Investment Rating - The report gives a "Buy" rating for the company, with a target price of 8.0 HKD based on a 12x PE valuation for 2025 [3][128]. Core Insights - The company is positioned as a global leader in display technology, with a focus on expanding its market share and improving profitability through product innovation and channel development [11][12]. - The Mini LED technology is expected to drive a new wave of growth, with the company achieving significant sales increases and surpassing competitors like Samsung in global shipments [1][45]. - The internet and innovation segments are also showing strong growth, with a focus on enhancing user experience and expanding overseas partnerships [2][90]. Summary by Sections Investment Logic - The company is enhancing its global presence, with a dual focus on market share and profitability. Mini LED technology is projected to see over 50% global shipment growth in 2024, with the company leading the market [1]. - In Europe, the company has seen a 35% year-on-year increase in sales, significantly outperforming the industry [1]. Internet & Innovation Business - The internet segment has maintained a gross margin above 50%, with a CAGR of 38% from 2019 to 2023, driven by ARPU growth and overseas expansion [2]. - The AR glasses segment is expected to grow significantly, with the company holding a 37.3% market share in China as of 2024H1 [2]. Profit Forecast, Valuation, and Rating - Revenue projections for 2024-2026 are 98.14 billion, 114.35 billion, and 128.33 billion HKD, with corresponding net profits of 1.35 billion, 1.68 billion, and 2.14 billion HKD [3][116]. - The company is expected to achieve high growth elasticity in performance due to its dual focus on market share and profitability [3][128].
TCL电子：利润+份额双驱动，全球持续突破