TCL科技持续强化主业扣非大涨2.3倍 子公司TCL华星4.9亿收购延伸产业链

Core Insights - TCL Technology is intensifying its core business layout through significant acquisitions, including a recent 4.9 billion yuan purchase of an 80% stake in Fujian Zhaoyuan Optoelectronics and a previous 60.45 billion yuan acquisition of a 10.77% stake in Huaxing Semiconductor [2][3][5] - The company's strategic moves aim to strengthen its control over the semiconductor display industry and create a vertically integrated supply chain from LED chips to display modules [3][5] Financial Performance - For the first three quarters of 2025, TCL Technology reported a revenue of 1359.43 billion yuan, a year-on-year increase of 10.50%, and a net profit attributable to shareholders of 30.47 billion yuan, surging by 99.75% [6][7] - The operating cash flow reached 338.37 billion yuan, reflecting a robust growth of 53.80%, indicating strong profitability and financial health [6][8] Business Segments - TCL Huaxing, a key driver of the company's performance, achieved a revenue of 780.1 billion yuan in the first three quarters, marking a 17.5% year-on-year growth, with a net profit of 61 billion yuan, up 53.5% [7] - The company's panel business is showing a positive trend, with large-size TV and commercial display market share increasing to 25%, and significant growth in small and medium-sized displays, particularly in the IT sector [7][8] Strategic Acquisitions - The acquisition of Fujian Zhaoyuan Optoelectronics is aimed at gaining control over LED chip design and manufacturing, enhancing TCL's capabilities in high-value applications such as Mini/Micro LED technology [3][4] - TCL Technology's total investment in Huaxing Semiconductor for the year amounts to 176.07 billion yuan, increasing its stake to 94.98%, thereby securing absolute control over core production lines [5][6] Market Outlook - According to TrendForce, the terminal LED display market is projected to reach 8.105 billion USD by 2026, driven by segments like sports events and LED integrated machines, positioning TCL's strategic moves favorably within the market [4]