Core Viewpoint - TCL Electronics has demonstrated significant growth in the television industry, achieving a revenue of HKD 99.32 billion in 2024, a year-on-year increase of 25.7%, and a net profit of HKD 16.1 billion, doubling compared to the previous year, showcasing its successful strategy in the high-end market despite the industry's overall low growth [1][12]. Group 1: Financial Performance - TCL Electronics reported a revenue of HKD 99.32 billion for 2024, marking a 25.7% year-on-year growth [1] - The company's net profit reached HKD 16.1 billion, reflecting a 123.6% increase year-on-year [1] - The global shipment of TCL televisions grew by 14.8%, significantly outpacing the industry's average growth of 3.7% [1] Group 2: Market Position and Strategy - TCL Electronics achieved a global television shipment of 29 million units, ranking among the top two globally [1] - The company has successfully penetrated the Mini LED television market, with a domestic shipment increase of 264.7% and a global shipment of 1.7 million units, representing a 194.5% year-on-year growth [2] - TCL's dual-brand strategy, "TCL + Thunderbird," effectively targets different consumer segments, enhancing its market adaptability [4] Group 3: Technological Advancements - TCL Electronics has been a pioneer in Mini LED technology, having started its research in 2016 and launching the first Mini LED television in 2019 [3] - The company has focused on optimizing product structure and building technological barriers, moving away from traditional low-price competition [3][5] - The introduction of advanced technologies, such as the "万象分区" technology, has improved the quality of Mini LED displays by optimizing various components of the display process [4] Group 4: Globalization and Operational Efficiency - TCL Electronics has established a global supply chain with production bases in various countries, enhancing its operational efficiency and reducing costs [6] - The company's overseas market revenue for large-size displays accounted for 68.3% of total revenue, reflecting a 25.9% year-on-year increase [7] - The sales and distribution expense ratio decreased by 1.0 percentage points to 7.6%, indicating improved operational efficiency [7] Group 5: Future Growth and AI Integration - TCL Electronics is actively exploring AI technology, integrating it into various product lines, including televisions and home appliances [9] - The company has positioned itself in the emerging smart home market, with a focus on AI-driven products and solutions [8] - The anticipated growth of the AI industry in China, projected to exceed CNY 1 trillion by 2029, presents significant opportunities for TCL Electronics [8] Group 6: Shareholder Value and Market Performance - TCL Electronics' stock price has surged over 150% in 2024, with a year-to-date increase of nearly 50%, despite a generally sluggish market [12] - The company's dividend yield stands at 6.27%, surpassing the Hang Seng Index's 4.91%, indicating strong shareholder returns [12][13] - The dual benefits of capital appreciation and stable dividends reflect the company's commitment to long-term value creation for shareholders [13]

Core Viewpoint - TCL Electronics reported a strong performance for the fiscal year 2024, with revenue reaching HKD 99.32 billion, a year-on-year increase of 25.7%, and a net profit of HKD 18.5 billion, up 123.6% from the previous year, indicating robust growth and investor confidence in the company's future prospects [1][3]. Group 1: Business Performance - The large-size display segment remains a cornerstone of TCL's business, generating revenue of HKD 60.11 billion in 2024, a 23.6% increase, with global TV shipments reaching 29 million units, up 14.8% [4]. - TCL's global market share in TVs has increased from 5.6% in 2015 to 13.9% in 2024, solidifying its position as one of the top two global TV brands [4]. - The average size of TVs shipped in the domestic market increased by 1.9 inches to 63.3 inches, while overseas shipments saw an increase of 1.5 inches to 49.4 inches [4]. Group 2: Industry Context - The global TV shipment volume in 2024 was 210 million units, a modest increase of 3.7%, highlighting TCL's superior growth rate compared to the industry average [5]. - The recovery of the global TV market and the rise of high-definition display technologies have provided TCL with significant growth opportunities [6]. Group 3: Innovation and New Business - TCL's innovative business segments have shown rapid growth, with total revenue from these segments increasing by 44.9% to HKD 27.01 billion in 2024 [8]. - The solar energy business, a key component of TCL's innovation strategy, saw revenue growth of 104.4% to HKD 12.87 billion, reflecting the company's commitment to green energy solutions [8][10]. - The company has established a strong presence in the solar market, covering 23 key provinces in China and signing over 220 projects [8]. Group 4: Global Strategy and Market Position - TCL has successfully implemented a global supply chain strategy, establishing manufacturing bases in various countries, enhancing flexibility and responsiveness to market demands [16]. - The company's marketing strategy leverages international sports events to boost brand visibility and market penetration, particularly in the high-end TV segment [17]. Group 5: Financial Returns and Shareholder Value - TCL announced a final dividend of HKD 0.318 per share for 2024, with a payout ratio of 45.57%, reflecting a commitment to returning value to shareholders [19][20]. - The company's stock price has surged by 290% since the beginning of 2024, indicating strong market confidence and performance [1][21].

Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [1] Core Views - The company reported a strong performance in 2024, with revenue reaching HKD 99.3 billion (+26%) and net profit attributable to shareholders at HKD 1.76 billion (+137%). Adjusted net profit was HKD 1.61 billion (+100%) [5][14] - The growth in sales was driven by significant improvements in both domestic and international television sales, with a notable increase in profit margins expected due to channel structure adjustments and cost control measures [5][41] - The company has revised its profit forecasts for 2025-2027, expecting net profits of HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively, with corresponding EPS of HKD 0.8, HKD 1.0, and HKD 1.1 [5][41] Summary by Sections 1. 2024 Performance Overview - TCL Electronics achieved a revenue of HKD 99.3 billion in 2024, with a year-on-year growth of 26%. The net profit attributable to shareholders was HKD 1.76 billion, reflecting a 137% increase [14][19] - For the second half of 2024, revenue was HKD 53.8 billion (+22%) and net profit was HKD 1.11 billion (+131%) [14][41] 2. Margin and Profitability Analysis - The overall gross margin for 2024 was 15.7%, a decrease of 1.6 percentage points, primarily due to structural changes and panel cost fluctuations. However, the company managed to improve its expense ratios across various categories [22][24] - The net profit margin for 2024 was 1.77%, an increase of 0.8 percentage points, indicating effective cost management strategies [24][25] 3. North American Channel Insights - The restructuring of channels in North America has shown significant results, with an increase in the number of SKUs for high-end products at Bestbuy. For example, the number of MiniLED SKUs for 75-inch and above increased from 3 to 16 [7][28] - The company has also expanded its product offerings in Walmart, focusing on larger size products, while maintaining a stable SKU count compared to 2024 [37][40] 4. Profit Forecast and Investment Recommendations - The company has adjusted its profit forecasts for 2025-2027, with expected net profits of HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively. The current stock price corresponds to P/E ratios of 10.4, 9.0, and 7.9 for the respective years [5][41] - The long-term outlook remains positive due to ongoing improvements in overseas channel structures and product offerings [5][41]

家用电器/黑色家电 TCL 电子（01070.HK） 全年业绩超预期，美国线下渠道结构调整效果显著 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 8.820 | | 一年最高最低(港元) | 9.400/2.810 | | 总市值(亿港元) | 222.35 | | 流通市值(亿港元) | 222.35 | | 总股本(亿股) | 25.21 | | 流通港股(亿股) | 25.21 | | 近 3 个月换手率(%) | 27.12 | 股价走势图 -50% 0% 50% 100% 150% 200% 250% 2024-03 2024-07 2024-11 TCL电子 恒生指数 数据来源：聚源 相关研究报告 《2024H1 业绩高增，彩电国内外业务 量价双升—港股公司信息更新报告》 -2024.8.26 《显示业务经营改善+提质增效带动 2024H1 业绩高增—港股公司信息更 新报告》-2024.7.17 《2023H2 营收和利润改善，国内外 TV 营收增长稳健—港股公司信息更 新报告》-2024.3. ...

