TCL TECH.(SZ:000100) Feng Huang Wang·2026-01-12 00:56Core Viewpoint - TCL is positioning itself as a leader in display technology by showcasing its SQD-Mini LED technology and the X11L television at CES, aiming to redefine what constitutes good picture quality in the industry [2][3][12]. Group 1: Product and Technology Highlights - TCL's X11L television features a peak brightness of 10,000 nits and over 20,000 backlight zones, earning multiple awards at CES, including the "Innovation Display Technology Gold Award" [2]. - The SQD-Mini LED technology combines monochrome blue Mini LED chips with Super QLED, achieving near-pixel-level control of light and significantly improving color accuracy and contrast [6][8]. - The X11L boasts 20,736 zones and an ultra-high contrast ratio of 800,000:1, effectively eliminating color bleeding issues common in RGB Mini LED technologies [6][8]. Group 2: Market Position and Strategy - TCL has achieved the global number one position in Mini LED television shipments with a market share of 28.8% and in 98-inch television shipments with a market share of 49.6% [3]. - In North America, TCL's television shipment volume ranked second with a market share of 13.5% in 2024, and the Mini LED television shipment volume saw a year-on-year growth of 153.3% [9][10]. - The company is focusing on localizing its operations in North America, establishing a complete ecosystem of local R&D, production, and marketing to better meet consumer needs [10]. Group 3: Industry Impact and Future Outlook - TCL's advancements in display technology signify a shift in the global perception of Chinese brands, moving from cost-effective products to high-end technological innovations [12][16]. - The company aims to establish new industry standards with its SQD-Mini LED technology, indicating a transition from merely meeting international standards to setting them [16]. - TCL's strategy includes a dual approach of high-end technology leadership and broad market accessibility, which is expected to reshape the competitive landscape of the global consumer electronics industry [12][16].