Investment Rating - The investment rating for TCL Electronics is "Buy" with a target price of 6.05 HKD, indicating a potential upside of 28.5% from the recent closing price of 4.71 HKD [3]. Core Insights - TCL Electronics experienced a significant revenue growth of 30.3% in 1H2024, reaching 45.49 billion HKD, driven by its focus on mid-to-high-end products and ongoing globalization efforts [1]. - The company's net profit attributable to shareholders was 650 million HKD, a year-on-year increase of 146.5%, reflecting a substantial improvement in core business profitability [1]. - The display business revenue grew by 21.3% to 30.14 billion HKD, supported by global market expansion and brand influence [1]. - The global market share for TCL TVs increased by 0.9 percentage points to 13.3%, ranking among the top two global TV brands [1]. - The solar business saw a remarkable revenue increase of 212.7%, reaching 5.27 billion HKD, with a gross margin improvement of 2.7 percentage points [2]. Summary by Sections Financial Performance - In 1H2024, TCL Electronics reported a gross margin of 17.0%, a decrease of 1.6 percentage points year-on-year, attributed to product line adjustments [1]. - The adjusted net profit for the same period was also 650 million HKD, marking a 147.3% year-on-year increase [1]. - The overall revenue for the full year is projected to continue growing across various segments, including large and small display products, internet services, and innovative businesses [2]. Market Position - TCL's global TV shipment volume increased by 9.2% to 12.52 million units, significantly outperforming the industry average [1]. - The company achieved substantial growth in the overseas market, particularly in the European region, where TV shipments rose by 40.1% due to major sporting events [1]. Business Segments - The all-category marketing business revenue increased by 27.7% to 7.75 billion HKD, with a gross margin improvement of 1.1 percentage points [2]. - The internet business revenue grew by 8.9% to 1.21 billion HKD, with international market revenue surging by 51.2% [2]. - The solar business has expanded its reach across 23 key provinces in China, with over 150 signed projects and more than 1,200 distributors [2].

Investment Rating - The report assigns a "Buy" rating to TCL Electronics with a target price of HKD 6.05, representing a 28.5% upside potential from the recent closing price of HKD 4.71 [2][3] Core Views - TCL Electronics' 1H2024 revenue grew 30.3% YoY to HKD 45.49 billion, driven by its mid-to-high-end product strategy and global expansion [1] - Net profit attributable to shareholders surged 146.5% YoY to HKD 650 million, with adjusted net profit up 147.3% YoY [1] - The company's display business revenue increased 21.3% YoY to HKD 30.14 billion, with global TV shipments up 9.2% YoY to 12.52 million units [1] - TCL's global TV market share rose 0.9 percentage points YoY to 13.3%, ranking second globally [1] - The company's photovoltaic business revenue soared 212.7% YoY to HKD 5.27 billion, with gross margin improving 2.7 percentage points to 10.3% [2] Business Segment Performance Display Business - 75-inch and larger TV shipments grew 34.5% YoY, with Mini LED TV shipments surging 124.7% YoY [1] - European market TV shipments increased 40.1% YoY, with retail market share ranking top five in multiple countries [1] - Display business gross margin declined 1.9 percentage points to 16.9% due to product mix changes and rising panel costs [1] All-Category Marketing Business - Revenue increased 27.7% YoY to HKD 7.75 billion, with gross margin improving 1.1 percentage points to 16.3% [2] - Smart products including air conditioners, refrigerators, and washing machines maintained rapid growth in global distribution [2] Internet Business - Revenue grew 8.9% YoY to HKD 1.21 billion, with international internet business revenue surging 51.2% YoY to HKD 342 million [2] Photovoltaic Business - The business has covered 23 key provinces and cities in China, with over 150 commercial projects signed and more than 70,000 farmer contracts [2] - The distribution network has expanded to over 1,200 dealers [2] Financial Projections - 2024E revenue is projected at HKD 94.48 billion, with net profit of HKD 1.28 billion [6] - 2025E revenue is forecasted at HKD 100.32 billion, with net profit of HKD 1.52 billion [6] - Gross margin is expected to stabilize around 17.3%-17.8% from 2024E to 2026E [6] - ROE is projected to improve from 6.9% in 2024E to 9.4% in 2026E [6] Valuation - The stock is trading at 9.3x 2024E PE and 0.6x 2024E PB, with a dividend yield of 5.4% [6] - The target price of HKD 6.05 is based on 12x 2024E PE [2]

Investment Rating - The report assigns a "Buy" rating to TCL Electronics with a target price of HKD 7.00, reflecting a positive outlook on the company's performance and growth potential [2]. Core Insights - TCL Electronics has shown significant revenue growth in its core TV business, achieving a revenue of HKD 454.9 billion for the first half of 2024, representing a year-on-year increase of 30.3% [2]. - The company's innovative business segments have also outperformed expectations, with overall revenue growth of 60.6% year-on-year, driven by strong performance in the photovoltaic sector [2]. - The report highlights the company's improved financial health, with a notable increase in net profit and adjusted net profit, alongside a stable net debt ratio [2]. Summary by Relevant Sections Revenue and Profitability - TCL Electronics reported a revenue of HKD 454.9 billion for the first half of 2024, up 30.3% year-on-year [2]. - The adjusted net profit reached HKD 6.5 billion, reflecting a significant improvement in profitability [2]. - The gross margin decreased by 1.6 percentage points to 17%, while the overall expense ratio improved [2]. Market Position and Sales Performance - The company achieved a TV market share of approximately 13.3%, ranking second globally, with total shipments increasing by 9.2% year-on-year [2]. - Domestic TV revenue grew by 21.3% to HKD 301.3 billion, while overseas shipments increased by 10.4% to 970 thousand units [2]. - The high-end product segment saw a substantial increase, with shipments of products over 75 inches rising by 34.5% [2]. Innovative Business Growth - The innovative business segment's revenue grew by 60.6% year-on-year, with photovoltaic business revenue increasing by 212.7% [2]. - The smart home business maintained stable revenue growth, contributing to the overall positive performance of the innovative segments [2]. Financial Forecasts - The report forecasts revenues of HKD 965 billion, HKD 1,082 billion, and HKD 1,197 billion for 2024, 2025, and 2026 respectively, with adjusted net profits projected to reach HKD 1,365 billion in 2024 [2][3]. - The earnings per share (EPS) is expected to grow from HKD 0.29 in 2022 to HKD 0.76 by 2026 [3].

家用电器/黑色家电 公 司 研 究 2024H1 业绩高增，彩电国内外业务量价双升 TCL 电子（01070.HK） 2024 年 08 月 26 日 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |--------------------|-------------| | 日期 | 2024/8/23 | | 当前股价(港元) | 4.560 | | 一年最高最低(港元) | 6.970/2.160 | | 总市值(亿港元) | 114.95 | | 流通市值(亿港元) | 114.95 | | 总股本(亿股) | 25.21 | | 流通港股(亿股) | 25.21 | | 近 3 个月换手率(%) | 17.34 | 股价走势图 TCL电子 恒生指数 -80% -40% 0% 40% 80% 2023-08 2023-12 2024-04 数据来源：聚源 相关研究报告 《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》-2024.3.3 ...

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 ...