Core Viewpoint - The article discusses the strategic evolution of TCL under the leadership of Li Dongsheng, highlighting key management changes and the company's transition into a new phase with a focus on long-term strategic direction and operational execution. Group 1: Management Transition - On January 19, 2026, TCL Technology announced that Li Dongsheng would step down as CEO, with COO Wang Cheng taking over, while Li continues as Chairman to focus on long-term strategy [1] - This management change signifies a shift to a model where the Chairman sets strategy and the CEO manages execution, indicating a mature corporate governance structure [1] Group 2: Strategic Upgrades - TCL has undergone four major strategic upgrades: global mergers and acquisitions (2001-2007), upward industry chain breakthroughs (2007-2015), business structure reorganization (2015-2020), and diversification into new energy (2020-2025) [4] - The global merger phase included the acquisition of Thomson's global TV business and Alcatel's mobile business, which, despite initial setbacks, laid the groundwork for TCL's international expansion [4] - The upward industry chain breakthrough involved a significant investment of 24.5 billion yuan in the Huaxing Optoelectronics project to address the "chip shortage" issue in the Chinese TV industry [5] Group 3: Business Structure Reorganization - In 2019, TCL underwent a major asset restructuring, splitting into TCL Technology and TCL Industry to focus on specialized operations [6] - TCL Technology concentrated on semiconductor displays and new energy, while TCL Industry focused on smart terminal products, enhancing operational efficiency [6] Group 4: New Energy Ventures - In 2020, TCL invested 12.5 billion yuan to acquire Tianjin Zhonghuan, marking its entry into the photovoltaic sector, which complements its semiconductor display business [6][8] - This strategic move aims to create a dual-core industry structure of "semiconductor display + new energy," enhancing TCL's competitive edge [8] Group 5: Globalization Efforts - TCL has made significant strides in international markets, with overseas sales accounting for 60% of its smart terminal business, driven by double-digit growth [13] - The company aims to establish a global manufacturing supply chain to enhance brand influence and commercial value [13] Group 6: Industry Context - The semiconductor display industry is characterized by rapid technological changes and intense competition, particularly among China, Japan, and South Korea [14] - TCL's strategic decisions, such as the establishment of Huaxing Optoelectronics, were driven by the need for stronger upstream capabilities in the display sector [15][16]

证 券 研 究 报 告 家电行业 2025Q4 基金重仓分析 重仓家电比例略有回升，白电、黑电及两轮 推荐（维持） 车获增配 行业研究 家电 2026 年 01 月 30 日 华创证券研究所 证券分析师：韩星雨 邮箱：hanxingyu@hcyjs.com 执业编号：S0360525050001 证券分析师：陆偲聪 邮箱：lusicong@hcyjs.com 执业编号：S0360525050002 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 80 | 0.01 | | 总市值(亿元) | 20,794.64 | 1.62 | | 流通市值(亿元) | 18,634.02 | 1.79 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 3.8% | 10.1% | 16.3% | | 相对表现 | 2.0% | -4.1% | -7.4% | -7% 4% 15% 26% 25/01 25/04 25/06 25/08 25/11 26/01 2025-01-28~2026 ...

TCL 电子：进击全球电视龙头。TCL 电子是我国电视行业龙头，业务涵盖电视等显示业务、互联网业 务和光伏及家电全品类营销等创新业务。公司2024 年电视出货量位居全球第二，Mini LED 电视出货量 位居全球第一。公司2016-2024 年营收复合增长14.5%至993 亿港元，归母利润复合增长32.7%至18 亿港 元。公司营收以电视为主，2024 年占比超60%；公司美欧及海外新兴市场均有布局，2024 年海外收入 占比58%。 电视迎迭代机遇期，国内电视产业加速出海。当前全球电视销售规模虽然进入稳定期，但在面板供给逐 步走向集中推动面板价格稳定的背景下，叠加电视大屏化、Mini LED 等结构升级，电视均价有望进入 上涨通道。头部品牌凭借规模优势逐步强化产品技术优势和产业链地位，攫取更多份额，全球电视出货 量CR4 从2018 年44.5%提升至2024 年56.2%，行业格局出现改善。我国电视龙头TCL 及海信视像凭借领 先的产品竞争力，在渠道和营销的持续强化之下，近年来在全球主要电视市场的市占率均明显提升，出 货量份额跃居全球前三。 TCL 电子：技术及供应链布局领先，发力全球市场。公司深耕Mi ...

