证券代码：000100 证券简称：TCL 科技 公告编号：2025-005 TCL 科技集团股份有限公司 2024 年度业绩预告 TCL 科技集团股份有限公司及董事会全体成员保证公告内容的真实、准确 和完整，没有虚假记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2024 年 1 月 1 日—2024 年 12 月 31 日（以下简称"报告 期内"） 2、预计的业绩：同向下降 | 项目 | 2024 年 1 月 1 日-2024 年 12 月 31 日 | 上年同期 | | --- | --- | --- | | 营业收入 | 收入：1,600 亿元-1,700 亿元 | 收入：1,743.67 亿元 | | | 比上年同期下降：3%-8% | | | 归属于上市公司股 | 盈利：15.3 亿元-17.6 亿元 | 盈利：22.15 亿元 | | 东的净利润 | 比上年同期下降：20%-31% | | | 扣除非经常性损益 后归属于上市公司 | 盈利：2.9 亿元-4.2 亿元 | 盈利：10.21 亿元 | | 股东的净利润 | 比上年同期下降：59%-72% | | | 基本每股收 ...

更多一手调研纪要录音和海外投行报告加V: shuinu9870 快评 TCL科技 2025瑞银大中华研讨会:国内需求受益补贴政 策,短期看利润或有望继续改善 短期看稼动率和价格受益于国家消费补贴政策出台 公司管理层出席了我们2025大中华研讨会。投资人关注的重点主要有:1) 大面板的供需格局以及价格趋势展望,2)潜在关税影响,3)公司现金流表 现。公司表示,24年前三季度电视需求下滑明显,但四季度受益于国家消费 补贴政策影响需求明显改善。目前公司大尺寸面板(65寸/75寸)接近满 产,小尺寸LCD稼动率维持在80%以上,OLED持续满产。T9产线(主要是IT 类面板)二期产能预计将在25年上半年开出,管理层预计满产下带来的营收 贡献将覆盖折旧增加。针对投资人关心的需求是否由关税带来的提前备货导 致,公司表示根据大面板订单尺寸判断,主要需求来自国内市场。同时由于 中国厂商贡献了全球电视面板80%的产能,并且其最大客户(TCL电子)过 去几年在海外建立了整机组装产能。公司估计影响有可能较为有限。 公司认为面板价格或将保持回暖趋势 公司表示,受国家消费补贴政策影响以及前期国内厂商供给减少的影响,大 尺寸面板需求自1 ...

Investment Rating - The report maintains a "Buy" rating for TCL Technology, indicating a positive outlook for the company's stock performance [3][8]. Core Views - The panel business of TCL Technology is expected to continue benefiting from a price upcycle, with a forecasted increase in net profit for the years 2024 to 2026 [8]. - The company reported a significant improvement in its panel business, achieving a revenue of 76.956 billion yuan in the first three quarters of 2024, a year-on-year increase of 25.74% [5]. - The report highlights the challenges faced by the photovoltaic business, which saw a revenue decline of 53.60% year-on-year, but anticipates a recovery as energy consumption indicators improve [5]. Financial Summary - For the fiscal year 2024E, TCL Technology is projected to have total revenue of 190.941 billion yuan, with a year-on-year growth of 9.5% [4]. - The net profit attributable to shareholders is expected to be 1.768 billion yuan in 2024E, reflecting a decrease of 20.2% compared to the previous year [4]. - The gross profit margin is forecasted to improve from 14.7% in 2023 to 16.0% in 2024E, indicating enhanced profitability [4]. - The return on equity (ROE) is projected to rise significantly from 3.3% in 2024E to 12.4% by 2026E [4]. Business Performance - The panel business has shown resilience, with a net profit of approximately 1.747 billion yuan in Q3 2024, despite seasonal fluctuations in demand [5]. - The photovoltaic segment is expected to reduce losses in the future as market conditions stabilize [5]. - The company has maintained a strong operating cash flow, with a net cash flow from operating activities of 22.001 billion yuan in the first three quarters of 2024 [7].

