申万宏源证券承销保荐有限责任公司 | 公司及股东承诺事项 | 是否履行 | 未履行承诺的原 | | --- | --- | --- | | | 承诺 | 因及解决措施 | | （一）再融资时所作承诺 | | | | 1.李东生关于同业竞争、关联交易、资金占用方面的承诺 | 是 | 不适用 | | 2.中信证券股份有限公司、诺德基金管理有限公司、国泰君安证券 | | | | 股份有限公司、光大证券股份有限公司、UBS AG、财通基金管理 | | | | 有限公司、广发证券股份有限公司、海通证券股份有限公司、上 | | | | 海高毅资产管理合伙企业（有限合伙）-高毅晓峰2号致信基金、中 | | | | 国人寿资产管理有限公司-中国人寿资管中国银行-国寿资产 | | | | PIPE2020保险资产管理产品、南方基金管理股份有限公司、沈锐 | 是 | 不适用 | | 进、大成基金管理有限公司、金鹰基金管理有限公司、华夏人寿 | | | | 保险股份有限公司、泰康资产管理有限责任公司-泰康人寿保险有 | | | | 限责任公司-投连-行业配置、广东正圆私募基金管理有限公司-正 | | | | 圆礼拜六私募证券投资基 ...

Investment Rating - The report maintains a **Buy** rating for TCL Tech (000100 SZ) [3] Core Views - TCL Tech reported strong financial performance in 2023 and Q1 2024, with significant growth in revenue and net profit [1][4] - 2023 revenue: 174 4 billion yuan, up 4 69% YoY - 2023 net profit attributable to parent company: 2 215 billion yuan, up 747 60% YoY - Q1 2024 revenue: 39 9 billion yuan, up 1 18% YoY - Q1 2024 net profit attributable to parent company: 240 million yuan, up 143 71% YoY - The company declared a dividend of 1 5 billion yuan for 2023, maintaining a high payout ratio [1][5] - With declining capital expenditures and improving profitability, the dividend yield is expected to increase, indicating significant potential for higher dividends [1][5] Business Segment Analysis Photovoltaic Business - Q1 2024 revenue: 9 933 billion yuan, net loss: 951 million yuan [5] - The loss is attributed to intensified competition and declining product prices as capacity expanded - TCL Zhonghuan continues to improve efficiency through technological innovation and process optimization - The company maintains a leading position in G12 large silicon wafers and N-type products, with N-type 210 external sales market share exceeding 90% [5] Display Business - Q1 2024 revenue: 23 376 billion yuan, up 54 58% YoY, net profit: 539 million yuan, up 3 337 billion yuan YoY [5] - Strong performance despite low utilization rates in January and February, driven by volume and price increases in March - T9 production line ramping up as planned, boosting IT product market share - Global market share in monitors remains third, with gaming monitors holding the top position globally - Flexible OLED product demand exceeds supply, with mobile panel shipments rising to third globally [5] Financial Projections - Expected EPS for 2024-2026: 0 20, 0 40, and 0 56 yuan, respectively [5] - Corresponding PE ratios: 23 74, 11 84, and 8 61 [5] - Display business profitability is projected to reach 1 5-2 billion yuan per quarter in Q2 and Q3 2024 [5]

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、媒体报道情况 公司近日关注到，有媒体发布《TCL 华星年内投 630 亿元加入 8 代 OLED 线竞逐！》《TCL 华星计划年内投资第八代 OLED》等相关报道。提到： 1、"华星光电年内计划投资第 8 代 OLED 产线……将斥资 12 万亿韩元，约 合 630 亿元"； 证券代码：000100 证券简称：TCL 科技 公告编号：2024-039 TCL 科技集团股份有限公司 澄清公告 比快速提升。公司将持续优化业务和产品结构，夯实经营基础，强化运营能力， 构筑差异化价值，提升经营效益。 3、如有重大投资计划，公司会按规定及时履行信息披露义务。 三、其他说明及风险提示 2、"中国显示器企业 TCL 华星(CSOT)将在年内发布 8.6 代 OLED 生产设备 投资计划"； 3、"CSOT 尚未公布 8.6 代 OLED 的具体投资计划，但业内人士预计，该公 司可能会在今年内宣布"。 经核查，上述报道均与事实不符，为维护公司及全体股东利益，现发布本澄 清公告。 二、澄清说明 1、前述报道 ...

