Investment Rating - The investment rating for the company is "Buy" [9] Core Insights - The core recommendation logic is that the company benefits from domestic subsidies and is increasing its market share overseas [2] - The black appliance industry is experiencing a stabilization in profitability and a valuation recovery due to improvements in the panel cycle and the impact of national subsidies [3][5] - The company is leveraging its leading product capabilities domestically and expanding its overseas channels, resulting in continuous market share growth [4] Summary by Sections Company Overview - The company is a subsidiary of TCL Industries, focusing on display business and has distribution capabilities for other products [22][26] - The company has a strong distribution network and has seen significant growth in its innovative business segments, including solar energy [27] Industry Dynamics - The black appliance industry is benefiting from a shift towards larger screens and improved competition among leading brands [47] - National subsidies are driving the growth of the MiniLED segment, leading to an increase in market demand [64] Financial Projections - Revenue projections for 2024-2026 are HKD 93.4 billion, HKD 109.2 billion, and HKD 118 billion, with corresponding growth rates of 18%, 17%, and 8% [7][108] - Expected net profit for the same period is HKD 1.3 billion, HKD 1.7 billion, and HKD 2 billion, with growth rates of 80%, 27%, and 16% [7][108] Market Positioning - The company is positioned as a leading brand in the global market, with significant growth in both North America and Europe [3][4] - The company has established partnerships with major retailers and is leveraging sports marketing to enhance brand recognition [80][84] Competitive Advantages - The company has a strong technological edge in MiniLED displays and has been proactive in product innovation [69][70] - The company is expanding its market share in emerging markets while maintaining a competitive edge against traditional brands [89][90]
TCL电子深度报告：彩电行业乘风起，显示龙头全球进击