智通财经APP获悉，港股早盘小幅高开后下挫，随后维持窄幅震荡走势。临近尾盘，三大指数持续走 高，恒指及国指转涨逾1%，恒科指数一度涨超2%。截止收盘，恒生指数涨0.91%或215.84点，报 23905.56点，全日成交额2331.08亿港元；恒生国企指数涨1.24%，报8850.69点；恒生科技指数涨 1.72%，报5736.83点。 华泰证券指出，往前看，4月或迎来关税问题、3月经济金融数据等事件和关键数据验证窗口，市场短期 波动或加剧。不过AI技术的发展仍有较大的空间，而相关的主要标的多集中在港股。随着科技股的财 报业绩得到验证，基本面逻辑或将持续支撑港股的相对行情表现，中长期仍坚定看好中国资产价值重 估。 蓝筹股表现 长和(00001)股价反弹。截至收盘，涨4.16%，报45.05港元，成交额10.1亿港元，贡献恒指7.98点。摩根 士丹利研报指出，长和2024年派息疲软，但市场更关注的是其港口交易。长和2024财年呈报基础每股盈 利同比减少11%，全年每股股息为2.2港元，同比减少13%。每股盈利的减少主要由于税增加，不过收入 和EBITDA保持平稳。 其他蓝筹股方面，海尔智家(06690)涨6.0 ...

TCL 电子 20250324 摘要 Q&A TCL 电子的主要业务板块有哪些？ TCL 电子的业务主要分为三个板块：显示业务、创新业务和互联网业务。显示 业务占比最大，约 70%，其中大尺寸显示业务（电视）是重点。2024 年，显示 业务收入同比增长 23.6%。创新业务包括全品类营销、光伏和智能连接智能家 居，其中全品类营销和光伏各占一半。2024 年，光伏收入同比增长 104.4%。互 联网业务占比约 30%，2024 年收入 26 亿港元，毛利率 56.2%。 Mini LED 技术对 TCL 电子的重要性体现在以下几个方面：首先是国家补贴政策 激活了市场需求；其次是规模效应带来的成本优势；第三，上游面板成本降低； 最后，中小尺寸 Mini LED 电视普及推动价格下沉，使更多消费者能够接受这一 技术。这些因素共同推动了 Mini LED 电视出货量的大幅增长。 大屏化趋势对 TCL 电子有何影响？ 大屏化趋势显著提升了 TCL 电子的市场竞争力。2024 年，公司 75 寸及以上电 视出货量同比增长 79.7%。大屏化趋势受益于政策支持、技术进步以及上游面 板成本下降，使得终端价格下沉至万元以内。此 ...

奥维云网数据显示，24Q4 线上/线下 KA 电视机行业零售量分别同比 +4.74%/+3.09%，公司份额重获增长，TCL 及雷鸟品牌市占率同比提升 3.42/4.07 个百分点。我们认为 2025 年换新政策将继续催化中高端需求， 25 年 1-2 月公司零售量份额继续强化（线上 TCL 同比+ 0.85pct、雷鸟 +3.62pct；线下 TCL+3.54pct），可以继续期待公司份额提升。同时产品结 构升级明显、盈利优化可期，公司 1-2 月 TCL 线上均价同比+12.9%。 港股通 24 年净利超预期，看好电视结构升级 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 23 日│中国香港 | 视听器材 | 证券研究报告 公司公布 2024 年业绩：收入 993.22 亿港元，同比+25.7%；归母净利润 17.59 亿港元，同比+136.6%；经调整归母净利 16.06 亿港元，+100.1%。公司着 力经营效率提升，费用率优化明显，24 年业绩大幅好于我们预期（预期归 母净利 12.3 亿元）。受益于以旧换新政策红利及显 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 99.32 billion, a year-on-year increase of 25.7%[5] - Gross profit reached HKD 15.55 billion, reflecting a 13.8% increase compared to the previous year[5] - Net profit attributable to shareholders increased by 136.6% to HKD 1.76 billion, while adjusted net profit rose by 100.1% to HKD 1.61 billion[5] - The company proposed a final dividend of HKD 0.318 per share, representing a 98.8% increase from the previous year's dividend[5] - The company's revenue increased by 25.7% from HKD 78.99 billion in 2023 to HKD 99.32 billion in 2024[54] - Gross profit rose by 13.8% from HKD 13.67 billion in 2023 to HKD 15.55 billion in 2024, with a gross margin of 15.7%[59] - The company's net profit for the year was HKD 1,848,511, which is a significant increase of 123.4% compared to HKD 826,809 in 2023[99] - The group's profit before tax for 2024 was HKD 1,759,366,000, a significant increase from HKD 743,633,000 in 2023, representing a growth of approximately 136.5%[145] Market Performance - The global TV industry shipment volume is expected to grow by 3.7% in 2024, with the company’s TV shipments increasing by 14.8% to 29 million units, raising its market share to 13.9%[7][15] - TCL TV global shipment volume reached 29 million units, a year-on-year increase of 14.8%, achieving a historical high[24] - TCL TV's global market share in shipment volume increased from 5.6% in 2015 to 13.9% in 2024, with sales revenue market share reaching 12.4%, up 1.7 percentage points year-on-year[24] - In the Chinese market, TCL TV shipment volume grew by 5.8% year-on-year, while the average selling price increased by 12.4%, leading to an 18.9% rise in revenue to HKD 19.046 billion[28] - In North America, TCL TV's shipment volume increased by 6.4% year-on-year, outperforming the industry growth rate of 4.0%, with a significant growth of 67.6% in shipments of TVs 75 inches and above[33] - In emerging markets, TCL TV's shipment volume grew by 