公司研究 2025.03.11 TCL 智家（ 0 0 2 6 6 8） 公司点评报告 24Q4 盈利能力提升，24 年海外自主品牌高增 《TCL 智家(002668)：24Q2 业绩超预期，冰洗 表现均优于行业》2024.08.10 《奥马电器(002668)：2024Q1 外销高景气拉 动收入快增，控费效果明显》2024.04.30 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 吴慧迪 | 登记编号：S1220523110002 | | --- | --- | | 陈炯阳 | 登记编号：S1220523040001 | 推 荐 ( 维 持 ) | 公 | 司 | 信 | 息 | | | | --- | --- | --- | --- | --- | --- | | 行业 | | | | | 冰洗 | | 最新收盘价(人民币/元) | | | | | 11.42 | | 总市值(亿)(元) | | | | | 123.81 | | 52 周最高/最低价(元) | | | | 13.76/7.63 | | 历 史 表 现 -12% 4% 20% 36% 52% 68% 24/3/11 24/ ...

[ T able_StockInfo] 2025 年 03 月 08 日 证券研究报告•2024 年年报点评 TCL 智家（002668）家用电器 目标价：——元（6 个月） 持有 （维持） 当前价：11.66 元 外销维持高增长，两大主体释放盈利能力 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 18360.80 | 20488.60 | 22789.58 | 25128.46 | | 增长率 | 20.96% | 11.59% | 11.23% | 10.26% | | 归属母公司净利润（百万元） | 1019.25 | 1172.63 | 1322.04 | 1501.83 | | 增长率 | 29.58% | 15.05% | 12.74% | 13.60% | | 每股收益 EPS（元） | 0.94 | 1.08 | 1.22 | 1.39 | | 净资产收益率 ROE | 54.78% | 36.96% | 29.41% | 25 ...

[ T able_StockInfo] 2025 年 03 月 08 日 证券研究报告•2024 年年报点评 TCL 智家（002668）家用电器 目标价：——元（6 个月） 持有 （维持） 当前价：11.66 元 外销维持高增长，两大主体释放盈利能力 | [Table_MainProfit] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 18360.80 | 20488.60 | 22789.58 | 25128.46 | | 增长率 | 20.96% | 11.59% | 11.23% | 10.26% | | 归属母公司净利润（百万元） | 1019.25 | 1172.63 | 1322.04 | 1501.83 | | 增长率 | 29.58% | 15.05% | 12.74% | 13.60% | | 每股收益 EPS（元） | 0.94 | 1.08 | 1.22 | 1.39 | | 净资产收益率 ROE | 54.78% | 36.96% | 29.41% | 25 ...

Investment Rating - The investment rating for TCL Smart Home is "Buy" (maintained) [5] Core Views - The company reported a 2024 revenue of 18.361 billion yuan, a year-on-year increase of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1] - The fourth quarter of 2024 saw a revenue of 4.415 billion yuan, reflecting a 15.06% year-on-year growth, with a net profit of 194 million yuan, increasing by 29.67% year-on-year [1] - The overall gross margin for 2024 was 23.03%, slightly down by 0.37 percentage points year-on-year, while the fourth quarter gross margin was 21.99%, down 3.21 percentage points year-on-year [8] Revenue Breakdown - By product: In 2024, revenue from refrigerators and freezers was 15.513 billion yuan, up 19.45% year-on-year; washing machines generated 2.701 billion yuan, up 33.19% year-on-year [2] - By company: In 2024, Oma Electric's revenue was 13.410 billion yuan, up 22.65% year-on-year; TCL Hefei's revenue was 5.044 billion yuan, up 15.53% year-on-year [2] - By region: Domestic revenue was 4.865 billion yuan, down 1.55% year-on-year; overseas revenue was 13.495 billion yuan, up 31.82% year-on-year [2] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 20.404 billion yuan, 22.344 billion yuan, and 24.108 billion yuan, representing year-on-year growth of 11.13%, 9.50%, and 7.90% respectively [3] - Net profit forecasts for the same period are 1.147 billion yuan, 1.273 billion yuan, and 1.390 billion yuan, with year-on-year growth of 12.56%, 10.96%, and 9.19% respectively [3] - The expected earnings per share (EPS) for 2025-2027 are 1.06 yuan, 1.17 yuan, and 1.28 yuan [3] Financial Summary - The company maintained a stable gross margin while improving operational efficiency, leading to enhanced profitability [8] - The financial metrics indicate a net profit margin of 4.40% in Q4, up 0.50 percentage points year-on-year, driven by reduced expenses and increased exchange gains [8]

