香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就本公告全部或任何部 份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 TCL ELECTRONICS HOLDINGS LIMITED TCL 電子控股有限公 司 （股份代號：01070） （於開曼群島註冊成立之有限公司） 截至2024年6月30日止六個月 業績公告 董事會欣然公告本集團截至2024年6月30日止六個月之未經審核綜合業績及財務 狀況，連同2023年同期之比較數字。 | --- | --- | --- | --- | |-----------------------------------------------------------------|--------------|---------------------|--------| | | | | | | 財務摘要 | 截至 6 月 30 | 日止六個月 | | | | 2024 年 | 2023 年 | 變動 | | | （未經審核） | （未經審核） | | | | 百萬港元 | 百萬港元 （經重列 ...

TCL 电子(1070.HK)/家电 证券研究报告/公司点评 2024 年 7 月 17 日 [Table_Industry] [Table_Title] 评级:买入(维持) 市场价格:5.3 元港币 分析师:姚玮 执业证书编号:S0740522080001 Email:yaowei@zts.com.cn 分析师:吴嘉敏 执业证书编号:S0740524060003 Email:wujm@zts.com.cn [Table_Profit] 基本状况 | --- | --- | |----------------------|--------| | 总股本(百万股) | 2,521 | | 流通股本(百万股) | 2,521 | | 市价(港币) | 5.30 | | 市值(百万元港币) | 13,361 | | 流通市值(百万元港币) | 13,361 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -40% -20% 0% 20% 40% 60% 80% 100% TCL电子 恒生指数 2023-072023-082023-092023-102023-112023-122024-01 ...

Investment Rating - The report maintains a "Buy" rating for TCL Electronics with a market price of 5.3 HKD [2][11]. Core Views - The company is on track to achieve its annual targets, with a strong performance in H1 2024 driven by high-end television sales, expansion of innovative businesses, and reduced expense ratios [5][6]. - Revenue is expected to grow by 20%-30% in H1 2024, primarily due to price increases in televisions and rapid growth in innovative business segments [5][6]. - The company is focusing on optimizing its product structure, leading to significant increases in average selling prices (ASP) and profit growth outpacing revenue growth [6][7]. - The report highlights a strong performance in innovative sectors such as internet services and solar energy, with expectations of stable profit margins [7]. Summary by Sections Financial Forecasts - Revenue (in million HKD): - 2022A: 71,580 - 2023A: 79,111 - 2024E: 89,790 - 2025E: 97,705 - 2026E: 103,401 - Net Profit (in million HKD): - 2022A: 447 - 2023A: 744 - 2024E: 1,350 - 2025E: 1,675 - 2026E: 2,048 - Expected growth rates for net profit: - 2023A: +66% - 2024E: +82% - 2025E: +24% - 2026E: +22% [2][9]. Business Segments - The television segment is expected to see a sales increase of over 20% in H1 2024, with a focus on high-end models and a complete SKU matrix to meet diverse consumer needs [6][7]. - Innovative businesses, including internet services and solar energy, are projected to grow significantly, contributing positively to overall profitability [7]. Market Position - The company is positioned at a valuation bottom with a high margin of safety, suggesting a favorable investment opportunity [7]. - The report anticipates that the company will meet its stock incentive target of 1.32 billion HKD for the year, with a robust performance expected in H2 2024 [7].

[Table_Date] 2024 年 07 月 17 日 证券研究报告|港股公司点评研究报告 [Table_Title] 预告 H1 业绩高增,大力推进中高端及全球化 战略 [Table_Title2] TCL 电子(1070.HK) [Table_Summary] 事件: 根据正面盈利预告: 24H1:经调整归母淨利润(未经审计)同比增长约 130%至 160%,对应为 6.0 至 6.8 亿港元。 ► 收入:受益中高端战略及全球化经营 根据预告,24 年 H1 显示行业全球市场空间稳定,头部企业集 中趋势加速,公司大力推进中高端战略及全球化经营,并积极 发展新业务,推动包括显示业务、创新业务在内的多个业务线 经营业绩显著改善。 其中,分季度 24Q1:根据公司官网新闻稿,TCL65 吋及以上电视出货量同比 增长 23.1%,推动 2024 年第一季度 TCL 电视全球出货量同比增 长 5.3%至 584 万台,其中中国市场出货量同比增长 24.0%,出 货规模维持强劲增长。 24Q2:根据迪显咨询,全球 TV 和 TCL 在 2024 年 4-5 月出货量 分别累计同比增长 2.7%、-5.5%。 ► ...

