TCL TECH.(000100) 长江证券·2024-11-12 15:24Investment 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].