TCL科技上半年净利增长近九成，半导体显示业务盈利改善

Core Insights - TCL Technology (000100.SZ) reported a recovery in its semi-annual performance, achieving operating revenue of 85.56 billion yuan, a year-on-year increase of 6.65%, and a net profit attributable to shareholders of 1.88 billion yuan, up 89.26% [2] - The significant growth in performance is primarily attributed to the improved profitability of its semiconductor display business (TCL Huaxing) [2] - The company's operating cash flow net amount reached 27.3 billion yuan, reflecting a year-on-year growth of 115.9% [2] Business Performance - TCL Huaxing generated operating revenue of 50.43 billion yuan, a year-on-year increase of 14.4%, and net profit of 4.32 billion yuan, up 74.0% [2] - In the large-size product segment, the market share for TV and commercial display products reached 24%, an increase of 4 percentage points year-on-year, supported by stable global LCD TV retail demand and a continued trend towards larger sizes [2] Sales Growth - In the small and medium-sized segment, display sales increased by 18% year-on-year, notebook (NB) sales surged by 71%, automotive sales grew by 61%, and mobile phone sales rose by 51% [3] - In the high-end OLED sector, the market share for flexible OLED mobile phone shipments ranked fourth globally, while foldable product shipments remained in the top three worldwide [3] Capacity Expansion and Strategic Moves - The company expanded its capacity and optimized production line structure through external acquisitions and internal development, including the acquisition and integration of the LG Display Guangzhou factory (now named T11) and completion of the second phase of the Guangzhou T9 project [3] - Additionally, the company acquired a 21.53% stake in its core subsidiary Shenzhen Huaxing Optoelectronics (G11 production lines T6 and T7), which is expected to directly enhance net profit attributable to shareholders [3] Industry Context - In the semiconductor silicon wafer sector, Zhonghuan achieved revenue of 2.74 billion yuan, a year-on-year increase of 38.2% [3] - In the renewable photovoltaic sector, TCL Zhonghuan's photovoltaic business reported operating revenue of 9.87 billion yuan in the first half of the year [3] - The company is actively implementing measures to address current operational challenges while laying the groundwork for future development [3]