Core Insights - The company's 1H25 performance slightly exceeded expectations, with 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 [1] Group 1: Business Performance - The large-size display business continues to grow in quality, with TCL's global TV shipment reaching 13.46 million units in 1H25, a year-on-year increase of 7.6%, achieving a global market share of 14.2%, up 0.9 percentage points [2] - The company is enhancing its product structure to drive profit improvement, with Mini LED shipments increasing by 176% year-on-year to 1.37 million units in 1H25 [2] - Domestic TV shipments totaled approximately 2.9 million units in 1H25, a year-on-year increase of 3.5%, with the main brand's shipments up 10.2% due to government subsidies [2][3] Group 2: Solar Business Growth - The solar business benefited from rapid industry growth, with revenue reaching HKD 11.136 billion in 1H25, a year-on-year increase of 111.3% [3] - The company has launched related products in Europe for the first time, exploring overseas market development opportunities [3] Group 3: Market Trends and Future Outlook - Since 2H23, the company's core business has seen continuous growth in scale and profitability, enhancing operational efficiency and competitiveness [3] - Despite short-term challenges in the global TV market, the company is expected to achieve steady growth [3] Group 4: Profit Forecast and Valuation - The company has raised its profit forecasts for 2025 and 2026 by 14% and 16% to HKD 2.334 billion and HKD 2.762 billion, respectively [3] - The current stock price corresponds to a P/E ratio of 10.1x for 2025 and 8.6x for 2026, with a target price increase of 7.3% to HKD 11.8, reflecting a P/E of 12.7x and 10.8x for 2025 and 2026 [3]
TCL电子(01070.HK)：TV板块持续有质量增长