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Maker of refrigerators, freezers and washing machines, with strong export sales, controlled by TCL's home-appliance group.
Maker of refrigerators, freezers and washing machines, with strong export sales, controlled by TCL's home-appliance group.
Earns its income making refrigerators and freezers at the Aoma plant in Zhongshan, and refrigerators and washing machines in Hefei, selling under the TCL brand and to overseas customers, with exports leading growth. TCL's home-appliance group took control in 2021, and the company has since moved away from its earlier fintech activities.
Moat: narrow (scale, distribution). Large export-focused refrigerator output; the TCL brand adds reach, but appliances stay competitive.
Headquarters: Zhongshan, China · Founded: 2002 · Employees: 14,807
Size Guangdong TCL Smart Home Appliances (002668.SZ) is a China Consumer Discretionary company (Electronics/Appliances) with a market value of $1.37B, the 1779th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.41 on 6 Nov 2026.
Performance Over six months the shares fell 11.9%, against -15.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 3.9% over the last twelve months (peer median +4.9%); the operating margin is 11.8% (peer median 5.2%).
Valuation It trades at 8.4× forward earnings against a peer median of 26.1× (cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -19% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 25.4 points above its cost of capital (5.9% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥19.5B | CN¥18.5B | CN¥18.3B | CN¥15.1B | CN¥11.6B |
| Revenue growth | — | +1% | +21% | +30% | — |
| Gross profit | CN¥4.92B | CN¥4.55B | CN¥4.08B | CN¥3.42B | CN¥2.19B |
| EBITDA | n/a | CN¥2.85B | CN¥2.34B | CN¥1.95B | CN¥1.22B |
| Net income | CN¥921M | CN¥1.12B | CN¥1.02B | CN¥787M | CN¥464M |
| Free cash flow | CN¥1.60B | CN¥1.82B | CN¥1.63B | CN¥2.34B | CN¥164M |
| Capital expenditure | CN¥961M | CN¥789M | CN¥698M | CN¥487M | CN¥397M |
| Total debt | CN¥5.62B | CN¥4.64B | CN¥4.86B | CN¥4.23B | CN¥3.33B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Guangdong TCL Smart Home Appliances 002668.SZ | $1.37B | -12% | +4% | 12% | 8.4× | -18.7% |
| Haier Smart Home 600690.SS | $28.0B | 0% | -8% | 7% | 11.1× | -5.9% |
| Midea 000333.SZ | $101B | +10% | +2% | 9% | 14.5× | -3.2% |
| Hisense Home Appliances 000921.SZ | $4.37B | -2% | -11% | 3% | 14.2× | -11.4% |
| Whirlpool WHR | $2.01B | -32% | -6% | 2% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002668.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.6% | -4.9% | 11th highest of 21 |
| 6-month return | -11.9% | -15.5% | 8th highest of 20 |
| Distance from 52-week high | -27.9% | -41.6% | 7th highest of 21 |
| Revenue growth (TTM) | +3.9% | +4.9% | 10th lowest of 21 |
| Operating margin | 11.8% | 5.2% | 8th highest of 21 |
| Forward P/E | 8.4× | 26.1× | cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -18.7% | 7.4% | least demanding of 11 |
| Growth delivered (Del g) | +17.4% | +5.3% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -36.0 pp | -2.0 pp | least demanding of 11 |
| ROIC minus cost of capital | +25.4 pp | +1.1 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangdong TCL Smart Home Appliances 002668.SZ | China | $1.37B | -12% | +4% | 12% | 8.4× | -18.7% | +17.4% |
| Guangdong Xinbao Electrical Appliances 002705.SZ | China | $1.38B | -25% | -4% | 4% | 24.3× | -2.7% | +4.2% |
| Tamron 7740.T | Japan | $1.39B | +22% | +2% | 17% | 15.3× | 5.9% | +12.0% |
| Gettop Acoustic 002655.SZ | China | $1.39B | -19% | +11% | 2% | n/a | n/a | n/a |
| OneRobotics (Shenzhen) 6600.HK | Hong Kong | $1.41B | -55% | +48% | -9% | n/a | n/a | n/a |
| Shenzhen Newway Photomask Making 688401.SS | China | $1.45B | -27% | +18% | 26% | 17.9× | 23.6% | +23.7% |
| Actions Technology 688049.SS | China | $1.25B | -1% | +26% | 17% | 30.3× | n/a | n/a |
| Sichuan Jiuzhou Electric 000801.SZ | China | $1.58B | -19% | +20% | 3% | 45.1× | n/a | n/a |
| Edifier Technology 002351.SZ | China | $1.60B | +8% | -1% | 18% | 22.3× | 3.0% | +7.6% |
| Whirlpool Of India WHIRLPOOL.NS | India | $1.11B | -16% | +6% | 2% | 29.3× | 47.2% | +6.4% |
| Tatung 2371.TW | Taiwan | $1.70B | -15% | +8% | 4% | 10.0× | n/a | n/a |
| Hangzhou Heatwell Electric Heating Technology 603075.SS | China | $1.05B | -26% | +11% | 15% | n/a | 9.0% | +7.9% |
| Ningbo Fujia Industrial 603219.SS | China | $1.03B | -26% | +3% | 4% | 55.6× | n/a | n/a |
| XGimi Technology 688696.SS | China | $1.01B | +7% | +4% | 2% | 27.9× | n/a | n/a |
| Hefei I-TEK OptoElectronics 688610.SS | China | $1.01B | +18% | +72% | 14% | 45.9× | n/a | n/a |
| Woori Technology 032820.KS | South Korea | $984M | -64% | -2% | -12% | n/a | n/a | n/a |
| Ningbo Hicon Industry Technology 001237.SZ | China | $969M | n/a | -10% | 14% | n/a | 9.9% | -10.3% |
| Sonos SONO | United States | $1.94B | +9% | +6% | 6% | 149.2× | 17.3% | +1.7% |
| Spectrum Brands SPB | United States | $1.99B | +6% | +1% | 9% | 17.1× | -2.5% | +1.4% |
| Whirlpool China 600983.SS | China | $936M | -13% | -2% | 11% | 14.0× | -7.2% | -1.9% |
| Whirlpool WHR | United States | $2.01B | -32% | -6% | 2% | n/a | n/a | n/a |