证券代码:000100 证券简称:TCL 科技 公告编号: 2024-086 TCL 科技集团股份有限公司 第八届董事会第七次会议决议公告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 TCL 科技集团股份有限公司（以下简称"本公司"或"公司"）第八届董事 会第七次会议于 2024 年 12 月 25 日以邮件形式发出通知，并于 2024 年 12 月 27 日以通讯方式召开。本次董事会应出席董事 8 人，实际出席董事 8 人。本次会议 的召开符合《中华人民共和国公司法》及《公司章程》的有关规定。 一、会议以 8 票赞成，0 票弃权，0 票反对审议并通过《关于增补第八届董 事会非独立董事及战略与可持续发展委员会委员的议案》。 经公司第一大股东、董事长、CEO 李东生先生提名及董事会提名委员会资 格审查，公司董事会同意聘任王彦君先生为公司高级副总裁，任期自公司董事会 审议通过之日起至第八届董事会任期届满之日止。 详情请见与本决议公告同日发布在指定信息披露媒体上的公司《关于董事、 高级管理人员辞职及增补董事、聘任高级管理人员的公告》。 本议案 ...

证券代码:000100 证券简称:TCL 科技 公告编号: 2024-088 TCL 科技集团股份有限公司 关于申请注册发行银行间债券市场债务融资工具的公告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 为优化融资结构、拓宽融资渠道、降低融资成本、节省财务费用，TCL 科技 集团股份有限公司（以下简称"公司"）于 2024 年 12 月 27 日召开的第八届董 事会第七次会议审议通过《关于申请注册发行银行间债券市场债务融资工具的议 案》，具体内容如下： 一、公司具备统一注册债务融资工具的资格 根据中国人民银行《银行间债券市场非金融企业债务融资工具管理办法》、 中国银行间市场交易商协会（以下简称"交易商协会"）《非金融企业债务融资工 具注册工作规程（2023 版）》等相关规定，公司属于成熟层企业，具备统一注册 包括超短期融资券、短期融资券、中期票据、永续票据、资产支持票据、绿色债 务融资工具等品种债务融资工具的资格。考虑注册后可根据公司业务需要，及时 把握市场时机选择最优发行方案，为公司获取低成本融资资源，公司拟统一注册 债务融资工具。统一 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-089 TCL 科技集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 TCL科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 | 一、召开会议的基本情况 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1、股东大会届次：2025 年第一次临时股东大会； | | | | | | | | | 2、召集人：TCL 科技集团股份有限公司董事会； | | | | | | | | | 3、会议召开的合法性、合规性情况：本次股东大会会议的召开符合上市公司相关 | | | | | | | | | 法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定； | | | | | | | | | 年 日（星期一）下午 4、现场会议召开时间：2025 1 13 14:50； | | | | | 月 | | | | 5、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2025 | | ...

Investment Rating - The report maintains a "Buy" rating for TCL Technology, indicating a positive outlook for the company's stock performance [3][8]. Core Views - The panel business of TCL Technology is expected to continue benefiting from a price upcycle, with a forecasted increase in net profit for the years 2024 to 2026 [8]. - The company reported a significant improvement in its panel business, achieving a revenue of 76.956 billion yuan in the first three quarters of 2024, a year-on-year increase of 25.74% [5]. - The report highlights the challenges faced by the photovoltaic business, which saw a revenue decline of 53.60% year-on-year, but anticipates a recovery as energy consumption indicators improve [5]. Financial Summary - For the fiscal year 2024E, TCL Technology is projected to have total revenue of 190.941 billion yuan, with a year-on-year growth of 9.5% [4]. - The net profit attributable to shareholders is expected to be 1.768 billion yuan in 2024E, reflecting a decrease of 20.2% compared to the previous year [4]. - The gross profit margin is forecasted to improve from 14.7% in 2023 to 16.0% in 2024E, indicating enhanced profitability [4]. - The return on equity (ROE) is projected to rise significantly from 3.3% in 2024E to 12.4% by 2026E [4]. Business Performance - The panel business has shown resilience, with a net profit of approximately 1.747 billion yuan in Q3 2024, despite seasonal fluctuations in demand [5]. - The photovoltaic segment is expected to reduce losses in the future as market conditions stabilize [5]. - The company has maintained a strong operating cash flow, with a net cash flow from operating activities of 22.001 billion yuan in the first three quarters of 2024 [7].