证券代码：000100 证券简称：TCL 科技 公告编号：2024-037 TCL 科技集团股份有限公司 关于 2023 年第二次回购社会公众股份的进展公告 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。 董事会 2024 年 5 月 7 日 TCL 科技集团股份有限公司（以下简称"公司"）聚焦半导体显示、新能源 光伏业务，持续增强核心能力、强化经营韧性，提高效率效益，追求高质量发展。 基于对公司长期发展的信心，为维护股东利益，兼顾公司员工激励的需要，公司 于 2023 年 11 月 28 日召开第七届董事会第三十六次会议，审议通过《关于 2023 年第二次回购部分社会公众股份的议案》，公司将以集中竞价交易方式回购公司 股份，回购股份的总金额不低于人民币 4 亿元（含）且不超过人民币 6 亿元（含）。 具体详见公司在指定信息披露媒体上发布的相关公告。 根据《深圳证券交易所上市公司自律监管指引第 9 号—回购股份》等相关规 定，公司在回购期间应当在每个月的前三个交易日内披露截至上月末的回购进展 情况。综合考虑回购股票用途、可回购窗口期间等因素 ...

欢迎参加TCL科技2023年度议题说明会我是TCL科技廖谦今天出席我们会议的公司管理层科技策除我外还有TCL科技的CFO李剑女士TCL科技主席董事刘生辞先生半导体显示方面有TCL华欣CFO杨阳明先生TCL华欣TVD商业事业部负责人王修义先生 关乎新能源板块参会领导主要是TCL中环新能源材料事业部负责人张海鹏先生和TCL中环董事会秘书秦世龙先生各位都知道过去两天时间TCL两大最重要的业务板块华欣和中环的2023年和2024年QE的经营业绩随上日公司的年报都已经发布了 我记得在2020年年报的交流会时我向各位投资的朋友介绍科技在完成了中华并购后我们不会有新的战略赛道拓展我们会紧紧地围绕半导体显示光复新能源和半导体材料三大业务板块力争在每个领域都做到全球领先或中国领先这个战略定位到目前没有变过那么过去一年在复杂的全球政治经济形势下PCL华欣坚持按需生产 业绩呈现了逐步的逐季度的改善并在去年第三季度有亏为盈大尺寸方面我们在依托高世代线优势全力的推动平均尺寸增长华新2023年55寸级以上产品的出货面积占比已经接近了80%继续保持综合竞争力的行业领先那么中小尺寸业务方面显示汽出货已经升至全球第三 T9在2023年的收入规 ...

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 05 月 05 日 T CL 科技(000100.SZ) 证券研究报告 面板景气度向好，盈利能力持续提升 面板 投资评级 买入-A 事件：公司发布 2023 年报及 2024 年一季报，2023 年实现营业总 收入1744.46 亿元，同比增长4.69%；实现归母净利润 22.15亿元， 维持评级 同比增长 747.60%；实现扣非归母净利润10.21 亿元，同比扭亏。24Q1 6个月目标价 5.74元 实现营业总收入 399.46 亿元，同比增长1.22%；实现归母净利润2.40 股价 (2024-04-30) 4.78元 亿元，同比扭亏；实现扣非归母净利润 0.71 亿元，同比扭亏。 交易数据 收入/利润同比延续增长，看好显示业务增厚业绩： 总市值(百万元) 89,764.01 单季度来看，22Q4 公司实现总营收 412.80 亿元（yoy+3.05%，qoq- 流通市值(百万元) 86,511.03 13.96%），实现归母净利润 6.04亿元（同比扭亏，qoq-52.51%）；24Q1 总股本(百万股) 18,779.08 ...

