印刷 OLED 赛道上，TCL 华星甚至没有同行者。但他们知道，还有更高的山峰矗立在面前。 2024 年 6 月的一个深夜，TCL 华星 10 多位工程师守在武汉的屏幕模组车间。他们面前的产线上只有一块 孤零零的屏幕。接下来 3 个多小时，他们的目光与那块屏幕紧紧相连。 TCL 科技首席技术官、TCL 华星首席技术官闫晓林正式宣布，首支投产的印刷 OLED 屏幕进入量产阶 段。 TCL 华星首款量产印刷 OLED 4K 显示屏（21.6 吋） 印刷 OLED 最显著的优势就是节约材料，降低生产成本。蒸镀工艺中，绝大部分材料会残留在掩膜板上， 利用率甚至不到 30%，而印刷工艺能达到 95% 以上。但节省材料的背后，需要从头开发材料和设备，来 满足极致苛刻的技术要求：1 毫升的液体需要分成 10 亿滴，按照每秒滴下 4 万次的频率工作，每一滴都必 须精准无误，同时还要确保铺展、干燥后完全均匀。 焦虑和压力都在积聚，即将到来的那一刻，检验着他们过去 11 年努力的价值。 为了保证生产质量，车间的温度始终保持在 20 多度，几乎没有波动；工程师们穿着包裹严密的无尘服， 与每一台设备、每一道工序隔开。在这种环境待上 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-082 TCL 科技集团股份有限公司 2024 年第二次临时股东大会决议公告 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。 一、重要提示 本次会议召开期间无提案的增加、否决或变更。 二、会议召开的情况 1、现场会议召开时间：2024 年 11 月 15 日（星期五）下午 2:00； 2、网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 11 月 15 日（星期五）上午 9:15-9:25、9:30-11:30，下午 1:00-3:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2024 年 11 月 15 日（星期五）上午 9:15 至 2024 年 11 月 15 日 （星期五）下午 3:00 的任意时间； 3、现场会议召开地点：深圳市南山区中山园路 1001 号 TCL 科学园国际 E 城 G1 栋 2 楼 202 会议室； 4、召开方式：现场投票与网络投票相结合的方式； 5、召集人：TCL 科技集团股份有限公司董事会； ...

北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2024 年第二次临时股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 UITE : 3 In YUAN LAW OFFICES 致:TCL 科技集团股份有限公司 北京市嘉源律师事务所 关于 TCL 科技集团股份有限公司 2024年第二次临时股东大会的法律意见书 嘉源(2024)-04-837 北京市嘉源律师事务所(以下简称本所)接受TCL科技集团股份有限公司(以 下简称公司)的委托,根据《中华人民共和国公司法》(以下简称《公司法》)、 《上市公司股东大会规则》（以下简称《股东大会规则》）等现行有效的法律、 行政法规、部门规章、规范性文件(以下简称法律法规)以及《TCL科技集团股 份有限公司章程》(以下简称《公司章程》)的有关规定,指派本所律师对公司 2024年第二次临时股东大会(以下简称本次股东大会)进行见证,并依法出具本 法律意见书。 为出具本法律意见书,本所指派律师现场见证了本次股东大会,查阅了公司 提供的与本次股东大会有关的文件和资料,并进行了必要的审查和验证。在前述 审查和验证的过程中,本所律师得到公司的如下 ...

Investment Rating - The investment rating for TCL Technology is "Buy" and is maintained [4]. Core Views - The report indicates that the photovoltaic business has reached a bottom, and a cyclical recovery in the display sector is starting [4]. - In Q3 2024, TCL Technology reported revenue of 1230.28 billion, a year-on-year decrease of 7.57%, and a net profit attributable to shareholders of 15.25 billion, down 5.34% year-on-year. However, the net profit excluding non-recurring items increased by 43.58% to 7.29 billion [4][5]. - The report highlights that the photovoltaic business has significantly impacted profits, with TCL Zhonghuan's net profit contributing a loss of 29.98 billion, affecting TCL Technology's net profit by approximately 10 billion [4][5]. - The semiconductor display business showed strong performance with revenue of 769.56 billion, a year-on-year increase of 25.74%, and net profit of 44.43 billion, improving by 60.67 billion year-on-year [4]. Financial Summary - For Q3, the single-quarter revenue was 428.05 billion, down 10.75% year-on-year, with a net profit of 5.30 billion, a decrease of 58.29% year-on-year. The gross margin was 11.45%, down 1.54 percentage points quarter-on-quarter, and the net margin was -3.18%, down 2.85 percentage points quarter-on-quarter [4][5]. - The report forecasts that the EPS for 2024-2026 will be 0.14, 0.35, and 0.50, with corresponding P/E ratios of 37.18, 14.96, and 10.44 [6].

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]

