Financial Performance - The company's operating revenue for the first half of 2024 was CNY 80,223,736,962, a decrease of 5.78% compared to CNY 85,148,725,606 in the same period last year[12]. - Net profit attributable to shareholders was CNY 995,211,533, representing a significant increase of 192.28% from CNY 340,493,589 in the previous year[12]. - The net profit after deducting non-recurring gains and losses was CNY 558,757,061, compared to a loss of CNY 600,066,840 in the same period last year, marking a 193.12% improvement[12]. - The net cash flow from operating activities increased by 21.28% to CNY 12,632,721,713, up from CNY 10,416,168,147 in the previous year[12]. - Basic earnings per share rose to CNY 0.0535, a 190.76% increase from CNY 0.0184 in the same period last year[12]. - The diluted earnings per share was CNY 0.0530, reflecting a 192.82% increase compared to CNY 0.0181 in the previous year[12]. - The weighted average return on equity increased to 1.87%, up 1.2 percentage points from 0.67% in the previous year[12]. - Total assets at the end of the reporting period were CNY 382,333,538,876, a slight decrease of 0.14% from CNY 382,859,086,727 at the end of the previous year[12]. - Net assets attributable to shareholders decreased by 1.04% to CNY 52,369,539,906 from CNY 52,921,867,086 at the end of the previous year[12]. Business Segments - The semiconductor display business generated revenue of 49.877 billion yuan, a year-on-year growth of 40.39%, with net profit improving by 6.145 billion yuan to 2.696 billion yuan[17]. - In the photovoltaic sector, TCL Zhonghuan reported revenue of 16.213 billion yuan, a decrease of 53.54%, negatively impacting the net profit attributable to TCL Technology by 914 million yuan[17]. - The company maintained a market share of 23.5% in silicon wafer production, ranking first in the industry, with cumulative shipments of photovoltaic materials reaching approximately 62 GW, a year-on-year increase of 18.3%[17]. - TCL's large-size TV panel shipments accounted for 81% of the total area, with 55-inch and above products holding the global market share of 1st and 2nd respectively[21]. - TCL's flexible OLED smartphone panel shipments reached 39 million units, a year-on-year increase of 180%, with a market share ranking of third globally[22]. Strategic Initiatives - The company is actively pursuing a global strategy, enhancing its service capabilities to meet overseas market demands, particularly in semiconductor display and photovoltaic sectors[18]. - The company is positioned as the preferred bidder for acquiring a 70% stake in LG Display (China) Co., Ltd., which could enhance its semiconductor display production capabilities[22]. - TCL Zhonghuan is committed to enhancing its global competitiveness through strategic partnerships, including a collaboration with Saudi Arabia's Public Investment Fund to establish a large-scale overseas wafer factory[23]. - The company aims to maintain cost efficiency and accelerate organizational changes to improve competitiveness amid a challenging market environment[24]. Research and Development - TCL's total R&D expenses for the reporting period were 440.157 million CNY, a decrease of 10.03% compared to the previous year[30]. - TCL has applied for over 70,000 patents and established a leading position in next-generation display technologies and G12/N-type photovoltaic materials[27]. - The company plans to continue its focus on industrial 4.0 smart manufacturing to enhance production efficiency and cost advantages[28]. Environmental Responsibility - The company is classified as a key pollutant discharge unit by environmental protection authorities[74]. - The company adheres to various environmental protection laws and standards to ensure compliance and effective waste management[75]. - TCL Technology Group achieved a reduction of approximately 15,991 tons of CO2 emissions through 98 energy-saving projects at its Wuhan base, and generated 15.99 million kWh from solar power[83]. - The company aims to peak carbon emissions by 2030 and achieve carbon neutrality by 2050, as part of its "3050" commitment[83]. - The company has implemented various waste treatment systems, ensuring compliance with national and local environmental regulations without any reported violations[80]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 582,209, with the largest shareholder holding 6.74% of the shares[122]. - The largest shareholder, Ningbo Jiutian Liancheng Equity Investment Partnership, holds 1,265,347,805 shares, making it the first major shareholder of the company[123]. - The company reported a total of 667,733,276 shares held by Hong Kong Central Clearing Limited, the largest unrestricted shareholder[124]. - The company has completed the second non-trading transfer of shares under the employee stock ownership plan, transferring 3,234,162 shares to current directors and senior management[115]. Financial Management - The company has a total of CNY 2,307,023,370 in entrusted financial management, with an unexpired balance of CNY 1,912,837,970[112]. - The company has no overdue bonds or convertible bonds as of the report date[134][137]. - The company reported a total guarantee amount of 11,452,200 for subsidiaries during the reporting period, with an actual guarantee amount of 2,270,954[105]. Risk Management - The company aims to manage foreign exchange and interest rate risks through forward foreign exchange contracts, options, and interest rate swaps based on market analysis[43]. - The company has established a specialized risk management system covering all key aspects of derivative transactions, including prevention, monitoring, and post-processing[46]. - The company strictly adheres to the hedging principle, focusing on cost locking and risk avoidance, and does not engage in speculative trading[44].