TCL科技（000100.SZ）2023年年报&2024年一季报点评 显示业务进入盈利新阶段，光伏业务静待修复 2024年04月30日 ➢ 事件：TCL 科技 4 月 29 日晚发布 2023 年年报和 2024 年一季报，2023 推荐 维持评级 年，公司实现营收 1743.67 亿元（YoY+4.69%），归母净利润 22.15 亿元 当前价格： 4.78元 （YoY+747.6%），扣非归母净利润10.21亿元（同比扭亏）。对应4Q23单季 度，公司实现收入412.8亿元（YoY+3.05%，QoQ-13.96%），归母净利润6.04 [Table_Author] 亿元（同比扭亏，QoQ-52.51%），扣非归母净利润5.14亿元（同比扭亏，QoQ- 53.63%）。2024年Q1，公司实现收入399.46亿元（YoY+1.22%，QoQ-3.23%）， 归母净利润 2.4 亿元（同比扭亏，QoQ-60.24%），扣非归母净利润 0.71 亿元 （同比扭亏，QoQ-86.23%）。 ➢ 半导体显示业务大幅减亏，TCL中环业绩承压。2023年公司继续聚焦半导 体显示业务、新能源光伏及其他硅材料业务的核心主 ...

Financial Performance - TCL Technology Group achieved operating revenue of RMB 39.91 billion, a year-on-year increase of 1.18%[6] - Net profit attributable to shareholders was RMB 239.97 million, a significant turnaround from a loss of RMB 548.99 million in the same period last year, representing a growth of 143.71%[6] - The net cash flow from operating activities reached RMB 6.60 billion, an increase of 46.74% compared to the previous year[6] - The weighted average return on equity improved to 0.45%, up 1.54 percentage points from -1.09% in the previous year[6] - Total assets at the end of the reporting period were RMB 391.75 billion, reflecting a 2.32% increase from the previous year[6] - The company reported a decrease in performance in its new energy photovoltaic business due to product price declines, despite efforts to enhance operational resilience[11] - The photovoltaic business reported revenue of 9.933 billion CNY, a year-on-year decline of 43.62%, with a net loss of 951 million CNY[13] - The company reported a total comprehensive income of -¥272.92 million for Q1 2024, compared to ¥137.20 million in Q1 2023, indicating a decline in overall financial performance[23] Business Segments - In Q1, the semiconductor display business achieved revenue of 23.376 billion CNY, a year-on-year increase of 54.58%, and net profit of 539 million CNY, improving by over 3.337 billion CNY year-on-year[12] - The semiconductor display industry is returning to a stage of orderly development based on reasonable commercial returns, with stable supply-demand relationships[11] - The company is focusing on core business development in semiconductor displays and new energy photovoltaics to enhance competitiveness and pursue sustainable high-quality growth[11] - The large-size panel market share remains in the top two globally, with a significant recovery in production capacity driven by post-Spring Festival stocking demand[12] - The N-type product shipment ratio reached 88%, with over 90% market share in N-type 210 external sales, maintaining a leading position in the market[13] - The company maintains a competitive edge through digital transformation and smart manufacturing in its silicon wafer, battery, and module factories[13] - The company’s gaming monitor market share remains the first globally, while the overall monitor market share is third globally[12] Cash Flow and Liquidity - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 24,944,029,733, up from CNY 21,924,270,872, reflecting an increase of 13.8%[19] - The total current assets reached CNY 111,140,989,850, compared to CNY 102,298,298,386 at the beginning of the period, indicating a growth of 8.5%[19] - The company's inventory increased to CNY 19,304,750,766 from CNY 18,481,754,865, marking a rise of 4.4%[19] - Operating cash flow for Q1 2024 was ¥6.60 billion, up from ¥4.50 billion in Q1 2023, reflecting a year-over-year increase of approximately 46.8%[25] - The cash and cash equivalents at the end of Q1 2024 totaled ¥23.41 billion, compared to ¥36.11 billion at the end of Q1 2023, showing a decrease of about 35.2%[26] - The company experienced a foreign exchange impact on cash and cash equivalents of ¥52.42 million in Q1 2024, compared to a negative impact of ¥124.22 million in Q1 2023, indicating improved currency stability[26] Investments and Financing - The total amount of forward foreign exchange contracts increased from CNY 3,039,040,000 to CNY 3,440,748,000, representing a growth of 13.2%[17] - The total amount of interest rate swaps increased from CNY 40,686,000 to CNY 340,100,000, showing a significant increase of 736.5%[17] - The company plans to issue technology innovation corporate bonds aimed at professional investors, with the first phase announced on January 29, 2024[18] - The net cash outflow from investing activities was ¥8.97 billion in Q1 2024, compared to a net outflow of ¥5.20 billion in Q1 2023, indicating increased investment expenditures[25] - The net cash inflow from financing activities was ¥5.73 billion in Q1 2024, compared to ¥3.26 billion in Q1 2023, reflecting a year-over-year increase of approximately 75.8%[25] Strategic Focus - The company aims to enhance operational resilience in the photovoltaic sector while maintaining a long-term positive trend in the industry[13] - The company plans to continue its strategy of quality improvement and efficiency enhancement, focusing on technological innovation and global expansion[13] - The overall market for display terminals is expected to stabilize, with structural growth driven by AI hardware innovation[12] - The company emphasizes sustainable high-quality development and seizing opportunities in technology manufacturing upgrades and global energy structure transformation[13]