[Table_Profit] [Table_StockNameRptType] TCL 科技（000100） 公司覆盖 供需改善+份额提升，进入业绩收获期 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------------------------- ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨 TCL 科技（000100.SZ） [Table_Title] 光伏业务触底，显示顺周期启动 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] TCL 科技公布 2024 年第三季度报告，报告期内公司实现营业收入 1230.28 亿元，同比下降 | | | 7.57% ；归母净利润 15.25 亿元，同比下降 5.34% ；扣非归母净利润 7.29 亿元，同比增长 43.58% 。 单三季度收入 428.05 ，同比下降 10.75% ；归母净利润 5.30 亿元，同比下降 58.29% 。单季度 | ...

Investment Rating - The report assigns a "Buy" rating to TCL Technology (000100) based on its strong growth potential in the display business and expected recovery in the photovoltaic sector [5] Core Views - TCL Technology's display business showed strong growth momentum in Q3 2024, with significant profit improvement in TCL Huaxing [1] - The photovoltaic business (TCL Zhonghuan) faced challenges but is expected to recover due to industry self-regulation [1] - Market share in TV panels remains strong globally, with leadership in 55-inch and 75-inch segments [1] - The acquisition of LG's production line is expected to enhance market position and competitiveness [1] Business Performance Display Business - TCL Huaxing achieved revenue of 76.956 billion yuan, up 25.74% YoY, with net profit of 4.443 billion yuan [1] - Large-size TV panel prices stabilized in October 2024, while IT panel prices entered a seasonal downward trend [1] - Market share in 55-inch and 75-inch TV panels ranked first globally, with 65-inch panels ranking second [1] - IT and automotive display market share increased significantly, with gaming monitors maintaining global leadership [1] Photovoltaic Business - TCL Zhonghuan reported revenue of 22.582 billion yuan, down 53.6% YoY, with a net loss of 6.478 billion yuan [1] - Industry self-regulation is expected to stabilize prices and accelerate industry consolidation [1] Financial Performance - Q3 2024 revenue was 42.828 billion yuan, down 10.73% YoY but up 6.12% QoQ [1] - Net profit attributable to shareholders was 530 million yuan, down 58.29% YoY [1] - Gross margin for Q3 2024 was 11.45%, down 6.45 percentage points YoY [1] Market Position - TV panel market share remains second globally, with leadership in 55-inch and 75-inch segments [1] - IT and automotive display market share increased significantly, with gaming monitors maintaining global leadership [1] - LTPS smartphone panel shipments ranked second globally, with flexible OLED panel shipments growing steadily [1] Future Outlook - Revenue is forecasted to reach 166.548 billion yuan in 2024, 189.033 billion yuan in 2025, and 213.057 billion yuan in 2026 [5] - Net profit attributable to shareholders is expected to be 2.383 billion yuan in 2024, 5.311 billion yuan in 2025, and 8.622 billion yuan in 2026 [5] - EPS is projected to be 0.13 yuan in 2024, 0.28 yuan in 2025, and 0.46 yuan in 2026 [5] Valuation - Current P/E ratio is 35.98x for 2023, expected to decrease to 34.52x in 2024, 15.49x in 2025, and 9.54x in 2026 [6] - P/B ratio is 1.53x for 2023, expected to decrease to 1.52x in 2024, 1.43x in 2025, and 1.31x in 2026 [6] - EV/EBITDA is 6.73x for 2023, expected to decrease to 5.53x in 2024, 4.55x in 2025, and 3.63x in 2026 [6]

正做出投资决策在会议开始前我们提示各位投资者在主讲嘉宾发言结束后将留有提问时间接下来有请主讲嘉宾发言谢谢好的谢谢那么各位朋友大家下午好欢迎参加TCL科技2024年第三季度的议题交流会我是TCL科技的廖谦那么今天出席会议的公司管理层包括TCL科技的CFO李健女士 财务运营部部长丁春梅女士TCL华欣的CFO杨安民先生以及TCL华欣TVG商业事业部的负责人王秀义先生TCL中环COO兼CFO张长旭女士TCL中环光复材料BG负责人张海棠先生以及TCL中环副总经理董事会秘书秦世龙先生 各位都知道,我们在昨天晚上已经发布了我们第三季度的季报,那么在整个经济放缓、外部环境不确定的情况之下,公司主要产业还在加强局势的成本效率,聚焦提升竞争力,力争我们取得逆势的高质量发展。那么公司在两个主要板块中间的半导体显示业务方面, 自2023年Q3流回以来已经连续5个季度保持了比较稳健的利润也相应显示整个半导体显示行业的周期相较过去10年有了很大的变化那么从业务来看大尺寸在坚持整个理性的商业策略同时我们在坚定的引领电视面板的高端化趋势整体获利是稳重有增的 公司有两块还在成长的业务中小尺寸方面那么通过技术创新我们推动了OLED的产品高端化一 ...

