Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [5] Core Views - The company has launched a new round of equity incentive plans, raising profit assessment targets for 2025 and 2026, reflecting long-term growth confidence. The adjusted net profit targets for 2025, 2026, and 2027 are set at 23.3 billion, 28.1 billion, and 32.1 billion HKD respectively, indicating a growth of no less than 45%, 75%, and 100% compared to 2024 [5][6] - The earnings forecast has been revised upwards, with expected net profits for 2025, 2026, and 2027 now at 22.56 billion, 26.16 billion, and 29.82 billion HKD, respectively, compared to previous estimates of 21.32 billion, 24.74 billion, and 27.99 billion HKD [5][6] - The company is expected to benefit from domestic sales of large-size and MiniLED TVs, with online sales growth of 28% for TCL brand and 62% for Thunder brand in Q1 2025 [7] Financial Summary and Valuation Metrics - Revenue for 2023 is reported at 78,986 million HKD, with projections of 99,322 million HKD for 2024, 117,182 million HKD for 2025, 133,786 million HKD for 2026, and 149,401 million HKD for 2027, reflecting year-on-year growth rates of 10.7%, 25.7%, 18.0%, 14.2%, and 11.7% respectively [9] - Net profit for 2023 is 744 million HKD, with projections of 1,759 million HKD for 2024, 2,256 million HKD for 2025, 2,616 million HKD for 2026, and 2,982 million HKD for 2027, indicating year-on-year growth rates of 66.4%, 136.6%, 28.2%, 16.0%, and 14.0% respectively [9] - The diluted EPS is expected to be 0.9 HKD for 2025, 1.0 HKD for 2026, and 1.2 HKD for 2027, with corresponding P/E ratios of 8.9, 7.7, and 6.7 [9]
TCL电子（01070）：港股公司信息更新报告：新一轮股权激励上调利润考核目标，彰显增长信心