.74%），归母净利润 5.59 亿元（+32.6 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 08 月 08 日 TCL 智家(002668.SZ) Q2 毛利率同比改善，业绩加速增长 事件：TCL 智家公布 2024 年中报，因公司 2023 年度收购合肥 家电，公司对 2023 年同期数据进行调整。公司 2024H1 实现收入 89.6 亿元，YoY+24.7%；实现归母净利润 5.6 亿元，YoY+32.7%。 折算 2024Q2 单季度实现收入 47.6 亿元，YoY+24.9%；实现归母净 利润 3.3 亿元，YoY+36.1%。根据公司公告，子公司奥马冰箱 2024H1 净利润 YoY+21.9%，另一子公司合肥家电（TCL 家用电器（合肥） 有限公司）2024H1 净利润增速或高于公司整体。 Q2 收入延续较快增长：公司 Q2 收入延续较快增长，我们认为 主要是因为合肥家电出口增速较快。根据产业在线数据，奥马/TCL 冰箱 2024Q2 外销量分别 YoY+14/+83%，行业整体 YoY+19%。TCL 洗 衣机外销量 YoY+83%，行业整体 15%，TCL 冰箱和洗衣机出口增速 远高于行业。公司持续扩展外 ...

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.08 ——TCL 智家 2024 中报业绩点评 出口强劲增长，盈利能力超预期 TCL 智家(002668) 家用电器业[Table_Industry] /可选消费品 | --- | --- | --- | --- | |----------|-------------------------------------|----------------------|---------------------------| | | | | | | | [table_Authors] 蔡雯娟 ( 分析师 ) | 谢丛睿 ( 分析师 ) | 李汉颖 ( 研究助理 ) | | | 021-38031654 | 021-38038437 | 010-83939833 | | | caiwenjuan024354@gtjas.com | xiecongrui@gtjas.com | ...

Financial Performance - Revenue for the reporting period reached RMB 8,961,867,991.38, a 24.74% increase compared to the same period last year (adjusted to include Hefei Home Appliances)[10] - Net profit attributable to shareholders of the listed company was RMB 559,298,777.26, up 32.65% year-over-year (adjusted to include Hefei Home Appliances)[10] - Basic earnings per share (EPS) increased by 32.66% to RMB 0.5159 compared to the same period last year (adjusted to include Hefei Home Appliances)[10] - Total assets grew by 11.89% to RMB 14,066,586,522.32 compared to the end of the previous year[10] - Net cash flow from operating activities decreased by 14.72% to RMB 786,029,894.28 compared to the same period last year[10] - Weighted average return on equity (ROE) decreased by 2.71 percentage points to 33.02% compared to the same period last year[10] - Company achieved revenue of 8.962 billion yuan in the first half of 2024, a year-on-year increase of 24.74%[20] - Net profit attributable to shareholders reached 559 million yuan in the first half of 2024, a year-on-year increase of 32.65%[20] - Operating cash flow reached 786 million yuan in the first half of 2024[20] - Revenue increased by 24.74% to RMB 8,961,867,991.38, driven by growth in ODM orders[31] - Operating costs rose by 25.08% to RMB 6,902,742,634.50 due to expanded sales scale[31] - R&D investment grew by 28.52% to RMB 284,944,157.59, with multiple technologies achieving international leading levels[31] - Overseas revenue accounted for 74.19% of total revenue, increasing by 37.67% to RMB 6,648,596,455.16[33] - Domestic revenue decreased by 1.77% to RMB 2,313,271,536.22, representing 25.81% of total revenue[33] - Refrigerator and freezer sales contributed 84.94% of total revenue, growing by 21.73% to RMB 7,612,057,417.68[33] - Washing machine sales surged by 46.27% to RMB 1,284,526,919.60, making up 14.33% of total revenue[33] - Revenue from the home appliance industry reached 8,896,584,337.28 yuan, a year-on-year increase of 24.75%[34] - Revenue from the refrigerator and freezer segment was 7,612,057,417.68 yuan, with a gross margin of 24.92%[34] - Overseas revenue increased by 37.67% year-on-year to 6,648,596,455.16 yuan[34] - Total operating revenue for the first half of 2024 reached 8,961,867,991.38 yuan, a 24.7% increase compared to 7,184,480,837.49 yuan in the same period of 2023[110] - Net profit attributable to parent company shareholders was 559,298,777.26 yuan, up 32.7% from 421,620,833.52 yuan in the first half of 2023[111] - R&D expenses increased to 284,944,157.59 yuan, a 28.5% rise from 221,703,298.09 yuan in the same period last year[110] - Total liabilities increased to 730,198,075.05 yuan, up 121.8% from 329,264,030.43 yuan in the previous year[109] - Long-term borrowings grew to 370,620,000.00 yuan, a 110.1% increase from 176,400,000.00 yuan in the first half of 2023[109] - Basic earnings per share rose to 0.5159 yuan, a 32.7% increase from 0.3889 yuan in the same period last year[111] - Total comprehensive income reached 1,041,441,106.58 yuan, up 38.2% from 753,802,675.38 yuan in the first half of 2023[111] - Sales expenses increased to 321,249,224.79 yuan, a 24.9% rise from 257,218,654.30 