家用电器/黑色家电 TCL 电子（01070.HK） 全年业绩超预期，美国线下渠道结构调整效果显著 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 8.820 | | 一年最高最低(港元) | 9.400/2.810 | | 总市值(亿港元) | 222.35 | | 流通市值(亿港元) | 222.35 | | 总股本(亿股) | 25.21 | | 流通港股(亿股) | 25.21 | | 近 3 个月换手率(%) | 27.12 | 股价走势图 -50% 0% 50% 100% 150% 200% 250% 2024-03 2024-07 2024-11 TCL电子 恒生指数 数据来源：聚源 相关研究报告 《2024H1 业绩高增，彩电国内外业务 量价双升—港股公司信息更新报告》 -2024.8.26 《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》-2024.7.17 《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. ...

智通财经APP获悉，港股早盘小幅高开后下挫，随后维持窄幅震荡走势。临近尾盘，三大指数持续走 高，恒指及国指转涨逾1%，恒科指数一度涨超2%。截止收盘，恒生指数涨0.91%或215.84点，报 23905.56点，全日成交额2331.08亿港元；恒生国企指数涨1.24%，报8850.69点；恒生科技指数涨 1.72%，报5736.83点。 华泰证券指出，往前看，4月或迎来关税问题、3月经济金融数据等事件和关键数据验证窗口，市场短期 波动或加剧。不过AI技术的发展仍有较大的空间，而相关的主要标的多集中在港股。随着科技股的财 报业绩得到验证，基本面逻辑或将持续支撑港股的相对行情表现，中长期仍坚定看好中国资产价值重 估。 蓝筹股表现 长和(00001)股价反弹。截至收盘，涨4.16%，报45.05港元，成交额10.1亿港元，贡献恒指7.98点。摩根 士丹利研报指出，长和2024年派息疲软，但市场更关注的是其港口交易。长和2024财年呈报基础每股盈 利同比减少11%，全年每股股息为2.2港元，同比减少13%。每股盈利的减少主要由于税增加，不过收入 和EBITDA保持平稳。 其他蓝筹股方面，海尔智家(06690)涨6.0 ...

TCL 电子 20250324 摘要 Q&A TCL 电子的主要业务板块有哪些？ TCL 电子的业务主要分为三个板块：显示业务、创新业务和互联网业务。显示 业务占比最大，约 70%，其中大尺寸显示业务（电视）是重点。2024 年，显示 业务收入同比增长 23.6%。创新业务包括全品类营销、光伏和智能连接智能家 居，其中全品类营销和光伏各占一半。2024 年，光伏收入同比增长 104.4%。互 联网业务占比约 30%，2024 年收入 26 亿港元，毛利率 56.2%。 Mini LED 技术对 TCL 电子的重要性体现在以下几个方面：首先是国家补贴政策 激活了市场需求；其次是规模效应带来的成本优势；第三，上游面板成本降低； 最后，中小尺寸 Mini LED 电视普及推动价格下沉，使更多消费者能够接受这一 技术。这些因素共同推动了 Mini LED 电视出货量的大幅增长。 大屏化趋势对 TCL 电子有何影响？ 大屏化趋势显著提升了 TCL 电子的市场竞争力。2024 年，公司 75 寸及以上电 视出货量同比增长 79.7%。大屏化趋势受益于政策支持、技术进步以及上游面 板成本下降，使得终端价格下沉至万元以内。此 ...