Group 1 - The latest margin trading balance for the stock as of October 31 is 3.753 billion yuan, with a financing balance of 3.747 billion yuan, reflecting a decrease of 72.782 million yuan from the previous trading day, a decline of 1.91% [1] - Over the past three days, the cumulative increase in margin trading has reached 116 million yuan, representing a growth of 3.20% [1] - The stock has appeared on the Dragon and Tiger list due to a cumulative price deviation of 20% over three consecutive trading days and a daily price deviation of 7% [1] Group 2 - The cumulative net buying from the Shenzhen Stock Connect for the stock is 20.3787 million yuan, while the total net selling from brokerage seats amounts to 89.9963 million yuan [1]

证券代码：000100 证券简称：TCL 科技 TCL 科技集团股份有限公司投资者关系活动记录表 编号：2024-006 | --- | --- | --- | |----------|-------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - Revenue for the third quarter of 2024 was RMB 42.80 billion, a decrease of 10.75% year-over-year[5] - Net profit attributable to shareholders for the third quarter was RMB 530.11 million, down 58.29% year-over-year[5] - Total operating income for the period was RMB 123.13 billion, a decrease of 7.5% compared to the previous period's RMB 133.17 billion[27] - Operating costs amounted to RMB 124.05 billion, down 3.8% from the previous period's RMB 129.01 billion[27] - Net profit for the period was a loss of RMB 1.83 billion, compared to a profit of RMB 5.57 billion in the previous period[28] - Basic earnings per share (EPS) were RMB 0.0821, down from RMB 0.0870 in the previous period[28] - Total comprehensive income was a loss of RMB 1.68 billion, compared to a profit of RMB 5.22 billion in the previous period[28] - Interest income increased by 81.3% to RMB 103.27 million from RMB 56.96 million in the previous period[27] - Financial expenses rose by 27.8% to RMB 3.41 billion from RMB 2.67 billion in the previous period[27] - Asset impairment losses increased by 45.6% to RMB 3.54 billion from RMB 2.43 billion in the previous period[27] - Other comprehensive income after tax was RMB 148.41 million, compared to a loss of RMB 350.45 million in the previous period[28] Semiconductor Display Business - Semiconductor display business revenue for the first three quarters reached RMB 76.96 billion, a 25.74% increase year-over-year[10] - Net profit for the semiconductor display business improved by RMB 6.07 billion year-over-year to RMB 4.44 billion in the first three quarters[10] - Semiconductor display business achieved revenue of 76.956 billion yuan, a year-on-year increase of 25.74%, with net profit of 4.443 billion yuan, a significant improvement of 6.067 billion yuan compared to the same period last year[11] - TCL CSOT's TV panel market share ranks second globally, with 65-inch and 75-inch panels holding the top global market share, and 65-inch and above products accounting for 55% of shipment area[12] - TCL CSOT plans to acquire 80% equity of LG Display (China) Co., Ltd. and 100% equity of LG Display (Guangzhou) Co., Ltd., aiming to enrich production line technology and deepen international customer cooperation[13] - TCL CSOT's flexible OLED smartphone panel shipments are steadily increasing, with a rising proportion of high-end products[13] TCL Zhonghuan Performance - TCL Zhonghuan's revenue for the first three quarters was RMB 22.58 billion, impacting TCL Tech's net profit by RMB -1.81 billion[10] - TCL Zhonghuan's revenue for the first three quarters of 2024 was 22.582 billion yuan, a year-on-year decrease of 53.6%, with a net loss of 6.478 billion yuan[14] - TCL Zhonghuan's photovoltaic monocrystalline production capacity increased to 190GW, with shipments of 94.86GW, a year-on-year increase of 11.4%, and a market share of 19.2%, ranking first in the industry[15] - N-type products achieved a monthly production lead of 505kg per unit and a lead of 1 more slice per kilogram compared to the industry's second-best[15] - TCL Zhonghuan has partnered with Saudi Arabia's PIF subsidiary RELC and Vision Industries to establish the largest overseas crystal wafer factory[15] - TCL Zhonghuan is focusing on cost efficiency