Core Insights - TCL Electronics reported a revenue of HKD 54.78 billion for the first half of 2025, marking a year-on-year increase of 20.4% [1] - The company's net profit after tax reached HKD 1.05 billion, reflecting a significant year-on-year growth of 60.5% [1] - The display business remains the primary driver of revenue growth, with a 10.9% increase in revenue to HKD 33.41 billion [1] Financial Performance - Gross profit increased by 16.0% to HKD 8.37 billion [1] - Overall expense ratio decreased by 1.0 percentage points to 11.5%, enhancing profitability [1] - Adjusted net profit attributable to shareholders was HKD 1.06 billion, up 62.0% year-on-year [1] Business Segments - The large-size display segment generated revenue of HKD 28.35 billion, a 9.4% increase, with a gross margin of 15.9% [1] - TCL Mini LED TVs achieved the highest global market share in sales during the first half of 2025 [1] Innovation and Growth - TCL's innovative business segment saw a remarkable revenue growth of 42.4%, reaching HKD 19.88 billion [2] - The distributed photovoltaic business experienced a doubling in revenue and gross profit, amounting to HKD 11.14 billion and HKD 1.07 billion, respectively [2] - The company has established over 90 commercial projects in China and has signed contracts with nearly 280,000 farmers [2] Market Outlook - CICC's report highlighted that TCL's performance exceeded expectations, with continuous improvement in core business scale and profitability [2] - The earnings forecast for 2025 and 2026 has been raised by 14% and 16%, respectively, to HKD 2.334 billion and HKD 2.762 billion [2] - The target price has been adjusted to HKD 11.8, maintaining an "outperform" rating [2]
TCL电子(01070.HK)经调整归母净利飙升62%，中金给予“买入”评级