【WitsView整理】 4月27日，TCL电子公布2025年第一季度全球TV出货量数据。 TCL电子表示，凭借"TCL+雷鸟"双品牌与"中高端+大屏化"战略实施，结合Mini LED、量子点、 AI智能等前沿技术，TCL电子2025年第一季度全球TV出货量达651万台，同比增长11.4%；受益于 公司TV业务中高端产品占比提升，带动公司TV销售额同比增长22.3%。 二零二五年第一季度出货量数据（未经审计） 单位：台 | | 二零二五年第一季度 | 二零二四年第一季度 | | --- | --- | --- | | 大尺寸显示 -- TCL TV全球出货量 | 6,507,078 | 5.840.635 | | - 65吋及以上TCL TV全球出货量占比 | 27.7% | 23.2% | | - 65吋及以上TCL TV中国市场出货量占比 | 54.7% | 51.2% | | - 65吋及以上TCL TV国际市场出货量占比 | 19.6% | 14.7% | | - 75吋及以上TCL TV全球出货量占比 | 13.7% | 10.8% | | -75吋及以上TCL TV中国市场出货量占比 | 34.9 ...

Financial Performance - TCL's revenue for the year ended December 31, 2024, reached HKD 99,322 million, representing a 25.7% increase from HKD 78,986 million in 2023[30] - The gross profit for 2024 was HKD 15,554 million, up 13.8% from HKD 13,674 million in the previous year[30] - Net profit attributable to shareholders increased by 136.6% to HKD 1,759 million, compared to HKD 744 million in 2023[30] - Adjusted net profit attributable to shareholders rose by 100.1% to HKD 1,606 million from HKD 803 million in the prior year[30] - The proposed final dividend per share for 2024 is HKD 31.80, a 98.8% increase from HKD 16.00 in 2023[30] - The company's net profit increased by 123.6% year-on-year to HKD 1.85 billion, with adjusted net profit growing by 100.1% to HKD 1.61 billion[38] - The company's adjusted net profit for 2024 increased by 100.1% year-on-year to HKD 16.06 billion, with a final dividend proposed at HKD 0.318 per share, representing approximately 50.0% of the adjusted net profit[88] - Overall gross profit rose by 13.8% from HKD 13.674 billion in 2023 to HKD 15.554 billion in 2024, with a gross margin of 15.7%, down 1.6 percentage points from 2023[147] Product Innovation and Market Expansion - TCL showcased nearly 100 innovative products at CES 2024, including the world's largest 115-inch QD-Mini LED TV[14] - TCL's QD-Mini LED TV X11H won the iF Design Award, highlighting its commitment to innovation in display technology[15] - The company plans to expand its market presence through partnerships and sponsorships, including becoming a global partner of the Olympics[27] - The global shipment of TCL TVs rose by 14.8% to 29 million units, with a market share increase to 13.9%[39] - Revenue from innovative businesses grew by 44.9% to HKD 27.01 billion, with gross profit increasing by 30.5% to HKD 3.35 billion[39] - TCL's Mini LED TV shipments surged by 194.5% to 1.7 million units, contributing to a 23.6% revenue growth in large-size display business to HKD 60.11 billion[39] - The company is actively expanding its photovoltaic business and innovative sectors such as AR/XR smart glasses and companion robots to diversify revenue streams[85] - The company launched the X11K QD-Mini LED TV, featuring cutting-edge technology with 14,000 local dimming zones and a peak brightness of 6,500 nits, recognized with the CES 2025 "Mini LED Display Technology Innovation Award"[96] Strategic Partnerships and Collaborations - The company signed a strategic cooperation framework agreement with COSCO Shipping to enhance digital logistics management[27] - TCL has accelerated its global localization strategy, enhancing brand influence and supply chain efficiency through strategic partnerships[42] - The company aims to deepen its "mid-to-high-end + globalization" strategy to enhance market presence and brand influence[135] Corporate Governance and Management - The board of directors is composed of seven members, including the chairperson and CEO, responsible for long-term strategy and performance oversight[192] - The company has maintained compliance with corporate governance codes throughout the fiscal year ending December 31, 2024[188] - Independent non-executive directors play a crucial role in ensuring high standards of financial reporting and governance[197] - The board regularly reviews financial and operational performance and discusses future development plans[191] - The company emphasizes transparency in governance to enhance stakeholder trust and value creation[187] Research and Development - R&D expenses for 2024 amounted to HKD 2.335 billion, focusing on advanced display technologies and AI innovations[95] - The company is investing in AI technology, launching the Fuxi AI model to enhance product capabilities and user experience[40] Market Trends and Industry Insights - The global TV industry is expected to see a shipment growth of 3.7% in 2024, with shipments of 75-inch and larger TVs increasing by 32.9%[80] - The average retail price of TVs in China has seen a double-digit increase due to the effective implementation of the "old-for-new" policy[80] - The concentration of the top four global TV brands is expected to rise from 53.8% in 2023 to 54.6% in 2024[80] - The global AR/VR market is anticipated to reach USD 83 billion by 2029, with a compound annual growth rate (CAGR) of 45%[81] Sustainability and Social Responsibility - The company is committed to sustainable development, achieving a CDP climate change management rating of B and being recognized in the top 5% globally by EcoVadis[43] - The company aims for a long-term operational goal of net profit growth exceeding revenue growth, focusing on sustainable development[138]

