股 票 研 究 盈利端持续改善,进入估值修复通道 ——TCL 电子深度报告 | --- | --- | --- | --- | |-----------------|----------------------------|----------------------------|-------------------------------| | [table_Authors] | 蔡雯娟(分析师) | 曲世强(研究助理) | 田平川(研究助理) | | | 021-38031654 | 021-38031025 | 021-38676666 | | | caiwenjuan024354@gtjas.com | qushiqiang028674@gtjas.com | tianpingchuan026740@gtjas.com | | 登记编号 | S0880521050002 | S0880123070132 | S0880122070069 | 本报告导读: 公司彩电出海前景广阔,盈利端持续改善,进入估值修复通道。增持。 投资要点: [Table_Summary] 彩电出海前景广阔,盈利端有望持续改善, ...

确实是股价表现很不错这也得益于各位朋友的关照 然后主要的我们的这个主要的驱动因素第一个是盈利的切切实实的一个改善然后再一个呢就是历史的一些包袱的一些凸清第三个呢就是我们向市场清晰的释放了我们对业绩改善的这个信心和执意我们在今年一月份也做了一次限制性股票激励这个限制性股票激励呢是带有这个 所以我们今年还是非常有信心达到这个目标 然后整体来看的话呢公司的这个主营业务和相关的一些基本的介绍我待会会请这个Shelly或者是Iva做一个简要的五分钟左右的一个介绍然后我们留更多的时间用来QA好吧Shelly Iva 好的 好那我这边借着刚才Evan总介绍到的我们对应着2020年的这个普选基金目标我们将各个业务分拆一下那首先呢我们可以看到2023年分业务来看的话工资是有超六成的一个收入是由我们的制品业务也就是电视业务贡献的那在2024年的话首先从出货量我们预期整个电视的应届业务会有超过10%的一个增长那在 整个国内这一块的话我们在24年的一季度也是实现了超过24%的一个同比增长同时呢公司在国内市场也是一直在推行着这个PCR品牌加上雷尿品牌的一个双品牌的一个策略那在整个一季度雷尿品牌的出货量的增速是实现了 我们会更多地去搭载 ...

Investment Rating - The report assigns a "Buy" rating for TCL Electronics, with a market price of HKD 6.31 [1]. Core Insights - TCL Electronics is undergoing significant improvements, with a focus on enhancing profitability and operational efficiency. The company has launched an ambitious stock incentive plan aimed at achieving substantial profit growth over the next few years [4][6]. - The company aims to address past issues such as low net profit margins and losses from non-core businesses, indicating a shift towards a more stable and profitable operational model [4][41]. Financial Forecast and Valuation - Revenue projections for TCL Electronics show a steady increase from HKD 71,580 million in 2022 to an estimated HKD 103,401 million by 2026, with a compound annual growth rate (CAGR) of approximately 6% [1]. - Net profit is expected to rise significantly from HKD 447 million in 2022 to HKD 2,006 million by 2026, reflecting a CAGR of around 23% [1]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 36 in 2022 to 8 by 2026, indicating improved valuation as profitability increases [1]. Business Improvement Strategies - The company has implemented a stock incentive plan that aims for adjusted profits to grow from HKD 8 billion in 2023 to between HKD 12-20 billion by 2026, with annual growth rates of 50-150% [4][41]. - Organizational restructuring is underway to enhance efficiency, with a shift from a scale-oriented approach to a more efficiency-driven model, which includes splitting sales departments into six marketing divisions [4][6]. Growth Drivers - The core growth areas identified include high-end product penetration, particularly in MINILED and large-screen televisions, which are expected to contribute significantly to profit margins [4][6]. - The internet business segment is showing strong growth potential, with a stable gross margin above 50% and a revenue CAGR of 44% over the past five years [5][6]. Market Position and Strategy - TCL Electronics has achieved a global market share of 13%, with a strategic focus on increasing its presence in high-end markets and enhancing product offerings to compete effectively against established brands [4][6]. - The company is also leveraging its extensive distribution channels to expand into diverse business areas, including solar energy and smart home products, which are expected to drive future growth [5][6].