证券代码：000100 证券简称：TCL 科技 公告编号：2024-062 公司名称：乐金显示（中国）有限公司 公司住所：广州高新技术产业开发区科学城开达路88号 法定代表人：PARK YOO SEOK 注册资本：133,400万美元 TCL 科技集团股份有限公司 关于参与相关股权竞买情况的自愿性公告 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。 为进一步丰富半导体显示产线技术，深化国际化客户战略合作，增强产业协 同效应，TCL 科技集团股份有限公司（以下简称"公司"）控股子公司 TCL 华星 光电技术有限公司（以下简称"TCL 华星"）近期参与乐金显示（中国）有限公 司 70%股权和乐金显示（广州）有限公司 100%股权竞买报价，并于 2024 年 8 月 1 日收到 LG DISPLAY CO., LTD.（以下简称"出售方"或"LGD"）发来的函件： 经出售方根据公平、公正的原则，以股权购买价格、运营性支持方案、交割可行 性和其他重要条件为评审基础进行评比审核，TCL 华星被确定为本次股权竞买 的优先竞买方。现将相关情况公告如下： ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company is benefiting from the recovery in the panel industry, with significant increases in net profit and non-recurring net profit forecasted for Q2 2024 [3][6]. - The company is positioned as a leader in the panel industry and is expanding into new energy photovoltaic and semiconductor materials, which is expected to optimize its business structure [4]. Financial Performance Summary - **Revenue (Million CNY)**: - 2022A: 166,553 - 2023A: 174,367 - 2024E: 188,325 - 2025E: 213,544 - 2026E: 234,516 - Year-on-Year Growth Rate (%): 2023A: 4.7, 2024E: 8.0, 2025E: 13.4, 2026E: 9.8 [2][11]. - **Net Profit (Million CNY)**: - 2022A: 261 - 2023A: 2,215 - 2024E: 3,743 - 2025E: 7,423 - 2026E: 10,644 - Year-on-Year Growth Rate (%): 2023A: 747.6, 2024E: 69.0, 2025E: 98.3, 2026E: 43.4 [2][11]. - **Return on Equity (ROE) (%)**: - 2022A: 1.4 - 2023A: 3.3 - 2024E: 4.6 - 2025E: 9.9 - 2026E: 14.0 [2][11]. - **Earnings Per Share (EPS)**: - 2022A: 0.01 - 2023A: 0.12 - 2024E: 0.20 - 2025E: 0.40 - 2026E: 0.57 [2][11]. Business Segments - The primary business is semiconductor display, with TCL Huaxing expected to generate a net profit of 25.8 to 28.8 billion CNY in H1 2024, driven by rising panel prices [3][4]. - The second major business is new energy photovoltaic and semiconductor materials, with TCL Zhonghuan expected to incur a net loss of 29 to 32 billion CNY in H1 2024, reflecting market pressures [3][4]. Market Outlook - The panel prices are expected to stabilize in July, with a long-term outlook for gradual price increases in large-size panels, benefiting the company as an industry leader [3][4]. - The Ministry of Industry and Information Technology's new regulations are anticipated to accelerate the elimination of outdated photovoltaic production capacity, which may benefit TCL Zhonghuan as a market leader [3][4].

