Investment Rating - The report maintains a "Strong Buy" investment rating for TCL Electronics [4]. Core Views - The company has implemented an equity incentive plan that exceeds expectations, granting a total of 91.5 million shares to 860 incentive recipients, with performance targets set for adjusted net profit growth from 2024 to 2027 [1][8]. - TCL's global expansion strategy is resilient against tariff challenges, with significant production capacities in Mexico and Vietnam, allowing the company to mitigate cost risks effectively [8]. - The penetration rate of MiniLED technology is rapidly increasing, driven by government subsidies, with expectations for substantial growth in sales and market share in the coming years [8]. Financial Data and Valuation - Total revenue projections for TCL Electronics are as follows: - 2023: 79,111 million HKD - 2024: 99,322 million HKD (26% YoY growth) - 2025E: 116,149 million HKD (17% YoY growth) - 2026E: 137,888 million HKD (19% YoY growth) - 2027E: 158,475 million HKD (15% YoY growth) [3][10]. - The forecasted net profit for 2025-2027 is adjusted to 2.307 billion HKD, 2.798 billion HKD, and 3.202 billion HKD, representing YoY growth rates of 31%, 21%, and 14% respectively [8]. - The company's PE ratio is projected to decrease from 26.6 in 2023 to 6.2 in 2027, indicating an improving valuation over time [11]. Stock Performance - TCL Electronics has shown strong stock performance with absolute returns of 13% over 1 month, 57% over 6 months, and 98% over 12 months [6].
TCL电子（01070）：股权激励计划超预期，全球化布局无惧关税风波