Investment Rating - The report gives TCL Electronics a "Buy" rating with a target price of HKD 8.22 per share, indicating a potential upside of 37% from the current price of HKD 5.99 [3]. Core Insights - TCL Electronics is focusing on high-end and global operations, leading to steady expansion in its TV business share. The company is also diversifying into telecommunications, commercial displays, and photovoltaic sectors, which opens up long-term growth opportunities [2][3]. - The company achieved a total revenue of HKD 791 billion in 2023, a year-on-year increase of 11%, with a net profit of HKD 740 million, reflecting a significant growth of 66% [2][3]. Summary by Sections 1. Company Overview - Founded in 1981, TCL has evolved from producing tapes to a wide range of smart terminal products and renewable energy solutions. The company has established a global presence since 1999, with overseas revenue consistently exceeding domestic revenue [1][24]. 2. Display Business - TCL is a global leader in the TV market, with a 2023 revenue of HKD 565.4 billion from its display business, which includes a 7.6% increase in smart screen revenue to HKD 486.3 billion. The global shipment of smart screens reached 25.26 million units, marking a 6.2% year-on-year growth [2][36]. - The company has solidified its position in the large-size display market, with a focus on high-end products and a dual-brand strategy that has led to a market share increase [34][36]. 3. Internet and Innovation Business - The internet business generated HKD 27.6 billion in 2023, a 20% increase, with a gross margin improvement to 55%. The company has partnered with major internet firms to enhance user experience and monetization [2][25]. - Innovation revenue surged by 78.5% to HKD 186.4 billion, driven by significant growth in the photovoltaic sector, which saw a revenue increase of 1820% to HKD 63 billion [2][25]. 4. Financial Analysis - The company reported a gross profit of HKD 148 billion in 2023, with a gross margin of 18.7%, reflecting a slight increase from the previous year. The operating efficiency has improved due to cost reduction and enhanced marketing strategies [2][6]. - TCL's financial health is robust, with a total market capitalization of HKD 15.1 billion and a debt-to-asset ratio of 73.28% [3][6]. 5. Investment Outlook - TCL Electronics is well-positioned in the global TV market, with a strong focus on high-end products and diversification into new business areas. The expected adjusted net profits for 2024, 2025, and 2026 are HKD 1.33 billion, HKD 1.61 billion, and HKD 1.93 billion, respectively [2][3].

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].

