Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, reflecting a positive outlook for the company's performance in the coming years [9]. Core Insights - TCL Technology is positioned as a global leader in semiconductor display and photovoltaic silicon wafer industries, with strong profitability and growth potential. The company reported a significant increase in revenue and net profit for the first half of 2024, driven by its semiconductor display business [1][7]. - The company is actively pursuing share buybacks and strategic acquisitions to enhance shareholder value and strengthen its market position [2]. - Government subsidy policies are expected to stimulate demand for large-sized TVs, benefiting TCL's sales and market share [3]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor display and new energy photovoltaic sectors, aiming to become a leading high-tech enterprise globally. The company has a strong market presence, with TCL Huaxing ranking second in global TV panel shipments and TCL Zhonghuan leading in photovoltaic silicon wafer market share [1][16]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% to total revenue in 2023. The company achieved a revenue of 498.77 billion CNY in the first half of 2024, marking a 40.39% year-on-year increase [27][29]. - The large-sized panel market is experiencing growth due to government incentives, with TCL Huaxing maintaining a strong competitive position [3][29]. Photovoltaic Business - The photovoltaic segment accounted for 33.92% of TCL's total revenue in 2023. Despite facing short-term challenges due to supply-demand imbalances, TCL Zhonghuan is expected to benefit from long-term market growth [30][36]. - The company is focusing on cost reduction and efficiency improvements to enhance its competitive edge in the photovoltaic industry [30]. Financial Performance - TCL Technology's financial performance has shown significant improvement, with total revenue increasing from 766.77 billion CNY in 2020 to 1743.67 billion CNY in 2023. The net profit for the first half of 2024 reached 9.95 billion CNY, a 192.28% increase year-on-year [32][34]. - The company has maintained a stable gross margin, with the semiconductor display business achieving a gross margin of 18.80% in the first half of 2024 [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026, respectively. The net profit is projected to reach 16.88 billion CNY in 2024 [7][8].

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, based on its strong market position and growth potential in the semiconductor display and photovoltaic sectors [9]. Core Insights - TCL Technology is a global leader in semiconductor displays and photovoltaic silicon wafers, with a strong profitability outlook driven by government subsidies and strategic share buybacks [1][2]. - The company has shown significant revenue growth, with a projected revenue of 802.24 billion CNY for the first half of 2024, representing a 192.28% year-on-year increase in net profit [1][7]. - The company is well-positioned to benefit from the ongoing demand for large-sized TV panels, supported by government recycling subsidies and a recovering market [3][4]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor displays and new energy photovoltaics, aiming to become a leading high-tech industrial group globally [16][17]. - The company has a strong market presence, ranking second globally in TV panel shipments and first in photovoltaic silicon wafer market share [1][17]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% of total revenue in 2023, with a significant increase in profitability due to improved market conditions [27][29]. - TCL Huaxing, the subsidiary responsible for this segment, achieved a revenue of 498.77 billion CNY in the first half of 2024, a 40.39% increase year-on-year [29][36]. Photovoltaic Business - The photovoltaic segment, while facing short-term challenges due to supply-demand imbalances, is expected to recover as the industry undergoes a restructuring phase [6][30]. - TCL Zhonghuan, the subsidiary for this segment, reported a revenue of 162.13 billion CNY in the first half of 2024, a decrease of 53.54% year-on-year, indicating current operational challenges [30][36]. Financial Performance - The company has shown a consistent improvement in financial metrics, with a significant increase in net profit and revenue over the past few years, driven by the recovery in the semiconductor display market [32][34]. - The gross margin for the semiconductor display business improved to 18.80% in the first half of 2024, reflecting better pricing and cost management [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026 respectively [7]. - The company is expected to continue benefiting from government policies aimed at boosting consumer electronics demand, particularly in the TV panel market [3][4].

