TCL TECH.(000100)2023-04-27 16:00Financial Performance - The company reported a revenue of CNY 39.44 billion for Q1 2023, a decrease of 2.77% compared to CNY 40.57 billion in the same period last year[5]. - The net loss attributable to shareholders was CNY 548.99 million, a decline of 140.59% from a profit of CNY 1.35 billion in Q1 2022[5]. - Total operating revenue for Q1 2023 was ¥39.47 billion, a decrease of 2.8% compared to ¥40.60 billion in Q1 2022[19]. - Net profit for Q1 2023 was ¥111.36 million, a significant decline from ¥2.35 billion in the same period last year[20]. - Operating profit for Q1 2023 was ¥43.62 million, a sharp drop from ¥1.86 billion in Q1 2022[19]. - The company’s total comprehensive income for Q1 2023 was ¥137.20 million, down from ¥2.45 billion in Q1 2022[20]. - Basic earnings per share for Q1 2023 were -¥0.0326, compared to ¥0.1008 in the same period last year[20]. Cash Flow and Liquidity - Operating cash flow for the quarter was CNY 4.50 billion, an increase of 16.34% from CNY 3.86 billion in the previous year[5]. - The net cash flow from operating activities for Q1 2023 was CNY 4,495,356,538, an increase of 16.3% compared to CNY 3,863,953,881 in Q1 2022[21]. - The ending balance of cash and cash equivalents increased to CNY 36,107,290,306 from CNY 25,940,113,568 year-over-year[22]. - The company’s cash and cash equivalents increased to CNY 38.05 billion from CNY 35.38 billion, representing a growth of about 7.5%[17]. - The net increase in cash and cash equivalents for the quarter was CNY 2,431,666,015, contrasting with a decrease of CNY -4,141,591,296 in the previous year[22]. - Cash paid for purchasing goods and services was CNY 23,587,210,982, down from CNY 25,746,314,393 in the previous year[21]. - Cash paid to employees was CNY 2,733,093,133, a decrease from CNY 3,158,375,360 in Q1 2022[21]. Assets and Liabilities - The company’s total assets increased by 5.39% to CNY 379.40 billion compared to CNY 360.00 billion at the end of the previous year[5]. - The total liabilities of TCL Technology Group amounted to CNY 241.44 billion, compared to CNY 227.86 billion at the beginning of the year, marking an increase of around 5.9%[18]. - The company’s equity attributable to shareholders decreased to CNY 49.66 billion from CNY 50.68 billion, a decline of about 2.0%[18]. - The company’s long-term payables increased by 72.7% to CNY 1.53 billion, attributed to an increase in the scope of consolidation[7]. - Accounts receivable rose to CNY 15.73 billion, up from CNY 14.05 billion, indicating an increase of approximately 12.0%[17]. - The total inventory increased to CNY 18.67 billion from CNY 18.00 billion, showing a growth of about 3.7%[17]. Business Segments and Growth - The semiconductor display business experienced a significant decline in average prices, impacting overall profitability, although prices began to rise at the end of Q1 2023[8]. - The company’s new energy photovoltaic and semiconductor materials businesses continued to achieve rapid growth in both revenue and performance[8]. - The photovoltaic business achieved revenue of 17.62 billion RMB, a year-on-year increase of 31.8%, and net profit of 2.46 billion RMB, a year-on-year increase of 69.2%[10]. - The semiconductor display business reported revenue of 15.12 billion RMB, a year-on-year decrease of 24.5%, while TCL Huaxing achieved a display panel sales area of 11.323 million square meters, an increase of 0.7%[9]. - The company aims to enhance its competitive edge by focusing on the semiconductor display, new energy photovoltaic, and semiconductor materials sectors[8]. - The company aims to leverage opportunities in the semiconductor display, new energy photovoltaic, and semiconductor materials sectors to establish core competitiveness based on product technology innovation[10]. - The total production capacity of monocrystalline silicon reached 150 GW, with a monthly utilization rate significantly improving[10]. - The company plans to build a 25 GW N-type TOPCON battery smart factory to enhance competitiveness in the photovoltaic materials sector[10]. Research and Development - Research and development expenses increased to ¥2.59 billion, up 27% from ¥2.04 billion in Q1 2022[19]. Market Position and Competitive Landscape - In the large-size segment, TCL Huaxing maintained its leading position in TV panels, with a global market share ranking second overall, and first for 55-inch and 75-inch products[9]. - TCL Huaxing's gaming monitor (MNT) products achieved the highest global market share, while LTPS mobile products ranked second globally[9]. - The competitive landscape in the semiconductor display industry is improving, with leading companies enhancing their scale effects for long-term healthy development[9]. - The semiconductor display business is expected to gradually improve its operational performance due to balanced supply and demand in the industry[10]. - The company is focusing on differentiated technology and product structure upgrades in the small-size business segment, with LTPO flexible OLED products being shipped in high-end models[9].