12.7% year-on-year, with specific increases of 17.6% in Latin America and 39.6% in the Middle East and Africa[33] Product Development and Innovation - The company is focusing on high-end and smart product strategies, aiming to enhance its core competitiveness and diversify revenue streams[10] - Innovative business revenue increased by 44.9% year-on-year to HKD 27.009 billion, with gross profit rising by 30.5% to HKD 3.347 billion[16] - Solar business revenue and gross profit both surged by 104.4% year-on-year to HKD 12.874 billion and HKD 1.230 billion, respectively[16] - R&D expenses reached HKD 2.335 billion, focusing on advanced display technologies and AI innovations[19] - The launch of the X11K QD-Mini LED TV showcased industry-leading technology with peak brightness of 6,500 nits and 14,000 local dimming zones[21] - The company aims to enhance its product matrix in the distributed photovoltaic market and explore innovative applications in AR/XR and smart home robots[50] Operational Efficiency - The company’s operational efficiency improved, with selling and distribution expenses decreasing by 1.0 percentage points to 7.6% of revenue[12] - The company maintained a net capital debt ratio of 0.0%, indicating a strong financial position[13] - Financing costs decreased by 11.1% from HKD 885 million in 2023 to HKD 787 million in 2024, mainly due to reduced factoring interest expenses[71] - Sales and distribution expenses increased by 10.1% from HKD 6.818 billion in 2023 to HKD 7.504 billion in 2024, primarily due to strategic investments in brand marketing and product promotion[65] Strategic Initiatives - The company plans to deepen its "mid-to-high-end + globalization" strategy, focusing on high-quality growth and expanding its market share[48] - The company has capital commitments of HKD 539,899,000 as of December 31, 2024, down from HKD 599,510,000 in the previous year[89] - The company is currently involved in a tax assessment dispute in Brazil, which is expected to last between 3 to 8 years, with no provisions made as legal counsel believes the company can effectively defend against the claims[91] - The company has not engaged in any high-risk derivative trading or leveraged foreign exchange contracts, focusing instead on natural hedging through functional currency transactions[93] Corporate Governance - The company has established and will continue to optimize its risk management and internal control systems, with regular reports to the board and audit committee on governance status and improvements[170] - The company has complied with the corporate governance code for the year ending December 31, 2024[171] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2024, including the accounting principles adopted[173] - The company is focused on enhancing collaboration between the board and management to strengthen corporate governance responsibilities[170] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[186] - TCL plans to allocate RMB 5 billion for R&D in quantum dot display technology over the next three years[186] - The company anticipates a 30% increase in sales from its new energy-efficient product line by the end of 2024[186]