Group 1 - Qin Shilong has been appointed as the new board secretary of JA Solar Technology after serving as the board secretary at TCL Zhonghuan for seven years [1][2] - Wu Tingdong, the former board secretary, resigned due to internal work adjustments but will continue to manage other business segments within JA Solar [1][2] - JA Solar recently announced plans for a Hong Kong IPO to enhance its global development strategy and create an international capital operation platform [2][3] Group 2 - JA Solar is facing significant performance pressure, with a projected net loss of 4.5 billion to 5.2 billion yuan for 2024, compared to a net profit of 7.039 billion yuan in the same period last year [3] - TCL Zhonghuan has also been expanding into downstream battery and module sectors, indicating overlapping business areas with JA Solar [3] - Recent personnel changes in the photovoltaic industry have become more frequent due to market downturns, with several companies undergoing leadership transitions [6]

证券代码：002129 证券简称：TCL 中环 公告编号：2025-006 TCL 中环新能源科技股份有限公司 关于聘任董事会秘书的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 1 胡伟先生已取得深圳证券交易所董事会秘书资格证书，并具备相关工作经验和专业知识， 其任职符合《中华人民共和国公司法》（以下简称"《公司法》"）、《深圳证券交易所股票 上市规则》等相关法律法规的规定。 1、胡伟先生简历 董事会秘书办公地址及联系方式如下： 特此公告 TCL中环新能源科技股份有限公司董事会 2025年2月27日 联系电话：022-23789787 传真号码：022-23789786 电子邮箱：investment@tzeco.com 办公地址：天津新技术产业园区华苑产业区（环外）海泰南道 10 号 TCL 中环新能源科技股份有限公司（以下简称"公司"）于 2025 年 2 月 27 日召开第七届 董事会第十二次会议，审议通过了《关于聘任公司董事会秘书的议案》。经公司董事长提名， 公司董事会提名委员会审核，董事会同意聘任胡伟先生为公司董事会秘书，任期自本次董事会 审 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2025-005 董事会同意公司董事会资本及投资者关系工作委员会委员调整为廖骞先生、王彦君先生、胡 伟先生，委员会召集人仍为廖骞先生。 表决票 9 票，赞成票 9 票，反对票 0 票，弃权票 0 票。 TCL 中环新能源科技股份有限公司 第七届董事会第十二次会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 TCL 中环新能源科技股份有限公司（以下简称"公司"）第七届董事会第十二次会议于 2025 年 2 月 27 日以传真和电子邮件相结合的方式召开。会议通知及会议文件以电子邮件送达各位董 事。董事应参会 9 人，实际参会 9 人。会议的召开符合《中华人民共和国公司法》《TCL 中环新 能源科技股份有限公司章程》和《TCL 中环新能源科技股份有限公司董事会议事规则》等规范性 文件的有关规定。会议表决以董事填写《表决票》的记名表决及传真、邮件方式进行，本次会议 决议如下： 一、审议通过《关于聘任公司董事会秘书的议案》 董事会同意聘任胡伟先生为公司董事会秘书，任期自本次董事会审议通过之日起至公司 ...

证券代码：002129 证券简称：TCL 中环 公告编号：2025-004 一、交易概述 TCL 中环新能源科技股份有限公司（以下简称"公司"或"TCL 中环"）于 2024 年 11 月 27 日披露了与控股子公司 Maxeon Solar Technologies, Ltd.（以下简称"MAXN"或"Maxeon"） 签署购买 MAXN 非美国地区销售子公司的 100%股权及包括 Sunpower 商标在内的相关有形及 无形资产的 Term Sheet（以下称"条款清单"），具体内容详见公司刊登在《中国证券报》 《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）的《关于签署收购条款清单的公 告》（公告编号：2024-078）。 近日，双方就上述事项签署正式股权购买协议（以下简称"SPA"）和商标转让协议 （Trademark assignment agreement，以下简称"TAA"），并签署相关附属协议约定过渡期 服务及后续交割等相关安排。公司拟使用自有资金通过全资子公司 LUMETECH B.V.（以下简 称"Lumetech"）和 TCL SUNPOWER INTERNA ...