Core Viewpoint - The company has signed a memorandum of understanding with Sony to establish a joint venture, with TCL holding 51% and Sony 49%, to operate Sony's home entertainment business globally, including product development, design, manufacturing, sales, logistics, and customer service [1] Group 1: Joint Venture Details - The joint venture aims to integrate operations for products such as televisions and home audio systems, with plans to start operations in April 2027 [1] - The memorandum includes arrangements for future licensing of patents, technology, and branding between the joint venture, Sony, and TCL [1] Group 2: Implications for Sony - Sony's television segment has seen a decline in market share from 6% a decade ago to 2% currently, as the company shifts focus towards IP-driven businesses like gaming and music [1] - The collaboration with TCL is expected to leverage TCL's cost efficiency and technology to revitalize Sony's television market presence and improve financial performance [1] Group 3: Implications for TCL - TCL is expected to gain access to high-end technology, top-tier branding, and distribution channels, enhancing the quality of its products [2] - The partnership is projected to significantly impact TCL's financials, with Sony's entertainment, technology, and services segment generating revenue of 2,409.3 billion yen and operating profit of 190.9 billion yen for FY2024, including television business revenue of 597.8 billion yen [2] - The combination of Sony's premium pricing and TCL's technological integration is anticipated to lead to improved profitability and performance for TCL [2] Group 4: Investment Outlook - TCL is positioned as a leading player in the global television industry, focusing on high-end products and global operations to steadily expand market share [2] - The company is expected to achieve adjusted net profits of 2.47 billion, 2.88 billion, and 3.45 billion HKD for the years 2025-2027, with corresponding dynamic P/E ratios of 13.1x, 11.2x, and 9.4x, maintaining a "buy" rating [2]

【中泰科技消费丨家电】低位价值标的 ➤#高增过后短期大盘相对走平、预计资金偏好或利好家电等低估价值标的。 ➤基本面更新：25Q4高基数市场预期已充分消化，26Q1基本面良好，产业在线排产数据持平，对比25Q4小几十 下滑， 当前家电价值标的对应26年的业绩、估值和股息率分别为， ➤美的A：归母+10%，PE为11.7X，股息率5.9% ➤海尔A：归母+10 ➤海尔A：归母+10%，PE为10.5X，股息率5.2% ➤格力：归母持平，PE为6.9X，股息率7.5% ➤奥克斯：假设26年归母26亿，PE为7.3X，股息率10% ➤海信家电：归母+6%，PE为9.9X，股息率为5% ➤海信视像：归母+13%，PE为11.4X，股息率为4.5% ➤TCL电子：归母+23%，PE为11.2X，股息率为4.5% ➤雅迪：归母+15%，PE为10.5X，股息率4.8% 【中泰科技消费丨家电】低位价值标的 ➤#高增过后短期大盘相对走平、预计资金偏好或利好家电等低估价值标的。 ➤基本面更新：25Q4高基数市场预期已充分消化，26Q1基本面良好，产业在线排产数据持平，对比25Q4小几十 下滑， 当前家电价值标的对应26年的业绩、 ...

➤美的A：归母+10%，PE为11.7X，股息率5.9% ➤海尔A： 【中泰科技消费丨家电】关注低位价值标的 ➤#高增过后短期大盘相对走平、预计资金偏好或利好家电等低估价值标的。 ➤基本面更新：25Q4高基数市场预期已充分消化，26Q1基本面良好，产业在线排产数据持平，对比25Q4小几十 下滑， 当前家电价值标的对应26年的业绩、估值和股息率分别为， ➤海信视像：归母+13%，PE为11.4X，股息率为4.5% 【中泰科技消费丨家电】关注低位价值标的 ➤#高增过后短期大盘相对走平、预计资金偏好或利好家电等低估价值标的。 ➤基本面更新：25Q4高基数市场预期已充分消化，26Q1基本面良好，产业在线排产数据持平，对比25Q4小几十 下滑， ➤格力：归母持平，PE为6.9X，股息率7.5% ➤奥克斯：假设26年归母26亿，PE为7.3X，股息率10% ➤海信家电：归母+6%，PE为9.9X，股息率为5% 当前家电价值标的对应26年的业绩、估值和股息率分别为， ➤美的A：归母+10%，PE为11.7X，股息率5.9% ➤海尔A：归母+10%，PE为10.5X，股息率5.2% ➤TCL电子：归母+23%，PE为11.2 ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