yuan in the same period last year[110] - Total assets grew to 1,996,612,061.52 yuan, a 24.6% increase from 1,602,721,641.23 yuan in the first half of 2023[109] - Operating profit reached 1,208,892,798.06 yuan, a 22.3% increase from 988,036,572.49 yuan in the same period last year[110] - Operating profit for the first half of 2024 was -7,043,624.33 RMB, a significant decrease compared to -31,749,030.37 RMB in the same period last year[114] - Net cash flow from operating activities for the first half of 2024 was 786,029,894.28 RMB, a decrease from 921,671,773.42 RMB in the same period last year[116] - Cash received from sales of goods and services in the first half of 2024 was 8,515,746,557.51 RMB, an increase from 6,021,874,811.32 RMB in the same period last year[115] - Cash received from tax refunds in the first half of 2024 was 609,557,787.16 RMB, an increase from 313,599,208.03 RMB in the same period last year[116] - Cash paid for goods and services in the first half of 2024 was 6,568,843,089.58 RMB, an increase from 4,601,462,448.30 RMB in the same period last year[116] - Net cash flow from investing activities for the first half of 2024 was -875,533,817.57 RMB, an improvement from -1,251,794,363.77 RMB in the same period last year[116] - Cash received from investments in the first half of 2024 was 5,365,307,260.15 RMB, a significant increase from 1,830,000,000.00 RMB in the same period last year[116] - Net cash flow from financing activities for the first half of 2024 was 413,980,299.26 RMB, a decrease from 622,597,647.18 RMB in the same period last year[116] - Cash and cash equivalents at the end of the first half of 2024 were 2,159,081,397.04 RMB, an increase from 1,863,927,141.22 RMB at the end of the same period last year[116] - Comprehensive income for the first half of 2024 was -7,043,624.33 RMB, an improvement from -31,749,030.37 RMB in the same period last year[114] - Operating cash flow increased significantly to 327.18 million yuan in the first half of 2024, compared to a negative 8.03 million yuan in the same period last year[118] - Investment cash flow showed a net outflow of 596.78 million yuan, primarily due to investment payments of 1.3 billion yuan[118] - Financing cash flow turned positive at 191.57 million yuan, driven by 198 million yuan in new borrowings[118] - Total cash and cash equivalents decreased by 78.03 million yuan, ending at 166.32 million yuan[118] - Comprehensive income for the period reached 1.04 billion yuan, contributing to a 545.78 million yuan increase in parent company's equity[119] - Minority shareholders' equity increased by 495.67 million yuan, reaching 1.46 billion yuan at the end of the period[119] - Retained earnings improved significantly, with a 559.3 million yuan increase, reducing the deficit to 575.18 million yuan[119] - Total owner's equity grew by 1.04 billion yuan, reaching 3.42 billion yuan at the end of June 2024[119] - Capital reserve remained stable at 1.58 billion yuan, with no significant changes during the period[119] - Other comprehensive income showed a negative balance of 262.07 million yuan, reflecting a 13.52 million yuan decrease during the period[119] - Total share capital remains unchanged at 1,084,111,428.00 yuan[121][122] - Capital reserve decreased from 1,587,258,969.34 yuan in 2023 to 1,437,884,481.89 yuan in 2024[121][122] - Retained earnings decreased by 7,043,624.33 yuan in 2024, compared to a decrease of 31,749,030.37 yuan in 2023[121][122] - Total owner's equity decreased from 1,273,457,610.80 yuan at the beginning of 2024 to 1,266,413,986.47 yuan at the end of the period[121] Market and Sales Performance - Refrigerator and freezer industry sales reached 68.2 million units in the first half of 2024, a year-on-year increase of 14.68%[16] - Refrigerator and freezer export sales in the first half of 2024 were 38.65 million units, up 25.36% year-on-year[16] - Washing machine industry sales reached 41.35 million units in the first half of 2024, a year-on-year increase of 11.82%[16] - Washing machine export sales in the first half of 2024 were 21.62 million units, up 22.06% year-on-year[16] - Company's refrigerator and freezer sales reached 8.34 million units in the first