Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][17]. Core Views - TCL Electronics has launched the AI shooting glasses V3 under its Thunder brand, priced at 1799 yuan, which is positioned as a more cost-effective alternative to Meta's products [1][6]. - The global TV market shows strong demand for high-end large-screen products, and TCL is expected to benefit from this trend, alongside rapid growth in industries such as photovoltaics and AR/XR [9]. - The company is improving internal efficiency and increasing its market share in mid-to-high-end large-screen products, while its internet business remains profitable [9]. Summary by Sections Product Launch - The Thunder V3 features a 12-megapixel Sony IMX681 sensor, ultra-wide angle, and a large aperture, optimized for over 20 scenes through a proprietary imaging system [4]. - The glasses weigh only 39 grams, enhancing user comfort, and include AI noise reduction and a custom speaker for sound quality [4][5]. - The product supports various charging methods, including a "use while charging" mode, with a battery life of 7 hours after a 40-minute fast charge [5]. Financial Projections - The report forecasts TCL's net profit for 2024, 2025, and 2026 to be 1.415 billion, 1.611 billion, and 1.952 billion HKD respectively, with corresponding EPS of 0.56, 0.64, and 0.77 HKD [9][10]. - Revenue is expected to grow from 78.986 billion HKD in 2023 to 140.273 billion HKD by 2026, reflecting a compound annual growth rate [10]. Market Position - TCL is positioned as a leader in the global TV industry, with a focus on expanding its smart glasses product line, which is anticipated to enhance its performance and brand recognition [9][6]. - The competitive pricing of the Thunder V3 compared to Meta's offerings is highlighted as a significant advantage, potentially driving market share growth [6].
TCL电子：雷鸟发布AI拍摄眼镜V3，对标Meta或更具性价比