【解剖大盘】 正如昨日解盘所言："特朗普嘴炮对市场的影响是相当大的，就像上一次危机被成功化解，但预计边际 效用会递减"。隔夜美股冲高回落，力度没有上次那么猛。港股今天也出现调整，收盘跌0.74%。 看下特朗普怎么说的，当地时间4月23日，特朗普在白宫椭圆形办公室表示，他的政府可能会在"未来两 到三周内"公布对一些贸易伙伴的新关税金额，"可能包括中国"。这个所谓的两到三周，听听就好，就 像以前说24小时解决俄乌冲突一样，市场都已经习惯了。且不说和中国谈判还没有任何进展，和他自身 的盟友都还没谈好。4月23日央视新闻，白宫近期曾多次表示与墨西哥、日本、欧盟等方的贸易谈判取 得所谓"重大进展"，但各方却接连否认了美方的说法。包括英国、韩国、日本等均表示，不急着与美国 达成协议。 白宫新闻秘书莱维特表示，美方不会单方面降低对个别经济体的关税。特朗普已经明确表示，需要与对 方达成协议，我们对达成协议感到乐观，我们当然需要看到对方降低关税和非关税壁垒。意思就是要等 我们主动先降关税再谈，这就很搞笑了，根本就不可能。因此特朗普依旧停留在口嗨的阶段，资本市场 看清楚了这一点，预计今晚美股又要打回原形，港股先主动回撤。 看明白 ...

AI基金广发沪港深新机遇股票（001764）披露2025年一季报，第一季度基金利润4214.76万元，加权平均基金份额本期利润0.0675元。报告期内，基金净值 增长率为7.97%，截至一季度末，基金规模为6.37亿元。 该基金属于标准股票型基金。截至4月18日，单位净值为1.028元。基金经理是李耀柱，目前管理9只基金。其中，截至4月18日，广发港股通成长精选股票A 近一年复权单位净值增长率最高，达15.32%；广发聚优灵活配置混合A最低，为-7.17%。 基金管理人在一季报中表示，操作方面，本季度我们重点配置中国的新消费行业，特别是港股的新消费行业。随着中国高质量发展，人们的消费观念从满足 基础生活需求的消费转变为注重生活品质的消费，从单纯的物质需求转变为丰富的精神需求。消费类型的公司也由原来主要依靠渠道优势转变为品牌优势， 这些转变必然会诞生新的消费巨头，所以基金重点挖掘具有品牌优势且能够提供优质产品的上市公司。不仅如此，我们认为注重精神需求的优质产品未来也 会持续供不应求。当前，中国文化认同度和热度在全球范围提升，潮流玩具、黄金首饰奢侈品、茶饮、化妆品和医美等行业中突出中国元素的优质公司持续 获得消费 ...

Core Viewpoint - The performance of major television manufacturers serves as a barometer for the television market trends, with significant declines in revenue and profit reported by companies like Konka, TCL, Hisense, and Skyworth in 2024 [2][3]. Financial Performance - Konka Group reported a revenue of approximately 11.1 billion yuan in 2024, a year-on-year decline of 37.73%, and a net profit attributable to shareholders of approximately -3.3 billion yuan, down 52.31% [2]. - Konka's television business generated revenue of 5.03 billion yuan, a year-on-year increase of 6.78%, accounting for about 45% of total revenue [3]. - TCL's large-size display business revenue increased by 23.6% to 60.11 billion HKD (approximately 56.64 billion yuan), while Skyworth's smart TV revenue was about 20.8 billion yuan, up nearly 10% [4]. Market Dynamics - The domestic television market is increasingly concentrated among leading brands, with TCL, Hisense, and Skyworth collectively holding a market share of 60.5%, up 3.9 percentage points year-on-year [4]. - Mini LED technology is becoming a key competitive area in the high-end television market, with sales of Mini LED TVs in China increasing by 520.4% year-on-year in Q1 2024 [5][6]. Export Challenges - The overseas market has become increasingly important for television manufacturers, with Konka expanding its overseas business by acquiring 23 new clients and establishing a presence in Sri Lanka [7]. - The overall export volume of televisions from mainland China is projected to reach 110.54 million units in 2024, a year-on-year increase of 11.4% [8]. - Tariffs are a significant concern for manufacturers, particularly in the North American market, with companies like Hisense and TCL establishing factories in Mexico to mitigate costs [8][9].

