港股公司报告 | 公司点评 H1 业绩高增,全球化经营+提质增效兑现 事件:TCL 电子发布正面盈利预告,2024 年上半年公司经调整的归母净 利润同比录得约 130%-160%增长。经计算,公司 24H1 预计实现经调整 归母净利润 6.0-6.8 亿港元。 全球 TV 市场格局明朗,国内黑电龙头份额扩张。行业端,据奥维睿沃 数据,24Q1 全球 TV 出货 43.2M,同比-0.8%,显示行业全球空间有所 趋稳,其中欧洲以及新兴市场 TV 需求有所恢复;公司端,24Q1TCL 品 牌全球出货量同比+4%跑赢行业。 经营改善征程更进一步。H1 公司大力推进中高端战略,推进以 Mini LED 为代表的结构升级;全球化经营深化,据奥维睿沃,24Q1 公司中国市 场出货增长最快(同比+13.7%),欧洲出货规模增速亮眼(同比+9.5%), 北美出货规模保持领先,新兴市场出货增长 4.1%;同时积极发展新业 务,推动包括显示业务、创新业务在内的多个业务线经营业绩显著改善。 费用端,得益于规模效应和提质增效,24H1 公司整体费用率有效降低, 经营效率持续提升。 投资建议:公司 TV 业务中高端+全球化战略成效卓著 ...

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price set at 6.05 HKD [1][3]. Core Views - TCL Electronics is expected to achieve a strong growth in H1 2024, with adjusted net profit projected to increase by 130% to 160% year-on-year, amounting to approximately 603 to 681 million HKD, aligning with the company's growth targets for its equity incentive plan [3]. - The growth in H1 2024 is attributed to the ongoing advancement in mid-to-high-end products and global expansion, alongside the positive development of new business segments [3]. - The report anticipates that the company's performance will continue to improve in H2 2024, driven by product structure optimization and internal efficiency enhancements, aiming for a full-year adjusted net profit growth of 50% to 65% [3]. Financial Summary - For 2024, the expected revenue is projected to be 90,123 million HKD, with a year-on-year growth of 14% [4]. - The adjusted net profit for 2024 is estimated at 1,097 million HKD, reflecting a 47% increase compared to 2023 [4]. - The earnings per share (EPS) for 2024 is forecasted to be 0.44 HKD, with a price-to-earnings (P/E) ratio of 13.91 [4][5]. Industry Outlook - The global TV market shows strong demand for high-end large-screen products, and there is a trend of panel capacity shifting towards Chinese manufacturers, which is expected to increase the concentration of Chinese TV brands [3]. - Rapid growth is also anticipated in the solar photovoltaic and AR/XR sectors, which could benefit TCL Electronics as a leading player in the global TV industry [3].

[Table_StockNameRptType] TCL 电子(01070) 港股点评 盈利延续改善 ——TCL 电子 24H1 业绩预告点评 主要观点: [⚫Table_Summary] 公司发布 2024H1 业绩预告: ➢ H1:预计经调整归母净利润 6.0~6.8 亿港元(+130%-160%) ➢ 以业绩预告中值计,经调整归母净利润(即扣非)中枢 6.4 亿港元(同 比+145%),业绩符合市场预期。 ⚫ 收入:我们预计同比+20%以上 ➢ 电视主业:公司预告未披露收入及内外销拆分,我们预计 H1 主业电 视同比+20%,其中内销同比增长 10%+ ,外销同比增长 20%+。 内销端:性价比子品牌雷鸟借力 miniLED 放量,TCL 系内销收入和 份额皆增长。参考奥维,24H1 TCL+雷鸟电视销售额合并增速+13%, 份额同比+1pct。 外销端:我们预计增速欧洲>美国>亚太,欧洲赛事催化下预计 H1 增 长提速;美国考虑渠道调整预计微增,ASP 有望迎边际向上,全年 看期待盈利改善;亚太预计保持稳定微增。 ➢ 其它业务:互联网业务预计保持稳健增长,创新业务预计受益于分布 式光伏业务实现超预期增 ...

