Investment Rating - The report maintains a rating of "Buy" for TCL Electronics [4][13]. Core Views - The ITC's initiation of a 337 investigation against TCL Electronics is characterized as a non-standard patent dispute, with limited impact on the company's operations in North America. The primary goal of the plaintiff, Maxell, is expected to be obtaining settlement compensation [4][10][13]. - The company is anticipated to benefit significantly from the domestic appliance replacement program, enhancing its position as a leading player in the black goods sector. The global competitiveness of TCL Electronics is continuously improving, entering a phase of quality enhancement and efficiency realization [4][13]. Summary by Sections Event Overview - On September 24, 2024, the ITC voted to initiate a 337 investigation concerning certain smart televisions, following a complaint filed by Maxell on August 22, 2024, alleging patent infringement related to several registered patents [9][10]. - The patents in question involve Bluetooth and Wi-Fi technologies, which are highly relevant to the interconnectivity of mobile devices and televisions [10]. Investment Recommendations - The report suggests that the ongoing patent dispute will not adversely affect TCL's sales in North America. The expected settlement costs are projected to be between USD 200,000 to 400,000 (approximately HKD 1.557 million to 3.114 million), assuming a one-time payment of USD 0.5 to 1 per TV sold [12][13]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at HKD 0.56, 0.68, and 0.76, representing year-on-year growth of 90%, 21%, and 13% respectively [4][13].
TCL电子：非标专利纠纷起，对公司实质影响有限