half of 2024, a year-on-year increase of 22.9%[20] - Company's washing machine sales reached 1.659 million units in the first half of 2024, a year-on-year increase of 46.5%[20] - Mid-to-high-end air-cooled refrigerator products accounted for 64.0% of revenue, up 2.5 percentage points year-on-year[20] - TCL brand washing machines ranked third in domestic market sales in the first half of 2024, up from fifth at the end of the previous year, while TCL brand refrigerators ranked sixth[21] - TCL brand washing machines and refrigerators are sold in over 80 countries and regions, with leading market positions in Thailand and the Philippines[21] - TCL's washing machines and refrigerators achieved mainstream channel coverage in countries such as Thailand, the Philippines, and France, with strong performance in the mid-to-high-end market segments[21] - TCL's washing machines and refrigerators participated in major international exhibitions like IFA and CES, and collaborated with star teams of the 2024 European Cup and Copa America, enhancing global brand awareness[21] Strategic Focus and Innovation - The company completed the acquisition of Hefei Home Appliances in 2023, which is now included in the consolidated financial statements[9] - The company's strategic focus remains on becoming a global leader in smart home appliances[1] - TCL's subsidiary Hefei Home Appliances launched the world's first -40°C crystalline membrane deep-freeze preservation technology in 2023, forming 63 patents and winning industry awards[23] - TCL's ultra-thin zero-embedded refrigerator P12 won the AWE Excellent Product Award and the CITE Innovation Award in 2024 for its innovative features[23] - TCL's washing machines introduced innovations such as pollution-free washing technology, fabric quantity sensing, and intelligent classification washing, with the TCL C16 Twin Chamber Smart Washing Machine winning a national AI competition award[25] - TCL's washing machine T7H won the CITE Innovation Award in 2024 for its 1.2 ultra-high washing ratio and other innovations[26] - TCL's quality control measures, including automated testing and a "zero-defect" prevention mechanism, have maintained industry-leading product quality[26] - Over the past five years, TCL's refrigerator subsidiary, Homa, reduced its SCR (repair rate) by 60%-70% through strict quality control processes[26] - Labor-intensive positions achieved an automation replacement rate of over 80%, with door appearance defect detection rate reaching 99%[27] - Annual refrigerator shipment exceeded 12 million units, with double-digit percentage reductions in per-unit labor and manufacturing costs[29] - The high-end air-cooled refrigerator intelligent manufacturing project was completed and put into production in November 2023, enhancing market competitiveness[28] Financial Position and Assets - Total assets increased to 14,066,586,522.32 yuan, up from 12,572,194,644.76 yuan at the beginning of the period[105] - Fixed assets slightly decreased to 1,948,681,825.17 yuan from 1,972,110,165.90 yuan[105] - Long-term equity investments remained stable at 1,038,343,694.45 yuan[108] - Short-term borrowings decreased to 420,419,898.21 yuan from 618,967,196.03 yuan[105] - Accounts payable increased to 4,841,885,566.10 yuan from 4,613,126,709.88 yuan[105] - Contract liabilities rose to 353,108,307.99 yuan from 295,194,289.89 yuan[105] - Total liabilities increased to 10,646,076,446.47 yuan from 10,193,125,675.49 yuan[106] - Owner's equity grew to 3,420,510,075.85 yuan from 2,379,068,969.27 yuan[106] - Cash and cash equivalents decreased to 166,332,123.26 yuan from 244,340,971.64 yuan[107] - Other current assets increased to 169,653,148.79 yuan from 103,100,011.07 yuan[108] - Monetary funds at the end of the reporting period amounted to 2,427,856,185.92 yuan, accounting for 17.26% of total assets[35] - Accounts receivable increased by 2.91% to 3,525,393,749.11 yuan, representing 25.06% of total assets[36] - The company's trading financial assets increased by 3.91% to 1,811,966,791.55 yuan[36] - The company recognized derivative investment income of 9.4872 million yuan during the reporting period[41] - The company's total restricted assets amounted to 