[Table_StockNameRptType] TCL 电子(01070) 港股点评 盈利延续改善 ——TCL 电子 24H1 业绩预告点评 主要观点: [Table_Rank] 投资评级:买入(维持) 报告日期: 2024-07-16 [⚫Table_Summary] 公司发布 2024H1 业绩预告: ➢ H1:预计经调整归母净利润 6.0~6.8 亿港元(+130%-160%) ➢ 以业绩预告中值计,经调整归母净利润(即扣非)中枢 6.4 亿港元(同 比+145%),业绩符合市场预期。 | --- | --- | |-------------------------------|-----------| | [Table_BaseData] 收盘价(港元) | 6.05 | | 近 12 个月最高/最低(港元) | 6.97/2.16 | | 总股本(百万股) | 2,521 | | 流通股本(百万股) | 2,521 | | 流通股比例(%) | 100.00 | | 总市值(亿港元) | 153 | | 流通市值(亿港元) | 153 | [公司价格与恒生指数走势比较 Table_Chart] - ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report highlights that the company has improved its global competitiveness, enhanced efficiency, and reduced overall costs, resulting in significant growth in performance for the first half of 2024. The company is entering a phase of profit improvement [3]. - The report maintains the earnings forecast for 2024-2026, expecting EPS to be HKD 0.56, 0.68, and 0.76, representing year-on-year growth of +90%, +21%, and +13% respectively [3]. - The company anticipates a year-on-year increase in adjusted net profit for H1 2024 of approximately 130% to 160% [3]. Summary by Sections Industry Landscape - The global market space for the industry is stable, with a clear industry structure and an accelerated trend of concentration among leading companies. The company is actively pursuing a mid-to-high-end strategy and global operations, which has led to significant improvements across multiple business lines, including display and innovative businesses [3]. Business Performance - The domestic competition in the television sector remains stable, with the company focusing on enhancing its product sales structure. In overseas markets, the company and its competitor have seen an increase in global market share, with expectations for revenue growth in the large-screen display business of approximately 18% to 20% year-on-year for H1 2024 [3]. - The small and medium-sized business segment is expected to see a double-digit decline in revenue due to strategic contraction [3]. - The distribution business is projected to achieve significant growth, driven by the expansion of air conditioning sales and the ramp-up of solar energy business, with an expected increase of 35% to 40% in the innovative business module for H1 2024 [3]. Financial Summary - The company’s revenue for 2023 is projected at HKD 78.986 billion, with a year-on-year growth of 10.70%. For 2024, revenue is expected to reach HKD 94.213 billion, reflecting a growth of 19.28% [5]. - The net profit for 2024 is forecasted to be HKD 1.417 billion, representing a significant increase of 90.40% compared to the previous year [5].

股 票 研 究 盈利端持续改善,进入估值修复通道 ——TCL 电子深度报告 | --- | --- | --- | --- | |-----------------|----------------------------|----------------------------|-------------------------------| | [table_Authors] | 蔡雯娟(分析师) | 曲世强(研究助理) | 田平川(研究助理) | | | 021-38031654 | 021-38031025 | 021-38676666 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | tianpingchuan026740@gtjas.com | | 登记编号 | S0880521050002 | S0880123070132 | S0880122070069 | 本报告导读: 公司彩电出海前景广阔,盈利端持续改善,进入估值修复通道。增持。 投资要点: [Table_Summary] 彩电出海前景广阔,盈利端有望持续改善, ...

确实是股价表现很不错这也得益于各位朋友的关照 然后主要的我们的这个主要的驱动因素第一个是盈利的切切实实的一个改善然后再一个呢就是历史的一些包袱的一些凸清第三个呢就是我们向市场清晰的释放了我们对业绩改善的这个信心和执意我们在今年一月份也做了一次限制性股票激励这个限制性股票激励呢是带有这个 所以我们今年还是非常有信心达到这个目标 然后整体来看的话呢公司的这个主营业务和相关的一些基本的介绍我待会会请这个Shelly或者是Iva做一个简要的五分钟左右的一个介绍然后我们留更多的时间用来QA好吧Shelly Iva 好的 好那我这边借着刚才Evan总介绍到的我们对应着2020年的这个普选基金目标我们将各个业务分拆一下那首先呢我们可以看到2023年分业务来看的话工资是有超六成的一个收入是由我们的制品业务也就是电视业务贡献的那在2024年的话首先从出货量我们预期整个电视的应届业务会有超过10%的一个增长那在 整个国内这一块的话我们在24年的一季度也是实现了超过24%的一个同比增长同时呢公司在国内市场也是一直在推行着这个PCR品牌加上雷尿品牌的一个双品牌的一个策略那在整个一季度雷尿品牌的出货量的增速是实现了 我们会更多地去搭载 ...

TCL 电子：2024，重新出发 TCL电子（1070.HK）/家电 证券研究报告/公司深度报告 2024年6月19日 [评Ta级ble：_T买itle入] （首次） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：6.31（港币） 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万港币） 71,580 79,111 89,790 97,705 103,401 分析师：姚玮 增长率yoy% -5% 11% 13% 9% 6% 执业证书编号：S0740522080001 净利润（百万港币） 447 744 1,318 1,637 2,006 Email：yaowei@zts.com.cn 增长率yoy% -62% 66% 77% 24% 23% 每股收益（港币） 0.18 0.29 0.52 0.65 0.80 分析师：吴嘉敏 每股现金流量 0.54 1.22 5.98 0.81 1.08 执业证书编号：S0740524060003 净资产收益率 3% 4% 8% 9% 10% Email：wujm@zts.com.cn P/E 36 21 12 10 8 P/B ...