证券代码：002129 证券简称：TCL 中环 公告编号：2025-003 一、交易概述 TCL 中环新能源科技股份有限公司（以下简称"公司"或"TCL 中环"）于 2024 年 11 月 27 日披露了与控股子公司 Maxeon Solar Technologies, Ltd.（以下简称"MAXN"或"Maxeon"） 签署购买 MAXN 全资子公司 SunPower Philippines Manufacturing Ltd.（以下简称"SPML"） 的 100%股权的 Term Sheet（以下称"条款清单"），具体内容详见公司刊登在《中国证券 报》《证券时报》及巨潮资讯网（http://www.cninfo.com.cn）的《关于签署收购条款清单 的公告》（公告编号：2024-078）。近日，双方就上述事项签署正式股权购买协议（以下简 称"SPA"），公司拟使用自有资金通过全资子公司 LUMETECH PTE.LTD.收购 MAXN 子公司 SPML100%股权及其对应权益，上述股权出售对价为 5,860.00 万美元，并签署相关附属协议 约定后续合作及研究开发等相关安排。 根据《深圳证券交易所股票上 ...

Financial Performance Expectations - The company expects a net loss of between 820 million and 890 million yuan for the year 2024, compared to a profit of 341.61 million yuan in the same period last year [2]. - The expected loss after deducting non-recurring gains and losses is between 920 million and 990 million yuan, down from a profit of 257.48 million yuan in the previous year [2]. - Basic earnings per share are projected to be a loss of between 2.0304 yuan and 2.2038 yuan, compared to earnings of 0.8518 yuan per share last year [2]. Market and Industry Challenges - The decline in performance is attributed to a market imbalance due to concentrated capacity release and continuous price drops in the photovoltaic industry [4]. - The company maintains the number one global market share in new energy materials but has faced gross profit losses since Q2 due to price declines and inventory management issues [4]. Strategic Initiatives - The company is undergoing operational and organizational transformations to improve competitiveness and efficiency, with a focus on cost reduction and quality improvement [5]. - The company plans to accelerate brand and channel development in its battery component business to enhance competitiveness [5]. - The company aims to increase the proportion of overseas revenue by advancing its globalization strategy and localizing manufacturing in key markets [5]. - The company is confident in achieving sequential improvements in operating performance by 2025 [5]. Financial Reporting and Risks - The financial data provided is preliminary and subject to confirmation in the 2024 annual report, highlighting the need for investors to be aware of investment risks [6].

证券代码：002129 证券简称：TCL 中环 公告编号：2025-001 TCL 中环新能源科技股份有限公司 2025 年第一次临时股东大会会议决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要提示： 1、公司于 2024 年 12 月 28 日在《中国证券报》《证券时报》及巨潮资讯网 （http://www.cninfo.com.cn）上刊登了《关于召开 2025 年第一次临时股东大会通知的公 告》； 2、本次股东大会无否决提案的情况； 3、本次股东大会无修改提案的情况； 4、本次股东大会以现场与网络投票相结合的方式召开。 一、会议召开和出席情况 TCL 中环新能源科技股份有限公司（以下简称"公司"）2025 年第一次临时股东大会于 2025 年 1 月 13 日（星期一）下午 15:00 在公司会议室以现场及网络投票相结合的方式召开。 出席本次股东大会的股东及股东授权代表共计 1,422 人，代表公司股份 1,330,867,543 股， 占公司有表决权股份总数的 32.9577%。 其中，出席本次股东大会现场会议的股东及股东代表共计 1 ...

北京市 -所 戏 UT 3 关于 TCL 中杯 有限公司 前 127 2025 年 会的 师事务所 三 刘良德 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 1 TCL 中环 · 2025年第一次临时股东大会 嘉源 · 法律意见书 SH YEARS FI A YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI'AN 致:TCL中环新能源科技股份有限公司 北京市嘉源律师事务所 关于TCL中环新能源科技股份有限公司 2 TCL 中环 · 2025 年第一次临时股东大会 嘉源 · 法律意见书 2025年第一次临时股东大会的 法律意见书 嘉源(2025)-04-021 北京市嘉源律师事务所(以下简称"本所")接受TCL中环新能源科技股份 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 ...