奥维云网数据显示，24Q4 线上/线下 KA 电视机行业零售量分别同比 +4.74%/+3.09%，公司份额重获增长，TCL 及雷鸟品牌市占率同比提升 3.42/4.07 个百分点。我们认为 2025 年换新政策将继续催化中高端需求， 25 年 1-2 月公司零售量份额继续强化（线上 TCL 同比+ 0.85pct、雷鸟 +3.62pct；线下 TCL+3.54pct），可以继续期待公司份额提升。同时产品结 构升级明显、盈利优化可期，公司 1-2 月 TCL 线上均价同比+12.9%。 港股通 24 年净利超预期，看好电视结构升级 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 23 日│中国香港 | 视听器材 | 证券研究报告 公司公布 2024 年业绩：收入 993.22 亿港元，同比+25.7%；归母净利润 17.59 亿港元，同比+136.6%；经调整归母净利 16.06 亿港元，+100.1%。公司着 力经营效率提升，费用率优化明显，24 年业绩大幅好于我们预期（预期归 母净利 12.3 亿元）。受益于以旧换新政策红利及显 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 99.32 billion, a year-on-year increase of 25.7%[5] - Gross profit reached HKD 15.55 billion, reflecting a 13.8% increase compared to the previous year[5] - Net profit attributable to shareholders increased by 136.6% to HKD 1.76 billion, while adjusted net profit rose by 100.1% to HKD 1.61 billion[5] - The company proposed a final dividend of HKD 0.318 per share, representing a 98.8% increase from the previous year's dividend[5] - The company's revenue increased by 25.7% from HKD 78.99 billion in 2023 to HKD 99.32 billion in 2024[54] - Gross profit rose by 13.8% from HKD 13.67 billion in 2023 to HKD 15.55 billion in 2024, with a gross margin of 15.7%[59] - The company's net profit for the year was HKD 1,848,511, which is a significant increase of 123.4% compared to HKD 826,809 in 2023[99] - The group's profit before tax for 2024 was HKD 1,759,366,000, a significant increase from HKD 743,633,000 in 2023, representing a growth of approximately 136.5%[145] Market Performance - The global TV industry shipment volume is expected to grow by 3.7% in 2024, with the company’s TV shipments increasing by 14.8% to 29 million units, raising its market share to 13.9%[7][15] - TCL TV global shipment volume reached 29 million units, a year-on-year increase of 14.8%, achieving a historical high[24] - TCL TV's global market share in shipment volume increased from 5.6% in 2015 to 13.9% in 2024, with sales revenue market share reaching 12.4%, up 1.7 percentage points year-on-year[24] - In the Chinese market, TCL TV shipment volume grew by 5.8% year-on-year, while the average selling price increased by 12.4%, leading to an 18.9% rise in revenue to HKD 19.046 billion[28] - In North America, TCL TV's shipment volume increased by 6.4% year-on-year, outperforming the industry growth rate of 4.0%, with a significant growth of 67.6% in shipments of TVs 75 inches and above[33] - In emerging markets, TCL TV's shipment volume grew by 12.7% year-on-year, with specific increases of 17.6% in Latin America and 39.6% in the Middle East and Africa[33] Product Development and Innovation - The company is focusing on high-end and smart product strategies, aiming to enhance its core competitiveness and diversify revenue streams[10] - Innovative business revenue increased by 44.9% year-on-year to HKD 27.009 billion, with gross profit rising by 30.5% to HKD 3.347 billion[16] - Solar business revenue and gross profit both surged by 104.4% year-on-year to HKD 12.874 billion and HKD 1.230 billion, respectively[16] - R&D expenses reached HKD 2.335 billion, focusing on advanced display technologies and AI innovations[19] - The launch of the X11K QD-Mini LED TV showcased industry-leading technology with peak brightness of 6,500 nits and 14,000 local dimming zones[21] - The company aims to enhance its product matrix in the distributed photovoltaic market and explore innovative applications in AR/XR and smart home robots[50] Operational Efficiency - The company’s operational efficiency improved, with selling and distribution expenses decreasing by 1.0 percentage points to 7.6% of revenue[12] - The company maintained a net capital debt ratio of 0.0%, indicating a strong financial position[13] - Financing costs decreased by 11.1% from HKD 885 million in 2023 to HKD 787 million in 2024, mainly due to reduced factoring interest expenses[71] - Sales and distribution expenses increased by 10.1% from HKD 6.818 billion in 2023 to HKD 7.504 billion in 2024, primarily due to strategic investments in brand marketing and product promotion[65] Strategic Initiatives - The company plans to deepen its "mid-to-high-end + globalization" strategy, focusing on high-quality growth and expanding its market share[48] - The company has capital commitments of HKD 539,899,000 as of December 31, 2024, down from HKD 599,510,000 in the previous year[89] - The company is currently involved in a tax assessment dispute in Brazil, which is expected to last between 3 to 8 years, with no provisions made as legal counsel believes the company can effectively defend against the claims[91] - The company has not engaged in any high-risk derivative trading or leveraged foreign exchange contracts, focusing instead on natural hedging through functional currency transactions[93] Corporate Governance - The company has established and will continue to optimize its risk management and internal control systems, with regular reports to the board and audit committee on governance status and improvements[170] - The company has complied with the corporate governance code for the year ending December 31, 2024[171] - The audit committee, consisting of three independent non-executive directors, has reviewed the annual performance for the year ending December 31, 2024, including the accounting principles adopted[173] - The company is focused on enhancing collaboration between the board and management to strengthen corporate governance responsibilities[170] Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[186] - TCL plans to allocate RMB 5 billion for R&D in quantum dot display technology over the next three years[186] - The company anticipates a 30% increase in sales from its new energy-efficient product line by the end of 2024[186]