Investment Rating - The report gives TCL Electronics a "Buy" rating with a target price of HKD 8.22 per share, indicating a potential upside of 37% from the current price of HKD 5.99 [3]. Core Insights - TCL Electronics is focusing on high-end and global operations, leading to steady expansion in its TV business share. The company is also diversifying into telecommunications, commercial displays, and photovoltaic sectors, which opens up long-term growth opportunities [2][3]. - The company achieved a total revenue of HKD 791 billion in 2023, a year-on-year increase of 11%, with a net profit of HKD 740 million, reflecting a significant growth of 66% [2][3]. Summary by Sections 1. Company Overview - Founded in 1981, TCL has evolved from producing tapes to a wide range of smart terminal products and renewable energy solutions. The company has established a global presence since 1999, with overseas revenue consistently exceeding domestic revenue [1][24]. 2. Display Business - TCL is a global leader in the TV market, with a 2023 revenue of HKD 565.4 billion from its display business, which includes a 7.6% increase in smart screen revenue to HKD 486.3 billion. The global shipment of smart screens reached 25.26 million units, marking a 6.2% year-on-year growth [2][36]. - The company has solidified its position in the large-size display market, with a focus on high-end products and a dual-brand strategy that has led to a market share increase [34][36]. 3. Internet and Innovation Business - The internet business generated HKD 27.6 billion in 2023, a 20% increase, with a gross margin improvement to 55%. The company has partnered with major internet firms to enhance user experience and monetization [2][25]. - Innovation revenue surged by 78.5% to HKD 186.4 billion, driven by significant growth in the photovoltaic sector, which saw a revenue increase of 1820% to HKD 63 billion [2][25]. 4. Financial Analysis - The company reported a gross profit of HKD 148 billion in 2023, with a gross margin of 18.7%, reflecting a slight increase from the previous year. The operating efficiency has improved due to cost reduction and enhanced marketing strategies [2][6]. - TCL's financial health is robust, with a total market capitalization of HKD 15.1 billion and a debt-to-asset ratio of 73.28% [3][6]. 5. Investment Outlook - TCL Electronics is well-positioned in the global TV market, with a strong focus on high-end products and diversification into new business areas. The expected adjusted net profits for 2024, 2025, and 2026 are HKD 1.33 billion, HKD 1.61 billion, and HKD 1.93 billion, respectively [2][3].

Investment Rating - The report assigns a "Buy" rating for TCL Electronics (1070) with a target price of 7.00 HKD [2]. Core Insights - The report highlights significant performance improvement driven by breakthroughs in mid-to-high-end products and multi-business collaboration, with overall revenue for 2023 reaching 789.9 billion HKD, a year-on-year increase of 10.7% [2]. - The company's global television shipment volume increased by 6.2% to 25.26 million units in 2023, with a notable growth in shipments of 65 inches and above, which rose by 35.3% to 621 thousand units [2]. - The internet business has emerged as a second growth curve, with revenue increasing by 27.6% year-on-year to 18.64 billion HKD, contributing positively to overall profitability [2]. Financial Summary - Revenue for 2022 was 71,351 million HKD, with a forecasted increase to 78,986 million HKD in 2023 and projected growth to 84,554 million HKD in 2024 [3]. - Net profit for 2022 was 447 million HKD, expected to rise to 744 million HKD in 2023 and further to 1,111 million HKD in 2024 [3]. - The adjusted net profit for 2023 is forecasted at 803 million HKD, with a significant growth rate of 14.0% [3]. Business Performance - The report indicates that the television business has outperformed the overall market, with a revenue increase of 7.6% to 48.63 billion HKD despite a general decline in the television market [2]. - The domestic market's revenue grew by 5.4% to 16 billion HKD, with market share increasing to 18.1% [2]. - The company's operational efficiency improved, with an overall expense ratio decreasing by 1.5 percentage points to 66.4% [2]. Future Projections - The revenue projections for 2024-2026 are adjusted to 846 billion HKD, 931 billion HKD, and 1,000 billion HKD respectively, with net profit forecasts of 1111 million HKD, 1481 million HKD, and 1690 million HKD [2][3]. - The report anticipates continued growth in both domestic and overseas markets, with a focus on high-end product categories contributing positively to gross margins [2].