AI“重启”TCL？

Core Viewpoint - TCL experienced a challenging fiscal year 2024 with a significant decline in revenue and profit, prompting a strategic pivot towards AI as a potential growth driver [2][3] Financial Performance - TCL's total revenue for 2024 was 164.823 billion yuan, a year-on-year decrease of 5.47% - The net profit attributable to shareholders was 1.564 billion yuan, down 29.38% year-on-year - The non-recurring net profit was 298 million yuan, a substantial decline of 70.78% year-on-year [2] Business Segments - The solar photovoltaic business, affected by an industry downturn, saw over a 50% year-on-year decline, negatively impacting overall revenue - The display business, which surpassed 100 billion yuan in revenue for the first time, achieved a 25% year-on-year growth but could not offset losses from the photovoltaic sector [2] Strategic Shift - TCL's leadership is betting on AI as a new growth engine, with the president of TCL's China division stating that home appliances will become a sunrise industry in the AI era [2] - The company aims to leverage AI for service subscriptions and data value, which could unlock new growth opportunities amid traditional market challenges [2][6] Competitive Landscape - In the AI television segment, TCL is currently positioned favorably but faces significant competition from players like Hisense and Xiaomi, who are also investing heavily in AI technology [4][5] - Hisense ranked second globally in television shipments in 2024, with a market share of 22.5% in China, while Xiaomi followed closely with a market share of 19.9% [4][5] AI Development and Market Potential - TCL has been proactive in AI development, launching its first AI voice television in 2013 and expanding AI applications across various product categories [8] - The global smart home market is projected to grow from $52.8 billion in 2018 to $154.3 billion in 2024, with a compound annual growth rate of 19.57% [9] Consumer Acceptance and Market Dynamics - Consumer willingness to pay for AI appliances varies significantly, with practical functionality being a key factor in acceptance [10][11] - The market is shifting from blind adoption of new technology to a more rational approach, where consumers prioritize tangible benefits over mere technological novelty [12]