Investment Rating - The investment rating for TCL Smart Home (002668.SZ) is "Outperform the Market" [5] Core Views - The report highlights that TCL Smart Home achieved a revenue of 18.36 billion with a year-on-year growth of 21.0% and a net profit of 1.02 billion, reflecting a 29.6% increase. The non-recurring net profit reached 1.00 billion, up 39.8% [1][3] - The report indicates a strong performance in the refrigerator export market, with a 21.8% increase in export value for 2024, and TCL's washing machine revenue grew by 33.2% to 2.70 billion [2][3] - The report suggests an upward revision of profit forecasts due to sustained high demand in the refrigerator export market and the implementation of domestic replacement policies, projecting net profits of 1.13 billion, 1.24 billion, and 1.34 billion for 2025-2027 [3][4] Summary by Sections Financial Performance - In 2024, TCL Smart Home's revenue was 18.36 billion, a 21.0% increase, with a net profit of 1.02 billion, reflecting a 29.6% growth. The fourth quarter revenue was 4.42 billion, up 15.1%, and net profit was 190 million, increasing by 29.7% [1][3] - The company did not declare dividends for 2024 due to negative retained earnings [1] Market Trends - The refrigerator export market in China saw a 21.8% increase in value and an 18.6% increase in volume for 2024, with TCL's washing machine revenue growing significantly [2][3] - The average price of refrigerators increased by 2.5% to approximately 938 yuan per unit, while washing machine sales volume rose by 39% [3] Cost Management - The report notes a significant optimization in expenses, with management, R&D, and financial expense ratios decreasing by 2.2%, 0.9%, and 2.3% respectively in Q4 [3] - The net profit margin improved by 1.2 percentage points to 8.3% in Q4, with the annual net profit margin increasing by 0.4 percentage points to 5.6% [3] Profit Forecasts - The profit forecasts for 2025-2027 have been revised upwards, with expected net profits of 1.13 billion, 1.24 billion, and 1.34 billion, reflecting year-on-year growth rates of 11%, 10%, and 8% respectively [3][4]

Investment Rating - The investment rating for TCL Smart Home is "Outperform the Market" [5] Core Views - The company achieved a revenue of 18.36 billion with a year-on-year growth of 21.0%, and a net profit attributable to shareholders of 1.02 billion, reflecting a growth of 29.6% [1][3] - The fourth quarter revenue was 4.42 billion, showing a growth of 15.1%, while the net profit attributable to shareholders reached 190 million, up by 29.7% [1] - The report highlights the continuous improvement in operational quality and significant enhancement in non-recurring profit [1][3] Financial Performance Summary - In 2024, TCL Smart Home's revenue was 18.36 billion, with a net profit of 1.02 billion, and a non-recurring net profit of 1.00 billion, marking a growth of 39.8% [1][4] - The company’s gross margin for 2024 was 23.0%, a decrease of 0.6 percentage points year-on-year, while the net margin improved to 5.6% [3][4] - The forecast for net profit attributable to shareholders for 2025-2027 is 1.13 billion, 1.24 billion, and 1.34 billion respectively, indicating a growth of 11%, 10%, and 8% [3][4] Market Trends - The refrigerator export market in China saw a growth of 21.8% in 2024, with TCL's refrigerator and washing machine revenue reaching 5.04 billion, up by 15.5% [2][3] - The average price of refrigerators increased by 2.5% to approximately 938 yuan per unit, while washing machines saw a decline in average price by 4.2% to about 759 yuan per unit [3][4] - The report notes a strong demand recovery in Europe and North America, contributing to the overall growth in exports [2][3]

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home, with a target price based on the last closing price of 11.42 [1][6]. Core Views - TCL Smart Home's 2024 performance exceeded expectations, driven by significant overseas growth and improved net profit margins in Hefei appliances [1][6]. - The company achieved a revenue of 18.361 billion yuan in 2024, representing a year-on-year increase of 20.96%, and a net profit of 1.019 billion yuan, up 29.58% year-on-year [3][9]. - The report highlights strong growth in the washing machine segment and robust overseas sales, particularly in the refrigerator and freezer categories [4][5]. Revenue Summary - In 2024, TCL Smart Home's revenue from refrigerators and washing machines was 15.513 billion yuan and 2.701 billion yuan, respectively, with year-on-year growth of 19.45% and 33.19% [4]. - The company sold 1.654 million refrigerators and 0.356 million washing machines, with sales growth of 17% and 39% year-on-year [4]. - Overseas revenue reached 13.495 billion yuan, a 31.82% increase, while domestic revenue was 4.865 billion yuan, down 1.55% [4]. Profitability Summary - The report indicates that the net profit margin for TCL's Hefei appliances improved to 1.43%, with a revenue of 5.044 billion yuan, reflecting a 15.5% increase [5]. - In Q4 2024, the company's gross margin was 21.99%, up 3.25 percentage points year-on-year, and the net margin was 8.31%, an increase of 3.90 percentage points [5]. Financial Forecast - The report projects TCL Smart Home's revenue to grow to 20.619 billion yuan in 2025, with a net profit of 1.156 billion yuan, corresponding to an EPS of 1.07 yuan [9][12]. - The expected growth rates for revenue and net profit from 2024 to 2027 are 12.30% and 13.37%, respectively [9][12].