2024 年 7 月 11 日 公司研究 面板行业复苏,显示业务利润大幅改善 ——TCL 科技(000100.SZ)跟踪报告之八 要点 事件:公司发布 2024 年半年度业绩预告,上半年公司整体实现归母净利润 9.5 亿元-10.5 亿元,同比增长 180%-210%,扣非后归母净利润实现 5.0 亿元-6.0 亿元,同比扭亏。其中,显示业务预计实现净利润 25.8-28.8 亿元,同比改善超 60 亿元,其中第二季度预计实现净利润 20.4-23.4 亿元。 点评: 公司不断优化面板产品结构,大尺寸化进程带动业绩增长:公司目前正在发挥规 模和产线布局优势,持续优化业务和产品结构。具体来看,大尺寸领域,公司产 业集中度进一步提升的格局改善及需求端的大尺寸化趋势,推动主要产品价格合 理回升;中尺寸领域,IT 业务是 TCL 华星增长的重要引擎之一,随着广州 t9 产 线顺利爬坡,公司 IT 业务快速发展,显示器出货排名提升至全球前三,笔电和 车载产品按计划完成品牌客户导入并逐步放量。根据 DISCIEN《全球 TV 面板 PSI 月度数据报告》统计:24Q1 出货平均尺寸达到 50.7 寸,同比成长 1.6 寸 ...

Profit Expectations - Net profit attributable to shareholders of the listed company is expected to be between 9.5 billion and 10.5 billion yuan, a year-on-year increase of 180%-210%[3] - Adjusted net profit attributable to shareholders of the listed company is expected to be between 5.0 billion and 6.0 billion yuan, a year-on-year increase of 183%-200%[3] - Basic earnings per share are expected to be between 0.0511 yuan and 0.0565 yuan per share[3] - TCL Zhonghuan is expected to achieve a net profit attributable to its shareholders of -29 billion to -32 billion yuan in the first half of the year[5] Display Business Performance - Display business is expected to achieve a net profit of 25.8-28.8 billion yuan, with a year-on-year improvement exceeding 6.0 billion yuan[5] - In Q2, the display business is expected to achieve a net profit of 20.4-23.4 billion yuan[5] Strategic Focus and Market Expansion - The company will continue to focus on high-end strategies for large-size displays and accelerate the expansion of medium-size IT and automotive businesses[5] - The company will enhance its market position in small-size displays and expand into VR/AR and specialized display markets[5] Operational and Financial Optimization - TCL Zhonghuan will strengthen its cost leadership and increase the proportion of advanced products to enhance competitiveness[5] - The company will optimize capital structure and improve asset turnover efficiency to navigate through the industry cycle bottom[5]

证券研究报告·公司深度研究·光学光电子 TCL 科技(000100) 显示面板周期上行,光伏业务静待回暖 2024 年 07 月 09 日 买入(首次) | | | | | | | |----------------------------|---------|----------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入(百万元) | 166632 | 174446 | 192147 | 215950 | 236369 | | 同比(%) | 1.72 | 4.69 | 10.15 | 12.39 | 9.46 | | 归母净利润(百万元) | 261.32 | 2,214.93 | 4,718.98 | 6,687.21 | 8,843.60 | | 同比(%) | (97.40) | 747.60 | 113.05 | 41.71 | 32.25 | | EPS-最新摊薄(元/股) | 0.01 | 0.12 | 0.25 | 0.36 ...