Investment Rating - The investment rating for TCL Electronics is maintained as "Buy" [5][6]. 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 significant growth compared to previous targets [5][6]. - The financial forecasts have 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 earlier estimates of 21.32 billion, 24.74 billion, and 27.99 billion HKD [5][6]. - The company is expected to benefit from domestic sales driven by national subsidies, with a notable increase in sales of large-size and MiniLED TVs. Online sales for TCL and Thunder brands have shown significant year-on-year growth [7]. - Despite uncertainties in the U.S. market due to tariff policy changes, the company is well-positioned with sufficient production capacity globally to mitigate these impacts. The focus on high-margin channels in the U.S. and expansion into mainstream channels in Europe is anticipated to support steady overseas revenue growth [7]. Financial Summary and Valuation Metrics - The projected revenue for TCL Electronics is expected to grow from 78.986 billion HKD in 2023 to 117.182 billion HKD in 2025, reflecting a year-on-year growth rate of 18.0% [9]. - The net profit is forecasted to increase from 744 million HKD in 2023 to 2.256 billion HKD in 2025, with a year-on-year growth of 28.2% [9]. - The earnings per share (EPS) are expected to rise from 0.3 HKD in 2023 to 0.9 HKD in 2025, with a corresponding price-to-earnings (P/E) ratio decreasing from 26.5 to 8.9 [9].

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]

Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [6]. Core Views - TCL Electronics has announced a performance-based incentive share grant plan for 2025, demonstrating confidence in its growth [3][4]. - The company will grant a total of 91,497,900 shares to 860 key contributors, with vesting tied to performance metrics linked to net profit growth [7][8]. - The incentive plan aims to align the interests of management and key personnel with the company's long-term performance, indicating confidence in sustainable growth [7][8]. Summary by Sections Incentive Share Grant Plan - TCL Electronics has introduced a share incentive plan with performance conditions for 2025, involving 860 participants [3][4]. - The shares will vest in three tranches corresponding to the fiscal years 2025, 2026, and 2027, with maximum vesting ratios of approximately 40%, 30%, and 30% respectively [7]. - The vesting is contingent on achieving specific net profit growth rates compared to the fiscal year 2024 [7]. Financial Projections - The company anticipates a compound annual growth rate (CAGR) of 20.51%-25.99% for adjusted net profit from 2024 to 2027 [7]. - Revenue projections for 2025-2027 are estimated at HKD 22.23 billion, HKD 26.71 billion, and HKD 30.65 billion respectively, with corresponding price-to-earnings (PE) ratios of 9.33, 7.77, and 6.77 [7][8]. Market Outlook - The company expects to continue its growth trajectory in 2025, driven by the "National Subsidy" policy and ongoing product structure upgrades [7]. - TCL Electronics is positioned to capitalize on structural opportunities in the black goods industry, particularly in the large-screen and high-end markets [7].

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].

Investment Rating - The investment rating for TCL Electronics is "Buy" with a target price not specified [4] Core Views - The report highlights TCL Electronics' confidence in its operational performance through a share incentive plan linked to adjusted net profit growth targets for 2025, 2026, and 2027 [1][2] - The adjusted net profit targets for 2025, 2026, and 2027 are set at HKD 23.28 billion, HKD 28.10 billion, and HKD 32.12 billion respectively, representing growth rates of 45%, 75%, and 100% compared to 2024 [2] - The report anticipates a compound annual growth rate (CAGR) of 26% for adjusted net profit from 2024 to 2027 [2] - TCL Electronics is positioned as a leading player in the global television industry, with a focus on high-end products and global operations, which is expected to drive steady market share expansion [3] Summary by Sections Share Incentive Plan - The company plans to grant 91.4979 million shares to 860 management and key personnel, with performance conditions tied to adjusted net profit growth [1] - The share unlock schedule is 40% in 2025, 30% in 2026, and 30% in 2027 [1] Financial Projections - The adjusted net profit estimates for 2025, 2026, and 2027 are HKD 23.4 billion, HKD 28.2 billion, and HKD 32.6 billion respectively, reflecting an upward revision due to the incentive plan [3] - The corresponding price-to-earnings ratios are projected at 8.9x, 7.4x, and 6.4x for the respective years [3] Market Position and Strategy - TCL Electronics is enhancing its global industrial layout and shifting from product output to local industrial capability building, which is expected to improve production and sales coordination [2] - The report emphasizes the company's ongoing efforts to solidify growth in areas beyond its main television business, including solar energy and internet services [3]