Group 1 - The company rating is "Outperform" (Initiate) [3][6] - The report date is March 19, 2025 [3] - The closing price on March 18, 2025, was HKD 7.92, with a total market value of HKD 199.66 billion [4][8] Group 2 - TCL Electronics is a leader in the black-and-white electronics sector, experiencing rapid performance growth driven by technology upgrades and demand [9][11] - The display business is the core of TCL's operations, with a global market share of 14.3% in smart screen shipments, ranking second worldwide [11][20] - In 2024, TCL's global TV shipments are expected to increase by 14.8% year-on-year, reaching 29 million units [11][20] Group 3 - The global TV industry is projected to grow at a compound annual growth rate (CAGR) of 7.7%, with the market size expected to reach USD 835.8 billion by 2034 [11][14] - Mini LED TV shipments are anticipated to grow significantly, with a year-on-year increase of 194.5% in 2024 [11][14] - TCL's Mini LED TVs are expected to benefit from national subsidy policies and economies of scale, enhancing their market position [11][14] Group 4 - The company has a compound revenue growth rate of 10.9% from 2015 to 2023, with net profit attributable to the parent company growing at a CAGR of approximately 26.2% [11][20] - For the fiscal year 2023, TCL's revenue was HKD 78.986 billion, with a year-on-year growth of 10.7% [7][13] - The projected revenue for 2024-2026 is HKD 94.966 billion, HKD 109.325 billion, and HKD 124.318 billion, representing year-on-year growth rates of 20.2%, 15.1%, and 13.7% respectively [6][13] Group 5 - The internet business segment is showing high growth potential, with a revenue increase of 20.2% in 2023, reaching HKD 2.76 billion [67] - The innovative business segment, including full-category marketing and distributed photovoltaics, has seen revenue growth, contributing to overall business expansion [70][71] - The solar business has reported significant revenue growth, achieving HKD 63 billion in 2023, with a year-on-year increase of 1820.3% [71]

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price based on the last closing price of HKD 6.58 [1][4]. Core Insights - TCL Electronics is expected to exceed performance expectations for 2024, with an adjusted net profit forecast of approximately HKD 1.3 billion to HKD 1.7 billion, representing a year-on-year increase of 62% to 112% [4]. - The company anticipates a record high in global TV shipments, reaching 29 million units in 2024, a 14.8% increase from the previous year [4]. - The integration of DeepSeek is expected to enhance multiple business lines, including smart home and mobile communications, leading to improved operational efficiency and long-term growth [5][6]. Summary by Sections Financial Performance - For 2024, TCL Electronics expects revenue of HKD 102.7 billion, a growth rate of 30% compared to 2023 [9]. - The adjusted net profit for 2024 is projected to be HKD 1.57 billion, with a net profit growth rate of 111% [9]. - The earnings per share (EPS) for 2024 is estimated at HKD 0.62, with a price-to-earnings (P/E) ratio of 10.57 [9]. Business Segments - The core TV business is expected to drive growth, with a significant increase in high-margin products, including a 69.5% increase in quantum dot TVs and a 194.5% increase in Mini LED TVs [4]. - The innovative business segments, including solar energy and full-category marketing, are also projected to contribute positively to the company's performance [4]. Market Outlook - The global TV market is anticipated to see strong demand for large-screen and high-end products, with a shift in panel production capacity towards Chinese brands, potentially increasing market concentration [6]. - The report highlights the rapid growth in sectors such as solar energy, AR/XR, and AI, which are expected to benefit TCL Electronics [6].