Financial Performance - TCL's revenue for the year ended December 31, 2023, was HKD 78,986 million, representing a 10.7% increase from HKD 71,351 million in 2022[25]. - The gross profit for 2023 was HKD 14,756 million, up 12.5% from HKD 13,112 million in the previous year[25]. - The net profit attributable to shareholders increased by 66.4% to HKD 744 million, compared to HKD 447 million in 2022[25]. - The adjusted net profit attributable to shareholders, based on non-Hong Kong Financial Reporting Standards, was HKD 803 million, a 14.0% increase from HKD 704 million[25]. - The gross profit margin improved by 0.3 percentage points to 18.7%, while the overall expense ratio decreased by 1.5 percentage points to 15.1%[30]. - Net profit attributable to shareholders increased by 66.4% year-on-year to HKD 744 million, with adjusted net profit rising by 14.0% to HKD 803 million[30]. - The group's net profit after tax increased by 49.3% year-on-year to HKD 827 million, with adjusted net profit rising by 14.0% to HKD 803 million[52]. - The company reported a gross margin improvement of 3% due to cost optimization strategies implemented in the supply chain[41]. - The company achieved a revenue of HKD 100 billion for the fiscal year 2023, representing a 10% increase compared to the previous year[169]. Product Development and Innovation - TCL launched new flagship products at CES 2023, including the Mini-LED smart screen QM8 and the AR smart glasses Thunder X2[18]. - TCL's QD-Mini LED smart screen X11G achieved a peak brightness of 5,000 nits and 5,184 zones, showcasing significant technological advancements[18]. - The company introduced the first AI-generated children's content program "Super Smart Drawing" in the internet TV industry[19]. - The innovative business segment saw a revenue increase of 78.5% year-on-year, reaching HKD 18.640 billion, with solar business revenue exceeding HKD 6.299 billion[31]. - TCL's Mini LED smart screen shipments surged by 180.1% year-on-year, capturing a significant share of the domestic market[32]. - The company is investing heavily in R&D, with a budget allocation of 5 billion HKD for the development of new AI technologies and smart appliances[42]. - The company aims to launch three new product lines in Q3 2023, including advanced OLED TVs and AI-driven appliances[168]. - The company is committed to high R&D investment, focusing on product innovation and developing advanced display technologies such as Mini LED, QLED, and 8K[198]. Market Expansion and Strategy - TCL expanded its market presence in North America with the launch of the new online streaming service TCLtv+, offering a variety of free entertainment programs[19]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[43]. - The company is exploring strategic acquisitions to enhance its product portfolio, with a focus on companies specializing in IoT and AI technologies[44]. - TCL's international sales accounted for 60% of total revenue, highlighting the company's successful global expansion strategy[42]. - The company is focusing on high-quality development in its core display and internet businesses while actively exploring new growth opportunities in renewable energy and emerging smart hardware[196]. Sustainability and Corporate Responsibility - TCL has maintained an ESG rating of A from the Hang Seng Index for six consecutive years, reflecting its commitment to sustainable development[34]. - The company is committed to sustainability, with plans to reduce carbon emissions by 30% by 2025 through energy-efficient product designs[43]. - The TCL Foundation has established 20 low-carbon campuses with a total installed capacity of 1,218.15 kW, providing 40.71 million kWh of green electricity, equivalent to saving approximately 13,077 tons of standard coal[178]. - The company is committed to social responsibility, actively participating in educational support and public charity activities[177]. - The company emphasizes corporate transparency and timely disclosure of relevant information, including annual and interim reports[172]. Governance and Management - The board consists of 8 directors, ensuring a diverse range of industry expertise to guide the company's long-term strategy and performance evaluation[107]. - The independent non-executive directors accounted for over half of the board during the year ending December 31, 2023, ensuring compliance with listing rules[110]. - The board has established a strategic committee responsible for key management decisions[153]. - The company has adopted a risk management and internal control mechanism to identify, assess, and manage significant risks effectively[158]. - The company has established written guidelines for employees regarding securities trading to ensure compliance with regulations[130]. Employee Engagement and Development - The total employee cost for the year ended December 31, 2023, was approximately HKD 5,838,566,000, with a workforce of 24,620 employees[100]. - The company recruited 1,923 new employees in 2023, with 82% holding a bachelor's degree or higher, focusing on R&D and marketing roles[176]. - The company has implemented a long-term incentive plan for senior management and key employees to enhance responsibility sharing and retention[175]. - The company aims to maintain a balanced gender ratio across its workforce, including senior management positions[143]. Financial Management and Dividends - The board proposed a final dividend of HKD 0.16 per share, up 26.0% from HKD 0.127 per share in the previous year[25]. - The company aims to distribute dividends at a target payout ratio of approximately 30% to 50% of the annual net profit[149]. - The board will consider various factors, including financial performance, cash flow, and capital requirements, before declaring dividends[148]. - The company plans to maintain a sustainable dividend policy while balancing shareholder expectations and capital management[149].

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 [【Table_广Title] 发海外】TCL 电子（01070.HK） [公Tab司le_I评nves级t] 买入 当前价格 4.28港元 收入稳步增长，盈利能力提升 合理价值 4.55港元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-10 ⚫ TCL电子发布23年业绩公告。23年公司收入789.9亿港元（YoY+ [相Tab对le_P市icQ场uote表] 现 10.7%），归母净利润 7.4 亿港元（YoY+66.4%），毛利率 18.7% （YoY+0.3pct），净利率1.0%（YoY+0.2pct），销售/管理/研发/财务费 32% 用率同比-0.4pct /-1.1pct /-0.6pct/+0.2pct。23H2 主营收入 440.7 亿 19% 6% 港元 （YoY+17%），归母净利润 4.8 亿港元（YoY+142.3%），归母 -6%04/23 06/23 08/23 10/23 12/23 02/24 04/24 净利率1.1%（YoY+ 0.5pct）。收入稳步增长 ...