and global strategy to enhance competitiveness during the industry's cyclical downturn[16] Assets and Liabilities - Total assets as of the end of the third quarter were RMB 393.80 billion, an increase of 2.86% compared to the end of the previous year[5] - Total assets increased to 393.8 billion yuan, up from 382.9 billion yuan at the beginning of the period[24][25][26] - Current assets rose to 115.8 billion yuan, compared to 102.3 billion yuan at the start of the period[24] - Non-current assets decreased slightly to 278.0 billion yuan from 280.6 billion yuan[25] - Total liabilities grew to 257.2 billion yuan, up from 237.6 billion yuan[25][26] - Current liabilities increased to 114.2 billion yuan, compared to 99.2 billion yuan[25] - Non-current liabilities rose to 142.9 billion yuan, up from 138.4 billion yuan[25] - Owner's equity decreased to 136.6 billion yuan from 145.3 billion yuan[26] - Inventory increased to 21.4 billion yuan, up from 18.5 billion yuan[24] - Accounts receivable grew to 23.5 billion yuan, compared to 22.0 billion yuan[24] - Short-term borrowings rose to 11.3 billion yuan, up from 8.5 billion yuan[25] - Short-term borrowings rose by 33.9% to RMB 11.35 billion, driven by optimization of debt cost structure[9] Cash Flow - Operating cash flow for the first three quarters was RMB 22.00 billion, a 36.28% increase year-over-year[5] - Sales of goods and services received cash of 123.37 billion yuan, an increase from 101.24 billion yuan in the previous period[30] - Net cash flow from operating activities increased to 22.00 billion yuan from 16.14 billion yuan[30] - Net cash flow from investing activities was -26.55 billion yuan, an improvement from -29.44 billion yuan in the previous period[30] - Net cash flow from financing activities was 6.85 billion yuan, slightly down from 7.66 billion yuan[31] - Cash and cash equivalents at the end of the period stood at 22.26 billion yuan, compared to 28.11 billion yuan at the beginning of the period[31] - Cash received from customers and deposits increased by 574.76 million yuan, compared to a decrease of 400.28 million yuan in the previous period[30] - Cash paid for goods and services was 88.06 billion yuan, up from 77.97 billion yuan[30] - Cash paid to employees increased to 9.18 billion yuan from 8.68 billion yuan[30] - Cash received from investments was 52.86 billion yuan, up from 36.41 billion yuan[30] - Cash paid for investments increased to 62.38 billion yuan from 46.04 billion yuan[30] Investments and Construction - Construction in progress increased by 57.0% to RMB 26.69 billion, mainly due to increased investment in semiconductor display production lines[9] - The total contract amount for forward foreign exchange contracts at the end of the period is 5,512,867 million yuan, accounting for 40.35% of the company's net assets[22] - The total contract amount for interest rate swaps at the end of the period is 308,838 million yuan, accounting for 2.26% of the company's net assets[22] - The total contract amount for hedging derivatives at the end of the period is 5,821,705 million yuan, accounting for 42.61% of the company's net assets[22] - The actual profit and loss from contract settlements during the reporting period is 152.96 million yuan[22] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 596,865[18] - Li Dongsheng holds 6.74% of the shares, totaling 1,265,347,805 shares[18] - Hong Kong Securities Clearing Company Limited holds 3.81% of the shares, totaling 715,658,083 shares[18] - Huizhou Investment Holding Co., Ltd. holds 2.85% of the shares, totaling 535,767,694 shares[18] - Wuhan Optics Valley Industry Investment Co., Ltd. holds 2.41% of the shares, totaling 452,866,342 shares[18] - China Securities Finance Corporation holds 2.19% of the shares, totaling 410,554,710 shares[18] Industry Outlook - The global display industry is expected to see improved profitability driven by trends such as large-size panels and AI, while the photovoltaic industry is poised for growth despite short-term competition[17] R&D and Expenses - R&D expenses decreased by 8.7% to RMB 6.58 billion from RMB 7.20 billion in the previous period[27]