海外公司深度报告 | 非必需性消费 证券研究报告 | 公司评级 | 増持 (首次) | | --- | --- | | 报告日期 | 2025 年 03 月 19 日 | 基础数据 | 03 月 | 18 | 日收盘价（港 | 7.92 | | --- | --- | --- | --- | | 元） | | | | | 总市值（亿港元） | | | 199.66 | | 总股本（亿股） | | | 25.21 | | 来源：WIND，兴业证券经济与金融研究院整理 | | | | S0190520050002 BQI321 songjingru@xyzq.com.cn S0190524010001 请注意: 陈雅雯并非香港证券及期货事务 监察委员会的注册持牌人，不可在香港从 事受监管的活动。 chenyawen@xyzq.com.cn 公司评级 增持（首次） 报告日期 2025 年 03 月 19 日 TCL 电子(01070.HK) 港股通（沪、深） 黑电龙头，技术升级与需求共振下迎来业绩快 速增长期 7.92 投资要点： 请阅读最后评级说明和重要声明 1/26 相关研究 分析师：宋婧茹 电视出货量全球第二 ...

Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price based on the last closing price of HKD 6.58 [1][4]. Core Insights - TCL Electronics is expected to exceed performance expectations for 2024, with an adjusted net profit forecast of approximately HKD 1.3 billion to HKD 1.7 billion, representing a year-on-year increase of 62% to 112% [4]. - The company anticipates a record high in global TV shipments, reaching 29 million units in 2024, a 14.8% increase from the previous year [4]. - The integration of DeepSeek is expected to enhance multiple business lines, including smart home and mobile communications, leading to improved operational efficiency and long-term growth [5][6]. Summary by Sections Financial Performance - For 2024, TCL Electronics expects revenue of HKD 102.7 billion, a growth rate of 30% compared to 2023 [9]. - The adjusted net profit for 2024 is projected to be HKD 1.57 billion, with a net profit growth rate of 111% [9]. - The earnings per share (EPS) for 2024 is estimated at HKD 0.62, with a price-to-earnings (P/E) ratio of 10.57 [9]. Business Segments - The core TV business is expected to drive growth, with a significant increase in high-margin products, including a 69.5% increase in quantum dot TVs and a 194.5% increase in Mini LED TVs [4]. - The innovative business segments, including solar energy and full-category marketing, are also projected to contribute positively to the company's performance [4]. Market Outlook - The global TV market is anticipated to see strong demand for large-screen and high-end products, with a shift in panel production capacity towards Chinese brands, potentially increasing market concentration [6]. - The report highlights the rapid growth in sectors such as solar energy, AR/XR, and AI, which are expected to benefit TCL Electronics [6].

Investment Rating - The investment rating for TCL Electronics is "Buy" with a target price not specified [3][2]. Core Viewpoints - TCL Electronics is expected to achieve an adjusted net profit of HKD 1.3 to 1.7 billion for 2024, representing a year-on-year growth of 62% to 112%, likely exceeding the equity incentive target of 65% growth [1]. - The company leads global TV shipments with a projected total of 29 million units in 2024, reflecting a year-on-year increase of 14.8%, with domestic shipments up 5.8% and overseas shipments up 17.6% [1]. - The Mini LED segment is expected to see nearly a twofold increase in global shipments in 2024, benefiting from subsidy policies and advancements in high-end product development [1]. - TCL's diverse business segments, including TV, photovoltaic, and full-category marketing, are contributing to robust performance, with a focus on digital transformation and cost control to enhance operational efficiency [1]. Summary by Relevant Sections Financial Performance - The adjusted net profit forecast for 2024 is between HKD 1.3 billion and HKD 1.7 billion, with significant growth anticipated in the following years: HKD 1.52 billion in 2025 and HKD 1.89 billion in 2026 [2]. - The company’s revenue from TV business has reached a historical high, supported by rapid growth in innovative business segments [1]. Market Position - TCL Electronics is recognized as a leading player in the global television industry, with a steady expansion of market share driven by high-end product offerings and global operational capabilities [2]. Business Strategy - The company is actively enhancing its operational capabilities through digital transformation and efficiency measures, including strict cost control and improved material turnover [1].