Financial Performance - In 2023, TCL Technology Group achieved a revenue of CNY 174.37 billion, a year-on-year increase of 4.69%, and a net profit of CNY 4.78 billion, up 167.37%[2]. - The company's operating revenue for 2023 was approximately ¥174.37 billion, representing a 4.69% increase compared to ¥166.55 billion in 2022[17]. - Net profit attributable to shareholders for 2023 reached approximately ¥2.21 billion, a significant increase of 747.60% from ¥261.32 million in 2022[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.02 billion, a 137.84% increase from a loss of ¥2.70 billion in 2022[17]. - The net cash flow from operating activities for 2023 was approximately ¥25.31 billion, up 37.38% from ¥18.43 billion in 2022[17]. - Basic earnings per share for 2023 were ¥0.1195, a 586.78% increase from ¥0.0191 in 2022[17]. - The company's net profit for the year reached CNY 4.781 billion, representing a significant year-on-year growth of 167.37%[25]. - The cash flow from operating activities amounted to CNY 25.315 billion[25]. Business Segments - The semiconductor display business generated revenue of CNY 83.66 billion, representing a growth of 27.26%, with a net profit improvement of CNY 7 million, a year-on-year increase of CNY 7.62 billion[2]. - TCL Zhonghuan reported a revenue of CNY 59.15 billion, a decline of 11.74%, and a net profit of CNY 3.90 billion, down 44.88%[3]. - The new energy photovoltaic and other silicon materials business reported ¥59.15 billion, representing 33.92% of total revenue, but experienced a decline of 11.74% compared to the previous year[44]. - The crystalline silicon production capacity for the photovoltaic materials business reached 183 GW, with a market share of 23.4%[27]. - The photovoltaic materials business shipped 114 GW, with a year-on-year growth of 68%, and achieved revenue of 43.791 billion yuan[32]. Research and Development - The company invested CNY 10.31 billion in R&D, accounting for 5.91% of total revenue, and filed 590 new PCT patent applications, bringing the total to 15,331[4]. - R&D investment for the year totaled CNY 10.309 billion, with 590 new PCT international patent applications filed, bringing the total to 15,331[25]. - The company has focused on expanding its semiconductor display and materials business, following the divestiture of its consumer electronics and home appliance segments in 2019[14]. Market Position and Strategy - TCL's TV product market share remains second globally, with esports monitors and LTPS panels holding the first position worldwide[2]. - The company plans to distribute a cash dividend of CNY 0.8 per 10 shares to shareholders, reflecting its commitment to shareholder returns[5]. - The semiconductor display business aims to become a leading global display solution provider, focusing on optimizing business and product structure[4]. - The photovoltaic business strategy targets being the number one in global market share for silicon wafers, emphasizing technological innovation and global manufacturing localization[4]. - The company anticipates that the short-term photovoltaic market will remain at the bottom