TCL 电子(01070.HK) 2024 年 07 月 17 日 投资评级:买入(维持) | --- | --- | |--------------------|-------------| | 日期 | 2024/7/16 | | 当前股价(港元) | 5.300 | | 一年最高最低(港元) | 6.970/2.160 | | 总市值(亿港元) | 133.61 | | 流通市值(亿港元) | 133.61 | | 总股本(亿股) | 25.21 | | 流通港股(亿股) | 25.21 | | 近 3 个月换手率(%) | 22.0 | 股价走势图 TCL电子 恒生指数 -60% -30% 0% 30% 60% 90% 2023-07 2023-11 2024-03 数据来源:聚源 相关研究报告 《2023H2 营收和利润改善,国内外 TV 营收增长稳健—港股公司信息更 新报告》-2024.3.30 家用电器/黑色家电 显示业务经营改善+提质增效带动 2024H1 业绩高增 ——港股公司信息更新报告 | --- | --- | --- | |-------------------------|---- ...

港股公司报告 | 公司点评 H1 业绩高增,全球化经营+提质增效兑现 事件:TCL 电子发布正面盈利预告,2024 年上半年公司经调整的归母净 利润同比录得约 130%-160%增长。经计算,公司 24H1 预计实现经调整 归母净利润 6.0-6.8 亿港元。 全球 TV 市场格局明朗,国内黑电龙头份额扩张。行业端,据奥维睿沃 数据,24Q1 全球 TV 出货 43.2M,同比-0.8%,显示行业全球空间有所 趋稳,其中欧洲以及新兴市场 TV 需求有所恢复;公司端,24Q1TCL 品 牌全球出货量同比+4%跑赢行业。 经营改善征程更进一步。H1 公司大力推进中高端战略,推进以 Mini LED 为代表的结构升级;全球化经营深化,据奥维睿沃,24Q1 公司中国市 场出货增长最快(同比+13.7%),欧洲出货规模增速亮眼(同比+9.5%), 北美出货规模保持领先,新兴市场出货增长 4.1%;同时积极发展新业 务,推动包括显示业务、创新业务在内的多个业务线经营业绩显著改善。 费用端,得益于规模效应和提质增效,24H1 公司整体费用率有效降低, 经营效率持续提升。 投资建议:公司 TV 业务中高端+全球化战略成效卓著 ...

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price set at 6.05 HKD [1][3]. Core Views - TCL Electronics is expected to achieve a strong growth in H1 2024, with adjusted net profit projected to increase by 130% to 160% year-on-year, amounting to approximately 603 to 681 million HKD, aligning with the company's growth targets for its equity incentive plan [3]. - The growth in H1 2024 is attributed to the ongoing advancement in mid-to-high-end products and global expansion, alongside the positive development of new business segments [3]. - The report anticipates that the company's performance will continue to improve in H2 2024, driven by product structure optimization and internal efficiency enhancements, aiming for a full-year adjusted net profit growth of 50% to 65% [3]. Financial Summary - For 2024, the expected revenue is projected to be 90,123 million HKD, with a year-on-year growth of 14% [4]. - The adjusted net profit for 2024 is estimated at 1,097 million HKD, reflecting a 47% increase compared to 2023 [4]. - The earnings per share (EPS) for 2024 is forecasted to be 0.44 HKD, with a price-to-earnings (P/E) ratio of 13.91 [4][5]. Industry Outlook - The global TV market shows strong demand for high-end large-screen products, and there is a trend of panel capacity shifting towards Chinese manufacturers, which is expected to increase the concentration of Chinese TV brands [3]. - Rapid growth is also anticipated in the solar photovoltaic and AR/XR sectors, which could benefit TCL Electronics as a leading player in the global TV industry [3].

