Matters:

Company announcement: The company plans to change its name to “TCL Smart Home” and is committed to becoming the world's leading smart home appliance company. The company's subsidiary TCL Household Appliances (Hefei) Co., Ltd. will deeply cultivate the “TCL” independent brand, focus on the high-end cold washing business, and promote a global strategy. The subsidiary Guangdong Omar Refrigerator Co., Ltd. will continue to maintain the “Omar” independent trade name and the “Global Professional Refrigerator ODM Supplier” position. The company added household goods manufacturing; refrigeration and air conditioning equipment manufacturing; refrigeration and air conditioning equipment sales; smart home consumer equipment sales; artificial intelligence industry application system integration services; artificial intelligence application software development, etc.

Guoxin Home Appliance's opinion: 1) The company changed its name and expanded its business scope, showing a further adjustment to the company's positioning after TCL joined the company. Previously, TCL had merged its ice washing business into the company, and is expected to continue to expand the company's business scope in the future, helping the company move towards a full range of smart home software and hardware leaders to adapt to future trends in smart home smart and integrated home appliances; 2) The company's main Q1 refrigerator export business is expected to continue its high growth trend; 3) The company's Q1 refrigerator export business is expected to continue its high growth trend; 3) The company's Q1 refrigerator export business is expected to continue its high growth trend; 3) The company's Q1 refrigerator export business is expected to continue its high growth trend; 3) The company's Q1 refrigerator export business is expected to continue its high growth trend. Establish the company for all categories of smart home appliances Moving forward, it is expected that in the future, the company will continue to expand the category of home appliances and continue to contribute momentum to the company's growth. The company is a leading refrigerator export OEM, with significant operating efficiency and scale advantages. The customer relationship is stable, and the profit forecast is expected to be 8.8/9.8/110 billion in 2024-2026, +11.6%/+11.3%/+12.3% (without considering the impact of subsequent business acquisitions), corresponding to PE = 11/10/9X, maintaining the “increase” rating.

5) Risk warning: industry competition intensifies; exchange rate fluctuates greatly; industry demand recovery falls short of expectations; business expansion and integration fall short of expectations.