of the cycle, with significant supply-demand imbalances[4]. Corporate Governance and Shareholder Engagement - The company has established a robust internal control system and governance structure, ensuring compliance with relevant laws and regulations, thereby enhancing corporate governance levels[94]. - The company is committed to maintaining investor rights and has implemented an employee stock ownership plan to drive performance growth and value enhancement[94]. - The governance structure of TCL Technology Group is in compliance with the regulatory requirements set by the China Securities Regulatory Commission, with no significant discrepancies noted[99]. - The company has a clear organizational structure that supports its business scale and management needs, promoting accountability and effective internal controls[94]. - The company has conducted multiple investor relations activities throughout 2023, discussing its annual and quarterly performance with various institutional investors[90]. Sustainability and Social Responsibility - TCL has committed to achieving carbon peak by 2030 and carbon neutrality by 2050, as part of its "3050" commitment announced at the GPC2023[157]. - The company has been recognized for its green manufacturing efforts, with ten display panels awarded the "Green Design Product" title by the Ministry of Industry and Information Technology[159]. - TCL's public welfare initiatives include the "TCL Photovoltaic Low-Carbon Campus" project, which donated photovoltaic systems to 9 schools in Inner Mongolia in 2023[160]. - The "A.I. Home" project has distributed over 300 customized "Eagle Story Machines" to rural schools, benefiting more than 26,000 children[163]. - The company has implemented measures to ensure that all pollutant emissions are within the regulatory limits, with no instances of exceeding discharge standards reported[150]. Future Outlook - For 2024, the company expects improved operating returns in the semiconductor display business and aims to enhance resilience in the photovoltaic sector[34]. - The company has set a performance guidance of 10% revenue growth for 2024, driven by new product launches and market expansion strategies[109]. - TCL is exploring potential acquisitions in the semiconductor sector to enhance its supply chain resilience and technology capabilities[109]. - The company aims to expand its market presence in Southeast Asia, targeting a 25% increase in sales in that region by 2024[109]. - TCL is launching a new line of eco-friendly products, with an initial investment of 2 billion yuan, aimed at capturing the growing green technology market[116].

证券代码：000100 证券简称：TCL 科技 公告编号：2024-016 TCL 科技集团股份有限公司 关于举行 2023 年度业绩说明会的公告 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"）2023 年年度报告将于 2024 年 4 月 30 日披露。为便于广大投资者更深入了解公司情况，公司拟通过线上会 议方式举行 2023 年度业绩说明会，具体安排如下： 一、业绩说明会召开时间及投资者参与方式 1、时间 本次业绩说明会在进门财经平台举行，投资者可通过以下方式报名参与。 （一）网络参会 电脑端：点击链接 https://s.comein.cn/A9jRv ，进入页面，按指引申请参会。 手机端： 2024 年 4 月 30 日（星期二）上午 10:30-11:30 2、公司出席人员 TCL 科技：独立董事刘薰词先生；董事、高级副总裁、董事会秘书廖骞先 生；CFO 黎健女士 TCL 华星：CFO 杨安明先生；高级副总裁、TV 及商显事业部负责人王修 艺先生 TCL 中环：新能源材料事业部负责 ...