875,930,028.06 yuan, including monetary funds, receivables, and fixed assets[39] - The company's long-term loans increased by 1.62% to 466,300,347.04 yuan[36] - The company's contract liabilities increased by 0.16% to 353,108,307.99 yuan[36] - The company's forward foreign exchange contracts had an initial investment amount of 1.849 billion yuan, with a fair value change loss of 6.2933 million yuan during the reporting period, and the ending investment amount accounted for 15.35% of the company's net assets at the end of the reporting period[42] - The company's total monetary funds at the end of the period were 2,427,856,185.92 yuan, an increase from 2,414,712,516.23 yuan at the beginning of the period[104] - The company's total current assets at the end of the period were 11,138,917,672.24 yuan, an increase from 9,686,920,487.61 yuan at the beginning of the period[104] - The company's accounts receivable at the end of the period were 3,525,393,749.11 yuan, an increase from 2,785,244,227.20 yuan at the beginning of the period[104] - The company's inventory at the end of the period was 1,549,119,999.74 yuan, slightly increased from 1,540,742,733.68 yuan at the beginning of the period[104] - The company's prepayments at the end of the period were 169,145,938.80 yuan, significantly increased from 91,584,118.37 yuan at the beginning of the period[104] Subsidiaries and Investments - The company's subsidiary, Guangdong Aoma Refrigerator Co., Ltd., generated a net profit of 1.0339 billion yuan, contributing significantly to the company's overall profitability[49] - The company's subsidiary, TCL Home Appliances (Hefei) Co., Ltd., reported a net profit of 32.671 million yuan, reflecting its operational performance in the refrigerator and washing machine manufacturing sector[49] - The company completed the acquisition of 100% equity of Hefei Home Appliances from TCL Industries Holdings for a total consideration of 330 million yuan, with 198 million yuan paid by the end of 2023 and the remaining 132 million yuan settled on January 26, 2024[84] - The company invested 231.7 million yuan in bank wealth management products using its own funds, with 180.2 million yuan still outstanding and no overdue or impaired amounts[90] Risks and Mitigation Strategies - The company faces risks from significant fluctuations in raw material prices, which account for a high proportion of production costs, and plans to diversify suppliers and enhance product pricing power to mitigate this risk[50] - The company is exposed to export business risks due to its reliance on overseas markets and plans to expand non-European markets and accelerate domestic sales to reduce dependency on single markets and customers[50] - The company is addressing market competition risks by increasing R&D investment, upgrading automated production lines, and advancing its global strategy with a focus on AI smart home appliances[51] - The company is managing exchange rate fluctuation risks by improving foreign exchange hedging mechanisms and ensuring compliance with internal controls for foreign exchange hedging operations[51] - The company is mitigating credit risks by conducting strict credit reviews for customers, purchasing export credit insurance, and continuously monitoring accounts receivable balances[52] Environmental and Social Responsibility - The company invested 3.0272 million RMB in environmental governance and protection in the first half of 2024[60] - The company paid 485.94 RMB in environmental protection taxes during the first half of 2024[60] - The company's wastewater treatment meets the Guangdong Province "Electroplating Water Pollution Discharge Standard" (DB44/1597

证券代码：002668 证券简称：TCL智家 公告编号：2024-051 | 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。 | 广东 TCL 智慧家电股份有限公司（以下简称"公司"）已于 2024 年 08 月 08 日在巨潮资讯网上披露了《2024 年半年度报告》及《2024 年半年度报告摘要》。 为便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定 于 2024 年 08 月 16 日（星期五）15:00-16:00 在"价值在线"（www.ir-online.cn） 举办 2024 年半年度业绩说明会，与投资者进行沟通和交流，广泛听取投资者的 意见和建议。 一、说明会召开的时间、地点和方式 三、投资者参加方式 广东TCL智慧家电股份有限公司 投资者可于 2024 年 08 月 16 日 （ 星期 五 ） 15:00-16:00 通过 网 址 https://eseb.cn/1gCbcFJhuEM 或使用微信扫描下方小程序码即可进入，参与互动 交流。投资者可于 2024 年 08 月 16 日前进行会前提问，公司 ...