Investment Rating - The report assigns a "Buy" rating to the company [2]. Core Views - The company focuses on semiconductor display as its main business while expanding into semiconductor photovoltaic and materials to create a second growth curve [2]. - The panel industry is experiencing a recovery in demand, with expectations for continued improvement in the future [2]. - The company is enhancing its capacity and transitioning from large-size to full-size production, solidifying its leading position in the industry [2]. Summary by Sections 1. Strong Performance in Main Panel Business - The company is a leading player in the global panel industry, focusing on semiconductor display and photovoltaic materials [22]. - The acquisition of LGD's G8.5 line is expected to strengthen the company's position in the large-size LCD market [22]. - The semiconductor display business is expanding its capacity and optimizing its product structure, with significant growth in both large and small-size panels [30]. 2. Supply and Demand Improvement - The industry is seeing increased concentration, with domestic manufacturers driving a recovery in panel prices [58]. - The company's market share in large-size panels is expected to increase due to strategic acquisitions and capacity expansions [58]. - The demand for large-size TV panels is rebounding, contributing to significant revenue growth for the company [58]. 3. Financial Performance and Projections - The company anticipates net profits of 27 billion, 63 billion, and 95 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.14, 0.33, and 0.51 yuan [4]. - The gross profit margin is projected to improve from 12.1% in 2024 to 17.1% in 2026, indicating enhanced profitability [4]. - The company's cash flow has significantly improved, with a year-on-year increase of 37.38% in 2023 and 21.28% in the first half of 2024 [53].

北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 UITE : 3 In YUAN LAW OFFICES 致:TCL 科技集团股份有限公司 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2024年第二次临时股东大会的法律意见书 嘉源(2024)-04-837 北京市嘉源律师事务所(以下简称本所)接受TCL科技集团股份有限公司(以 下简称公司)的委托,根据《中华人民共和国公司法》(以下简称《公司法》)、 《上市公司股东大会规则》（以下简称《股东大会规则》）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称法律法规)以及《TCL科技集团股 份有限公司章程》(以下简称《公司章程》)的有关规定,指派本所律师对公司 2024年第二次临时股东大会(以下简称本次股东大会)进行见证,并依法出具本 法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-082 TCL 科技集团股份有限公司 2024 年第二次临时股东大会决议公告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 一、重要提示 本次会议召开期间无提案的增加、否决或变更。 二、会议召开的情况 1、现场会议召开时间：2024 年 11 月 15 日（星期五）下午 2:00； 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 15 日（星期五）上午 9:15-9:25、9:30-11:30，下午 1:00-3:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2024 年 11 月 15 日（星期五）上午 9:15 至 2024 年 11 月 15 日 （星期五）下午 3:00 的任意时间； 3、现场会议召开地点：深圳市南山区中山园路 1001 号 TCL 科学园国际 E 城 G1 栋 2 楼 202 会议室； 4、召开方式：现场投票与网络投票相结合的方式； 5、召集人：TCL 科技集团股份有限公司董事会； ...

Investment Rating - The investment rating for TCL Technology is "Buy" and is maintained [4]. Core Views - The report indicates that the photovoltaic business has reached a bottom, and a cyclical recovery in the display sector is starting [4]. - In Q3 2024, TCL Technology reported revenue of 1230.28 billion, a year-on-year decrease of 7.57%, and a net profit attributable to shareholders of 15.25 billion, down 5.34% year-on-year. However, the net profit excluding non-recurring items increased by 43.58% to 7.29 billion [4][5]. - The report highlights that the photovoltaic business has significantly impacted profits, with TCL Zhonghuan's net profit contributing a loss of 29.98 billion, affecting TCL Technology's net profit by approximately 10 billion [4][5]. - The semiconductor display business showed strong performance with revenue of 769.56 billion, a year-on-year increase of 25.74%, and net profit of 44.43 billion, improving by 60.67 billion year-on-year [4]. Financial Summary - For Q3, the single-quarter revenue was 428.05 billion, down 10.75% year-on-year, with a net profit of 5.30 billion, a decrease of 58.29% year-on-year. The gross margin was 11.45%, down 1.54 percentage points quarter-on-quarter, and the net margin was -3.18%, down 2.85 percentage points quarter-on-quarter [4][5]. - The report forecasts that the EPS for 2024-2026 will be 0.14, 0.35, and 0.50, with corresponding P/E ratios of 37.18, 14.96, and 10.44 [6].