Investment Rating - The investment rating for TCL Electronics is "Buy" with a target price not specified [2][3]. Core Viewpoints - TCL Electronics is expected to achieve an adjusted net profit of 1.3 to 1.7 billion HKD in 2024, representing a year-on-year growth of 62% to 112%, likely exceeding the stock incentive target of 65% growth [1]. - The company leads global TV shipments with a projected total of 29 million units in 2024, reflecting a year-on-year increase of 14.8%, with domestic shipments up 5.8% and overseas shipments up 17.6% [1]. - The Mini LED segment is expected to see nearly a twofold increase in global shipments in 2024, driven by subsidy policies and advancements in high-end and large-size product structures [1]. - TCL's diverse business segments, including TV, photovoltaic, and full-category marketing, are contributing to robust performance, with a focus on digital transformation and cost control to enhance operational efficiency [1]. Summary by Relevant Sections Financial Performance - The adjusted net profit forecast for 2024 is between 1.3 billion and 1.7 billion HKD, with significant growth anticipated [1][2]. - Profit expectations for 2024 to 2026 are revised to 1.52 billion, 1.89 billion, and 2.26 billion HKD respectively, reflecting an upward adjustment based on the latest earnings forecast [2]. Market Position - TCL Electronics is recognized as a leading player in the global television industry, with a steady expansion of market share through high-end product offerings and global operations [2][3]. - The company is also solidifying its growth in non-core areas such as photovoltaic and internet businesses, contributing to overall performance [2]. Operational Strategy - The company is actively enhancing its operational capabilities through digital transformation and efficiency measures, including strict cost control and improved turnover rates [1].

Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [1] Core Views - The report indicates that TCL Electronics is expected to exceed profit expectations in H2 2024, with a projected adjusted net profit of HKD 6.5 to 10.5 billion, representing a year-on-year increase of 19% to 93% [7] - The company is anticipated to achieve a full-year adjusted net profit of HKD 13 to 17 billion, reflecting a year-on-year growth of 62% to 112% [7] - The report highlights that TCL's television sales, both domestic and international, are expected to grow significantly, with a total volume increase of 15% for the year, outperforming the global television volume growth of 1.8% [6][7] Summary by Sections Sales Performance - Domestic sales are projected to increase by 5% in Q3 and 7% in Q4, with MiniLED shipments doubling year-on-year and penetration rates reaching 15.3% and 24.4% respectively [5] - International sales are expected to grow by 24% in Q3 and 23% in Q4, with large-screen shipments increasing by 80% year-on-year in H2 [5] - By region, Europe is expected to see a 34% increase in shipments, followed by emerging markets at 13% and North America at 6% [5] Profitability Analysis - The report forecasts a significant improvement in profitability, with H2 adjusted net profit expected to increase by 56% year-on-year [8] - Factors contributing to this improvement include a favorable product mix due to MiniLED and large-screen trends, reduced cost pressures, and effective cost management [8] - The projected revenue for 2024 to 2026 is estimated at HKD 98.5 billion, HKD 114.4 billion, and HKD 130.6 billion respectively, with corresponding net profits of HKD 14.6 billion, HKD 18.5 billion, and HKD 22.5 billion [9][11] Financial Metrics - The report provides key financial metrics, including a projected revenue growth of 25% in 2024 and a net profit growth of 96% in the same year [11] - The expected return on equity (ROE) is projected to improve from 4.45% in 2023 to 8.22% in 2024 [11] - The price-to-earnings (P/E) ratio is expected to be 11.38 in 2024, indicating a low valuation with a dividend yield exceeding 4.5% [9][11]