[Table_StockNameRptType] TCL 电子(01070) 港股点评 盈利延续改善 ——TCL 电子 24H1 业绩预告点评 主要观点: [⚫Table_Summary] 公司发布 2024H1 业绩预告: ➢ H1:预计经调整归母净利润 6.0~6.8 亿港元(+130%-160%) ➢ 以业绩预告中值计,经调整归母净利润(即扣非)中枢 6.4 亿港元(同 比+145%),业绩符合市场预期。 ⚫ 收入:我们预计同比+20%以上 ➢ 电视主业:公司预告未披露收入及内外销拆分,我们预计 H1 主业电 视同比+20%,其中内销同比增长 10%+ ,外销同比增长 20%+。 内销端:性价比子品牌雷鸟借力 miniLED 放量,TCL 系内销收入和 份额皆增长。参考奥维,24H1 TCL+雷鸟电视销售额合并增速+13%, 份额同比+1pct。 外销端:我们预计增速欧洲>美国>亚太,欧洲赛事催化下预计 H1 增 长提速;美国考虑渠道调整预计微增,ASP 有望迎边际向上,全年 看期待盈利改善;亚太预计保持稳定微增。 ➢ 其它业务:互联网业务预计保持稳健增长,创新业务预计受益于分布 式光伏业务实现超预期增 ...

[Table_StockNameRptType] TCL 电子(01070) 港股点评 盈利延续改善 ——TCL 电子 24H1 业绩预告点评 主要观点: [Table_Rank] 投资评级:买入(维持) 报告日期: 2024-07-16 [⚫Table_Summary] 公司发布 2024H1 业绩预告: ➢ H1:预计经调整归母净利润 6.0~6.8 亿港元(+130%-160%) ➢ 以业绩预告中值计,经调整归母净利润(即扣非)中枢 6.4 亿港元(同 比+145%),业绩符合市场预期。 | --- | --- | |-------------------------------|-----------| | [Table_BaseData] 收盘价(港元) | 6.05 | | 近 12 个月最高/最低(港元) | 6.97/2.16 | | 总股本(百万股) | 2,521 | | 流通股本(百万股) | 2,521 | | 流通股比例(%) | 100.00 | | 总市值(亿港元) | 153 | | 流通市值(亿港元) | 153 | [公司价格与恒生指数走势比较 Table_Chart] - ...

Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Views - The report highlights that the company has improved its global competitiveness, enhanced efficiency, and reduced overall costs, resulting in significant growth in performance for the first half of 2024. The company is entering a phase of profit improvement [3]. - The report maintains the earnings forecast for 2024-2026, expecting EPS to be HKD 0.56, 0.68, and 0.76, representing year-on-year growth of +90%, +21%, and +13% respectively [3]. - The company anticipates a year-on-year increase in adjusted net profit for H1 2024 of approximately 130% to 160% [3]. Summary by Sections Industry Landscape - The global market space for the industry is stable, with a clear industry structure and an accelerated trend of concentration among leading companies. The company is actively pursuing a mid-to-high-end strategy and global operations, which has led to significant improvements across multiple business lines, including display and innovative businesses [3]. Business Performance - The domestic competition in the television sector remains stable, with the company focusing on enhancing its product sales structure. In overseas markets, the company and its competitor have seen an increase in global market share, with expectations for revenue growth in the large-screen display business of approximately 18% to 20% year-on-year for H1 2024 [3]. - The small and medium-sized business segment is expected to see a double-digit decline in revenue due to strategic contraction [3]. - The distribution business is projected to achieve significant growth, driven by the expansion of air conditioning sales and the ramp-up of solar energy business, with an expected increase of 35% to 40% in the innovative business module for H1 2024 [3]. Financial Summary - The company’s revenue for 2023 is projected at HKD 78.986 billion, with a year-on-year growth of 10.70%. For 2024, revenue is expected to reach HKD 94.213 billion, reflecting a growth of 19.28% [5]. - The net profit for 2024 is forecasted to be HKD 1.417 billion, representing a significant increase of 90.40% compared to the previous year [5].