Investment Rating - The report assigns a "Buy" rating to TCL Technology (000100) based on its strong growth potential in the display business and expected recovery in the photovoltaic sector [5] Core Views - TCL Technology's display business showed strong growth momentum in Q3 2024, with significant profit improvement in TCL Huaxing [1] - The photovoltaic business (TCL Zhonghuan) faced challenges but is expected to recover due to industry self-regulation [1] - Market share in TV panels remains strong globally, with leadership in 55-inch and 75-inch segments [1] - The acquisition of LG's production line is expected to enhance market position and competitiveness [1] Business Performance Display Business - TCL Huaxing achieved revenue of 76.956 billion yuan, up 25.74% YoY, with net profit of 4.443 billion yuan [1] - Large-size TV panel prices stabilized in October 2024, while IT panel prices entered a seasonal downward trend [1] - Market share in 55-inch and 75-inch TV panels ranked first globally, with 65-inch panels ranking second [1] - IT and automotive display market share increased significantly, with gaming monitors maintaining global leadership [1] Photovoltaic Business - TCL Zhonghuan reported revenue of 22.582 billion yuan, down 53.6% YoY, with a net loss of 6.478 billion yuan [1] - Industry self-regulation is expected to stabilize prices and accelerate industry consolidation [1] Financial Performance - Q3 2024 revenue was 42.828 billion yuan, down 10.73% YoY but up 6.12% QoQ [1] - Net profit attributable to shareholders was 530 million yuan, down 58.29% YoY [1] - Gross margin for Q3 2024 was 11.45%, down 6.45 percentage points YoY [1] Market Position - TV panel market share remains second globally, with leadership in 55-inch and 75-inch segments [1] - IT and automotive display market share increased significantly, with gaming monitors maintaining global leadership [1] - LTPS smartphone panel shipments ranked second globally, with flexible OLED panel shipments growing steadily [1] Future Outlook - Revenue is forecasted to reach 166.548 billion yuan in 2024, 189.033 billion yuan in 2025, and 213.057 billion yuan in 2026 [5] - Net profit attributable to shareholders is expected to be 2.383 billion yuan in 2024, 5.311 billion yuan in 2025, and 8.622 billion yuan in 2026 [5] - EPS is projected to be 0.13 yuan in 2024, 0.28 yuan in 2025, and 0.46 yuan in 2026 [5] Valuation - Current P/E ratio is 35.98x for 2023, expected to decrease to 34.52x in 2024, 15.49x in 2025, and 9.54x in 2026 [6] - P/B ratio is 1.53x for 2023, expected to decrease to 1.52x in 2024, 1.43x in 2025, and 1.31x in 2026 [6] - EV/EBITDA is 6.73x for 2023, expected to decrease to 5.53x in 2024, 4.55x in 2025, and 3.63x in 2026 [6]

Summary of TCL Technology Q3 2024 Earnings Call Company Overview - **Company**: TCL Technology - **Industry**: Semiconductor Display and Renewable Energy Key Points Financial Performance - **Revenue**: For the first nine months of 2024, revenue was 123 billion, a decrease of 7.6% year-over-year [4] - **Gross Margin**: 12%, down 2.7% year-over-year [4] - **Net Profit**: 1.53 billion, a decline of 5.3% year-over-year [4] - **Cash Flow**: Operating cash flow increased by 36.3% year-over-year, reaching 22 billion [4] - **Debt Ratio**: Maintained at 65.3%, indicating a healthy long-term sustainability [4] Semiconductor Display Business - **Performance**: Revenue for the semiconductor display segment was 77 billion, up 25.7% year-over-year [4] - **Net Profit**: 3.2 billion, an improvement of 39.1% year-over-year [4] - **Market Position**: TCL ranks second globally in display panel shipments, with significant growth in large-size panels [2] - **OLED Growth**: TCL is the third-largest in global shipments of flexible OLED panels for mobile devices [2] - **Acquisition**: Announced acquisition of Guangzhou LG production line, expected to enhance technical capabilities and profitability [3] Industry Dynamics - **Market Trends**: The semiconductor display industry is experiencing a shift, with a focus on high-end products and rational business strategies [2] - **Supply and Demand**: The supply-demand relationship is improving, with mainstream product prices steadily increasing [4] - **Challenges**: The optical recovery industry faces significant supply pressure, with product prices substantially lower than the previous year [3] Future Outlook - **Q4 Expectations**: Anticipated improvement in pricing due to supply-demand imbalance, with expectations for price increases in Q4 [9] - **Capacity Utilization**: Projected to increase to over 80% in Q4 due to rising demand [16] - **Long-term Strategy**: Focus on optimizing production capacity and maintaining cost efficiency to enhance competitiveness [6] Renewable Energy and Photovoltaics - **Performance**: Revenue from renewable energy and photovoltaic materials was 22.6 billion, with a net loss of 1.81 billion [5] - **Market Conditions**: Demand remains strong, but accelerated capacity release is leading to supply-demand imbalances [4] Additional Insights - **Government Policies**: Recent appliance subsidy policies in China have significantly boosted demand, particularly for larger screen sizes [8] - **Inventory Levels**: Current inventory levels are stable, with no significant changes noted [8] - **Investment Gains**: Q3 saw a notable increase in investment income, attributed to improved capital market conditions [24] Conclusion - **Overall Strategy**: TCL Technology is committed to enhancing its competitive edge through strategic acquisitions, optimizing production, and focusing on high-end product development while navigating the challenges posed by market fluctuations and supply chain dynamics [6][3]