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [6] Core Views - TCL Smart Home achieved a total revenue of 18.361 billion yuan in 2024, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1][3] - The company's net profit margin improved to 10.57% in 2024, an increase of 0.44 percentage points year-on-year [3] - The report highlights significant growth in overseas self-branded business, with a 51% increase in revenue, and a 56% growth in overseas business for Hefei appliances [2] Financial Performance Summary - Revenue and Profit: - 2024 revenue: 18.361 billion yuan, up 20.96% YoY [1] - 2024 net profit: 1.019 billion yuan, up 29.58% YoY [1] - Q4 2024 revenue: 4.415 billion yuan, up 15.06% YoY [1] - Q4 2024 net profit: 194 million yuan, up 29.67% YoY [1] - Product Performance: - Refrigerator revenue increased by 19.45% and washing machine revenue by 33.19% in 2024 [2] - Refrigerator sales volume reached 16.54 million units, up 17% YoY, with an average price of 938 yuan, up 2.09% YoY [2] - Washing machine sales volume reached 3.56 million units, up 39% YoY, with an average price of 759 yuan, down 4.18% YoY [2] - Profitability Metrics: - Gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points YoY [3] - The company maintained strong cost management with sales, management, and R&D expense ratios showing minor declines [3] - Future Earnings Forecast: - Expected net profit for 2025-2027: 1.173 billion yuan (2025), 1.314 billion yuan (2026), and 1.454 billion yuan (2027), with growth rates of 15.1%, 12.0%, and 10.7% respectively [3]

Investment Rating - The report maintains a "Buy" rating for TCL Smart Home (002668.SZ) [6] Core Views - TCL Smart Home achieved a total revenue of 18.361 billion yuan in 2024, representing a year-on-year growth of 20.96%, and a net profit attributable to shareholders of 1.019 billion yuan, up 29.58% year-on-year [1][3] - The company's net profit margin improved to 10.57% in 2024, an increase of 0.44 percentage points compared to the previous year [3] - The report highlights significant growth in overseas self-branded business, with a 51% increase in revenue, and a 56% growth in overseas business for Hefei appliances [2] Financial Performance Summary - **Revenue and Profit**: In 2024, TCL Smart Home's revenue was 18.361 billion yuan, with a net profit of 1.019 billion yuan. The fourth quarter alone saw revenue of 4.415 billion yuan, a 15.06% increase year-on-year, and a net profit of 194 million yuan, up 29.67% [1][3] - **Segment Performance**: Revenue from refrigerators and washing machines increased by 19.45% and 33.19% respectively. Refrigerator sales reached 16.54 million units, a 17% increase, while washing machine sales surged by 39% to 3.56 million units [2] - **Regional Performance**: Domestic sales saw a slight decline of 1.55%, while international sales grew by 31.82% [2] - **Profitability Metrics**: The gross margin for 2024 was 23.03%, a decrease of 0.65 percentage points, while the net profit margin improved to 10.57% [3] Future Earnings Forecast - The report projects net profits for TCL Smart Home to reach 1.173 billion yuan in 2025, 1.314 billion yuan in 2026, and 1.454 billion yuan in 2027, with year-on-year growth rates of 15.1%, 12.0%, and 10.7% respectively [3]

容诚会计师事务所(特殊普通合伙) 中国·北京 内部控制审计报告 广东 TCL 智慧家电股份有限公司 容诚审字[2025]518Z0723 号 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表 审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 容诚会计师事务所（特殊普通合伙） 总所：北京市西城区阜成门外大街 22 号 外经贸大厦 15 层 / 922-926 (100037) TEL:010-6600 1391 FAX:010-6600 1392 E-mail:bj@rsmchina.com.cn https://www.rsm.global/china/ 内部控制审计报告 容诚审字[2025]518Z0723 号 广东 TCL 智慧家电股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了 ...