Investment Rating - The report assigns a "Buy" rating for TCL Electronics (1070) with a target price of 7.00 HKD [2]. Core Insights - The report highlights significant performance improvement driven by breakthroughs in mid-to-high-end products and multi-business collaboration, with overall revenue for 2023 reaching 789.9 billion HKD, a year-on-year increase of 10.7% [2]. - The company's global television shipment volume increased by 6.2% to 25.26 million units in 2023, with a notable growth in shipments of 65 inches and above, which rose by 35.3% to 621 thousand units [2]. - The internet business has emerged as a second growth curve, with revenue increasing by 27.6% year-on-year to 18.64 billion HKD, contributing positively to overall profitability [2]. Financial Summary - Revenue for 2022 was 71,351 million HKD, with a forecasted increase to 78,986 million HKD in 2023 and projected growth to 84,554 million HKD in 2024 [3]. - Net profit for 2022 was 447 million HKD, expected to rise to 744 million HKD in 2023 and further to 1,111 million HKD in 2024 [3]. - The adjusted net profit for 2023 is forecasted at 803 million HKD, with a significant growth rate of 14.0% [3]. Business Performance - The report indicates that the television business has outperformed the overall market, with a revenue increase of 7.6% to 48.63 billion HKD despite a general decline in the television market [2]. - The domestic market's revenue grew by 5.4% to 16 billion HKD, with market share increasing to 18.1% [2]. - The company's operational efficiency improved, with an overall expense ratio decreasing by 1.5 percentage points to 66.4% [2]. Future Projections - The revenue projections for 2024-2026 are adjusted to 846 billion HKD, 931 billion HKD, and 1,000 billion HKD respectively, with net profit forecasts of 1111 million HKD, 1481 million HKD, and 1690 million HKD [2][3]. - The report anticipates continued growth in both domestic and overseas markets, with a focus on high-end product categories contributing positively to gross margins [2].
TCL电子：中高端突破与多业务协同驱动盈利提升