2024年04月03日 公 司点评 公 买入 / 首次 司 TCL电子(01070) 研 究 目标价: 昨收盘:3.57 2023H2 利润端增速靓丽，光伏业务规模实现指数级增长  走势比较 事件：2024年3月28日，TCL电子发布2023年年报。2023年公司 实现总营收789.86亿港元（+10.70%），归母净利润7.44亿港元（+66.36%）； 30% 2023H2 公司实现总营收440.70 亿港元（+16.98%），归母净利润 4.80 亿 太 16% 港元（+142.33%）。 平 2% 洋 (12%) 2023H2业绩增速靓丽，创新、互联网业务收入延续高增态势。1）分 证 时期看，2023H2公司实现总营收440.70亿港元（+16.98%），归母净利润 (26%) 券 4.80亿港元（+142.33%），业绩增速靓丽，主系公司中高端战略成效显著、 (40%) 股 持续扩大高利润业务分部规模叠加成本控制得宜带动盈利能力上升所致。 份 TCL电子 恒生指数 2）分业务看，a）显示业务：2023H2实现收入316.89亿港元（+3.16%）， 有  股票数据 其中大尺寸显示/中小尺寸显示/ ...

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price of 5.5 HKD based on a 12x PE for 2024 [5][22]. Core Views - TCL Electronics has shown strong growth in both domestic and international sales of televisions, with a notable performance in the photovoltaic business. The gross margin remains resilient despite rising panel prices [3][22]. - The company has revised its earnings forecasts for 2024 and 2025 upwards by 77% and 76% respectively, and introduced a new forecast for 2026, expecting EPS of 0.46, 0.58, and 0.70 HKD, representing year-on-year growth of 55%, 27%, and 21% [3][22]. Financial Summary - In 2023, TCL Electronics achieved revenue of 78,986 million HKD, a year-on-year increase of 10.70%. The net profit attributable to shareholders was 744 million HKD, up 66.44% [10][22]. - The company reported a gross margin of 18.68% in 2023, a slight increase of 0.3 percentage points year-on-year [14][15]. - The revenue from the display business was 56,540 million HKD, a decrease of 2.36% year-on-year, while the innovative business revenue surged by 78.5% to 18,640 million HKD, primarily driven by the photovoltaic sector [11][13]. Revenue Performance - Domestic television sales increased by 5.4% year-on-year, while international sales rose by 8.7%. The average selling price for domestic televisions increased by 10.1% [11][16]. - The photovoltaic business saw remarkable growth, with revenue soaring by 1,820.3% to 6,300 million HKD [11][13]. Profitability Analysis - The gross margin for the television segment was impacted by rising panel prices, with domestic television gross margin at 23.0% and international at 15.4% [15][16]. - The internet business achieved a gross margin of 55.1%, reflecting a focus on high-margin vertical and innovative services [15]. Asset Position - As of the end of 2023, TCL Electronics had cash and cash equivalents totaling 11,680 million HKD, a year-on-year increase of 9.6% [19]. Incentive Plans - The company announced a stock incentive plan for 363 employees, which is expected to enhance company vitality and align employee interests with company performance [20]. Dividend Policy - The proposed dividend for 2023 is 0.16 HKD per share, with a payout ratio of 50% of adjusted net profit, reflecting a slight increase from the previous year [21].

[T Tab Cle_ LSt电ock子Nam（eR 0p 1tT 0yp 7e 0] ） 公司研究/港股点评 各业务边际向上，盈利修复 ——TCL 电子23年报点评 投资评级：买入（首次） 主要观点： [Table_Rank] 报告日期： 2024-03-30 [ ⚫T ab公le_司S发um布m2a0ry2]3 年业绩： ➢ H2：营收441亿港元（+17%），归母4.8亿港元（+142%），经调整 [收Ta盘bl价e_（Ba港se元D）at a] 2.83 归母5.4亿港元（+22%） 近12个月最高/最低（港元） 4.08/2.17 ➢ 全年：营收790亿港元（+11%），归母7.4亿港元（+66%），经调整 总股本（百万股） 2,508 归母8亿港元（+14%） 流通股本（百万股） 2,508 ➢ H2业绩超市场预期，且公司拟每股派息0.16港元，对应经调整归母 流通股比例（%） 100.00 分红率50%。 总市值（亿港元） 71 流通市值（亿港元） 71 ⚫ 收入：大尺寸驱动，份额向上 [公Ta司ble价_C格ha与rt]恒 生指数走势比较 ➢ 显示业务：H2收入同比+3.2%，其中大尺寸/中小 ...