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].
TCL电子：公司2024H1业绩预告点评：提质增效、竞争力提升，业绩实现高增