TCL TECH.(SZ:000100) Tai Mei Ti A P P·2025-09-16 08:30Core Insights - Mini LED technology has rapidly developed in recent years, becoming the mainstream choice in the mid-to-high-end television market, surpassing OLED televisions in growth [1] - In 2024, global Mini LED television shipments reached 7.85 million units, an increase of 84.7% from 4.25 million units in 2023; in China, shipments surged to 4.16 million units, marking a year-on-year growth of 352.2% [1] - TCL has introduced several RGB-Mini LED televisions, including the Q10M Ultra and Q9M, and has launched the SQD-Mini LED technology, claiming it surpasses OLED in brightness, color, and lifespan [1] Technology Advancements - TCL's SQD-Mini LED is an upgrade of Mini LED technology, achieving 100% BT.2020 color gamut coverage compared to 97% for standard RGB-Mini LED, resulting in richer and purer colors [3] - SQD-Mini LED utilizes a single light-emitting chip to produce white light, while RGB-Mini LED requires three chips, allowing for more zones and higher brightness under the same cost and number of lights [4] - The TCL X11L features an advanced Mini LED control system with over 20,000 zones, making it the television with the highest backlight zoning in the 100-inch category [4] Market Projections - According to RUNTO technology, it is expected that by 2025, driven by national subsidy policies, China's Mini LED television shipments will reach 9.23 million units, a year-on-year increase of 122%, with a penetration rate exceeding 25% [5] - The global Mini LED television market is projected to grow by 70.6%, exceeding 13 million units in total shipments [5] - The development of new display technologies like SQD-Mini LED and RGB-Mini LED is anticipated to drive a new round of changes in the high-end television market [5]