TCL TECH.(SZ:000100) Di Yi Cai Jing·2025-12-27 06:21Core Viewpoint - TCL Technology plans to acquire 80% equity and debt of Zhaoyuan Optoelectronics for 490 million yuan, marking its entry into the LED chip sector, driven by the focus on Mini/Micro LED technology, competitive positioning against rivals, and the current low valuation in the LED industry [2][3]. Group 1: Market Trends and Competition - Mini LED and Micro LED (collectively referred to as "MLED") are emerging as the focal point in the semiconductor display industry, with LED chips being critical for competition [2][3]. - Global TV shipments are projected to decline by 0.7% to 206 million units in 2025, while Mini LED TV shipments are expected to surge by 57.8% to 12.39 million units, achieving a market share of 6% [2]. - In China, Mini LED TV shipments are forecasted to grow by 92.7% to 8.02 million units, capturing a market share of 23.9% [2]. Group 2: Strategic Moves by Competitors - Major competitors like BOE and Hisense have already acquired LED chip companies to secure their positions in the MLED market, with BOE controlling Huacan Optoelectronics and Hisense leveraging Qianzhao Optoelectronics for RGB-Mini LED TVs [3]. - TCL Technology has previously partnered with Sanan Optoelectronics to establish a joint venture for Micro LED technology, and the acquisition of Zhaoyuan Optoelectronics will enable TCL to integrate its MLED supply chain [3]. Group 3: Financial Aspects of the Acquisition - The LED industry is currently experiencing a downturn due to weak demand in the LED lighting market, leading to intense price competition and reduced profitability, making it an opportune time for acquisitions [3]. - Zhaoyuan Optoelectronics reported revenues of 888 million yuan in 2024 with a net loss of 389 million yuan, and for the first ten months of 2025, revenues were 710 million yuan with a net loss of 300 million yuan, justifying the acquisition price of 490 million yuan for 80% equity and 1.759 billion yuan in debt [3]. Group 4: Industry Integration - The trend of integration between the new display industry and the LED chip sector is becoming more pronounced, with display companies expected to gain new growth points in micro-displays, large-screen high-end TVs, commercial displays, and automotive displays through LED chip technology [4].