证券研究报告 | 2026年01月26日 2026年01月27日 TCL 电子（01070.HK） 与索尼达成战略合作，有望加速电视业务全球扩张 优于大市 |  | 公司研究·公司快评 |  | 家用电器·黑色家电 |  投资评级：优于大市（首次） | | --- | --- | --- | --- | --- | | 证券分析师： | 陈伟奇 | 0755-81982606 | chenweiqi@guosen.com.cn | 执证编码：S0980520110004 | | 证券分析师： | 王兆康 | 0755-81983063 | wangzk@guosen.com.cn | 执证编码：S0980520120004 | | 证券分析师： | 邹会阳 | 0755-81981518 | zouhuiyang@guosen.com.cn | 执证编码：S0980523020001 | | 证券分析师： | 李晶 | | lijing29@guosen.com.cn | 执证编码：S0980525080003 | 事项： 公司发布公告，公司与索尼于 1 月 20 日订立不具法律约束力的意向备忘录，拟在 ...

国信证券发布研报称，首次覆盖，给予TCL电子（01070）"优于大市"评级。预计TCL电子2025-2027年 营收1125.1/1265.4/1381.4亿港元，同比分别增长13.3%/12.5%/9.2%；归母净利润分别为24.1/28.2/32.5亿 港元，同比增长37.2%/16.8%/15.3%；对应EPS为0.96/1.12/1.29港元，对应PE为12.8/11.0/9.6倍。综合绝 对估值和相对估值，该行认为公司股票合理估值区间为15.29-17.64港元/股，对应2026年PE为13.7-15.8 倍。 国信证券主要观点如下： 近期事件 公司发布公告，公司与索尼于1月20日订立不具法律约束力的意向备忘录，拟在全球范围内成立一家合 资公司，承接索尼电视、家庭音响等家庭娱乐产品的开发、制造、销售及客户服务全流程。合资公司将 由TCL电子持股51%，索尼持股49%。）双方还将就专利、技术及品牌授权达成未来安排。 TCL电子与索尼合作，有望实现优势互补，加速索尼及TCL电视业务在海外市场的发展 TCL与索尼合资公司有望结合索尼在音视频领域的先进技术、品牌价值，和TCL电子在先进显示技术、 全球化规模 ...

TCL电子与索尼合作，有望实现优势互补，加速索尼及TCL电视业务在海外市场的发展 TCL与索尼合资公司有望结合索尼在音视频领域的先进技术、品牌价值，和TCL电子在先进显示技术、 全球化规模优势、产业链上下游布局、高效制造等方面的积累，有助于优化索尼电视的生产制造成本， 提升索尼电视在全球的运营质量。同时，Sony及BRAVIA品牌定位中高端，海外影响力大，与TCL品牌 互补性强，结合双方在渠道上的优势，有助于推动双方电视业务发展更进一步。 智通财经APP获悉，国信证券发布研报称，首次覆盖，给予TCL电子(01070)"优于大市"评级。预计TCL 电子2025-2027年营收1125.1/1265.4/1381.4亿港元，同比分别增长13.3%/12.5%/9.2%;归母净利润分别为 24.1/28.2/32.5亿港元，同比增长37.2%/16.8%/15.3%;对应EPS为0.96/1.12/1.29港元，对应PE为 12.8/11.0/9.6倍。综合绝对估值和相对估值，该行认为公司股票合理估值区间为15.29-17.64港元/股，对 应2026年PE为13.7-15.8倍。 国信证券主要观点如下： 近期事件 ...