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On August 7, Cailian Press reported that TCL Smart Home(002668.SZ) (formerly Oma Electric Appliance) the "Refrigerator Export King" benefited from the high prosperity of the overseas refrigerator market.

The company announced this evening that in the first half of this year, the company achieved a revenue of 8.962 billion yuan with a year-on-year increase of 24.74%; and a net profit attributable to shareholders of listed companies of 0.559 billion yuan, a year-on-year increase of 32.65%.

Customs General Administration data shows that in the first half of 2024, the cumulative export amount (in RMB) of refrigerators increased by 26.8% year-on-year, significantly higher than the overall growth rate of the home appliance industry 18.3%. According to Wang Juan, an online industrial analyst who spoke with Cailian Press reporters, refrigerator exports will continue to grow in the short term in the second half of the year. Based on the high base of the same period in the previous year, it is expected that there may be a turning point at the end of the third quarter with the fall of demand and the supplement of certain regional stockpiles.

After acquiring Hefei Home Appliances and renaming itself as TCL Smart Home, the company's revenue structure has not undergone significant changes. Interim data shows that the revenue of refrigerators and freezer products accounts for 84.94%. Overseas revenue accounts for 74.19%.

Wang Juan told Cailian Press reporters that an important reason for the good export of refrigerators in the first half of the year was the demand for overseas stockpiling. Especially now that overseas consumption is down, purchasers will seek higher cost-effective products.

Among them, in the United States, the passive destocking has turned into active stockpiling at the end of 2023, and it is expected to have at least one year or even longer restocking cycle; in Europe, the stockpiling demand has lasted for nearly a year and a half, and is about to come to an end, but due to high local manufacturing costs, we have some procurement substitution opportunities. In addition, with the recovery of the economy, tourism and other industries, and the unsaturation of holding capacity, there are some new demands in emerging markets such as Latin America and Southeast Asia; and due to the impact of the Red Sea crisis and some other geopolitical crises on shipping, as well as this year's many national elections, some country dealers and purchasers will consider future policies, especially changes in tariff policy, and stock up in advance, which will cause the export pace to move forward.

In addition, Wang Juan predicted that in the second half of the year, based on the current new orders and feedback from overseas, exports will continue to grow in the short term, and it is estimated that it will maintain double-digit growth in July, but based on the high base of the same period last year, it is expected that there may be a turning point at the end of the third quarter with the fall of demand and the supplement of certain regional stockpiles.

It is worth noting that since 2024, the secondary market performance of the home appliance industry has ranked fourth among the first-level industries of the Shenzhen Stock Exchange, with an increase of 2.16%. Among the listed home appliance companies, TCL Smart Homes stock price has increased by more than 30%, ranking fourth. Some analysts believe that the overall volume increase brought by going overseas is one of the main driving forces for the market value growth of listed home appliance companies.