Summary of TCL Technology Q3 2024 Earnings Call Company Overview - **Company**: TCL Technology - **Industry**: Semiconductor Display and Renewable Energy Key Points Financial Performance - **Revenue**: For the first nine months of 2024, revenue was 123 billion, a decrease of 7.6% year-over-year [4] - **Gross Margin**: 12%, down 2.7% year-over-year [4] - **Net Profit**: 1.53 billion, a decline of 5.3% year-over-year [4] - **Cash Flow**: Operating cash flow increased by 36.3% year-over-year, reaching 22 billion [4] - **Debt Ratio**: Maintained at 65.3%, indicating a healthy long-term sustainability [4] Semiconductor Display Business - **Performance**: Revenue for the semiconductor display segment was 77 billion, up 25.7% year-over-year [4] - **Net Profit**: 3.2 billion, an improvement of 39.1% year-over-year [4] - **Market Position**: TCL ranks second globally in display panel shipments, with significant growth in large-size panels [2] - **OLED Growth**: TCL is the third-largest in global shipments of flexible OLED panels for mobile devices [2] - **Acquisition**: Announced acquisition of Guangzhou LG production line, expected to enhance technical capabilities and profitability [3] Industry Dynamics - **Market Trends**: The semiconductor display industry is experiencing a shift, with a focus on high-end products and rational business strategies [2] - **Supply and Demand**: The supply-demand relationship is improving, with mainstream product prices steadily increasing [4] - **Challenges**: The optical recovery industry faces significant supply pressure, with product prices substantially lower than the previous year [3] Future Outlook - **Q4 Expectations**: Anticipated improvement in pricing due to supply-demand imbalance, with expectations for price increases in Q4 [9] - **Capacity Utilization**: Projected to increase to over 80% in Q4 due to rising demand [16] - **Long-term Strategy**: Focus on optimizing production capacity and maintaining cost efficiency to enhance competitiveness [6] Renewable Energy and Photovoltaics - **Performance**: Revenue from renewable energy and photovoltaic materials was 22.6 billion, with a net loss of 1.81 billion [5] - **Market Conditions**: Demand remains strong, but accelerated capacity release is leading to supply-demand imbalances [4] Additional Insights - **Government Policies**: Recent appliance subsidy policies in China have significantly boosted demand, particularly for larger screen sizes [8] - **Inventory Levels**: Current inventory levels are stable, with no significant changes noted [8] - **Investment Gains**: Q3 saw a notable increase in investment income, attributed to improved capital market conditions [24] Conclusion - **Overall Strategy**: TCL Technology is committed to enhancing its competitive edge through strategic acquisitions, optimizing production, and focusing on high-end product development while navigating the challenges posed by market fluctuations and supply chain dynamics [6][3]

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 公告编号：2024-081 1、公司前期所披露的信息不存在需要更正、补充之处。 TCL 科技集团股份有限公司 关于股票交易异常波动的公告 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。 一、股票交易异常波动的情况 TCL 科技集团股份有限公司（以下简称"公司"）股票（证券简称：TCL 科 技，证券代码：000100）连续两个交易日内（2024 年 10 月 30 日、10 月 31 日） 收盘价格涨幅偏离值累计超过 20%，根据《深圳证券交易所交易规则》的有关规 定，属于股票交易异常波动。 二、公司关注及核实的相关情况 2、公司未发现近期公共传媒报道了可能或已经对本公司股票交易价格产生 较大影响的未公开重大信息。 3、公司已披露的经营情况、内外部经营环境近期未发生重大变化。 4、经核查，公司不存在关于公司的应披露而未披露的重大事项。 针对公司股票交易异常波动情况，公司董事会对相关事项进行了核查，现将 有关情况说明如下： 四、风险提示 1、经自查，公司不存在违反信息公平披露的情形。 2、公司董 ...

Group 1: Company Performance Overview - In the first three quarters of 2024, TCL Technology achieved operating revenue of CNY 123.03 billion and a net profit attributable to shareholders of CNY 1.525 billion [3] - The semiconductor display business generated revenue of CNY 76.956 billion, a year-on-year increase of 25.74%, with a net profit of CNY 4.443 billion, improving by CNY 6.067 billion [3] - The new energy photovoltaic business reported revenue of CNY 22.582 billion, a year-on-year decline of 53.6%, with a net loss of CNY 6.478 billion [3] Group 2: Market Trends and Demand - The demand for large-size panels remains sluggish due to a slowdown in global economic growth and weak consumer demand, but the competitive landscape is improving [3] - Domestic television sales are expected to grow rapidly due to the implementation of old-for-new subsidy policies, particularly for large-size products like 75-inch, 85-inch, and 98-inch panels [4] - The overall demand for television panels is anticipated to stabilize and improve in the fourth quarter and next year, driven by promotional seasons and continued subsidy policies [4] Group 3: Strategic Developments - TCL Huaxing plans to acquire 80% of LG Display (China) and 100% of LG Display (Guangzhou), which will enhance its semiconductor display production lines and technology portfolio [4] - The company is committed to a high-end strategy in its OLED business, achieving significant growth in revenue and shipment volume [4] - The company has maintained a stable dividend policy, with cumulative cash dividends of CNY 13.362 billion since 2011, averaging a payout ratio of approximately 38.52% [5] Group 4: Future Outlook - The industry is expected to see improved operating rates and panel prices in the fourth quarter due to increased downstream demand from appliance subsidy policies [4] - The mid-size panel business is projected to grow rapidly, with revenue expected to reach around 30% of total revenue in the coming years [5] - The photovoltaic industry is currently at a cyclical low but is expected to recover as supply-demand dynamics improve [5]

证券代码：000100 证券简称：TCL 科技 公告编号：2024-078 公司审计委员会、董事会对本次聘任会计师事务所事项均不存在异议，该事 项尚需提交公司 2024 年第二次临时股东大会审议，现将相关事项公告如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 1、基本信息 TCL 科技集团股份有限公司 关于聘任会计师事务所的公告 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"）于 2024 年 10 月 29 日召 开第八届董事会第六次会议，审议通过了《关于聘任会计师事务所的议案》，同 意聘任容诚会计师事务所（特殊普通合伙）（以下简称"容诚会计师事务所"或 "容诚"）为公司 2024 年年度财务报告及内部控制审计机构。 延加工业、建筑装饰和其他建筑业）及信息传输、软件和信息技术服务业，水利、 环境和公共设施管理业，科学研究和技术服务业，批发和零售业等多个行业。容 诚会计师事务所对 TCL 科技集团股份有限公司所在的相同行业上市公司审计客 户家数为 282 家。 4、投资者保护能力 容 ...