Core Viewpoint - TCL Electronics demonstrates strong global competitiveness in the TV market, with continuous improvement in profitability and high growth potential in the solar business, leading to an upward revision of profit forecasts for 2025 and 2026 by 14% and 16% to HKD 23.34 billion and HKD 27.62 billion respectively [1] Group 1: Financial Performance - In 1H25, TCL reported revenue of HKD 54.777 billion, a year-on-year increase of 20.4%, and a net profit attributable to shareholders of HKD 1.09 billion, up 67.8% year-on-year [2] - The adjusted net profit attributable to shareholders was HKD 1.06 billion, reflecting a year-on-year increase of 62.0%, slightly exceeding expectations due to strong performance in the innovative solar business [2] Group 2: Market Position and Product Growth - TCL's global TV shipment reached 13.46 million units in 1H25, a year-on-year increase of 7.6%, with a global market share of 14.2% by shipment volume, up 0.9 percentage points, and 13.2% by revenue, up 1.1 percentage points, ranking in the top three [3] - The company has focused on improving product structure, resulting in a 176% year-on-year increase in Mini LED shipments to 1.37 million units, with gross margins for domestic and overseas TV businesses at 19.4% and 14.4%, respectively [3] - In North America, TCL's brand TV average selling price increased by 2.6% year-on-year, driven by an increase in sales through channels like Bestbuy, with Mini LED shipments accounting for a 6 percentage point increase [3] Group 3: Domestic Market and Solar Business - In the domestic market, TCL's total TV shipments reached approximately 2.9 million units in 1H25, a year-on-year increase of 3.5%, with the main brand benefiting from national subsidies, showing a 10.2% increase [4] - The solar business saw revenue of HKD 11.136 billion in 1H25, a significant year-on-year increase of 111.3%, supported by rapid industry growth and channel advantages [4] - TCL's retail market share in domestic sales reached 23.2% in 1H25, up 1.4 percentage points year-on-year, indicating a strengthening position as a market leader [4]
中金：维持TCL电子跑赢行业评级 升目标价至11.8港元