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：2024-004 投资者关 特定对象调研 □分析师会议 系活动类 □媒体采访 □业绩说明会议 别 □新闻发布会 □路演活动 □现场参观 □其他 景林资产、兴全基金、平安证券、广发证券、国投证券、万联证券、华创证券、 参与单位 东方财富证券、江海证券、若汐投资、熙宁投资、闻天投资、星睿资产、望正资 产、鼎华资产、乐中创投 名称及人 员姓名 2024年7月3日 时间 深圳市南山区TCL国际E城G1栋公司会议室 地点 上市公司 接待人员 TCL科技：王冉、龚庆宇、刘彦君 姓名 一、公司2023年度经营情况介绍 2023 年，TCL 科技实现营业收入 1,743.67 亿元，同比增长 4.69%，净利润 47.81 亿元，同比增长 167.37%，归属于上市公司股东净利润 22.15 亿元，同比增长 747.60%，经营现金流净额253.15亿元。 （一）半导体显示业务 2023 年，全球显示终端需求依然低迷，并呈现季节性波动，但电视面板大尺寸化 ...

盈利预测与投资建议 显示业务周期上行和份额提升双向共振 买入 (首次) | 股价( 2024 年 | 06 月 28 日) | |--------------------|----------------| | 目标价格 | | | 52 周最高价 / | 最低价 | | 总股本 / 流通 A | 股(万股) | | A 股市值(百万元) | | | 国家 / 地区 | | | 行业 | | | 报告发布日期 | | | | 1 周 | | 绝对表现 % | 1.89 | | 相对表现 % | 2.86 | | 沪深 300% | -0.97 | | 021-63325888*8514 | |------------------------------| | kuaijian@orientsec.com.cn | | 执业证书编号: S0860514050005 | | 香港证监会牌照: BPT856 | | yangyuxuan@orientsec.com.cn | | 执业证书编号: S0860524030001 | | hanxiaorui@orientsec.com.cn | | 执业证书编号: S0 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-055 为保证本期持股计划顺利进行，授权管理委员会办理本期持股计划相关事宜， 具体授权事项如下： TCL 科技集团股份有限公司 2024 年员工持股计划持有人会议决议公告 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。 TCL 科技集团股份有限公司（以下简称"公司"）2024 年员工持股计划（以 下简称"本期持股计划"）持有人会议于 2024 年 6 月 28 日以通讯方式召开。本 次会议的召集、召开和表决程序符合有关法律、法规及公司《2024 年员工持股计 划（草案）》和《2024 年员工持股计划管理办法》的规定。会议审议通过如下议 案： 一、关于设立公司 2024 年员工持股计划管理委员会的议案 根据公司《2024 年员工持股计划（草案）》和《2024 年员工持股计划管理 办法》等有关规定，本期持股计划设立管理委员会，代表持有人行使股东权利等 职权。管理委员会由 5 名委员组成，设管理委员会主任 1 名。管理委员会委员的 任期为本期持股计划的存续期。 二、关于选举公司 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-054 TCL 科技集团股份有限公司 关于员工持股计划归属持有人部分股票非交易过户情况的自愿 性公告 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，不存在虚假记载、误导性陈述或者重大遗漏。 根据《TCL 科技集团股份有限公司—2021－2023 年员工持股计划（第一期） 方案》及《TCL 科技集团股份有限公司—2021－2023 年员工持股计划（第二期） 方案》，TCL 科技集团股份有限公司（以下简称"公司"）于近日完成了已归属 持有人的部分股票非交易过户手续。现将相关情况公告如下： 一、持股计划相关情况 （一）第一期持股计划审议及披露情况 1、公司于 2021 年 6 月 20 日召开第七届董事会第九次会议及 2021 年 7 月 6 日召开的 2021 年第三次临时股东大会审议通过《TCL 科技集团股份有限公司 2021-2023 年员工持股计划（第一期）（草案）》（以下简称"第一期持股计划 方案"）以及《TCL 科技集团股份有限公司 2021-2023 年员工持股计划（第一期） 管理办法》。 2、2021 ...