Group 1 - The core viewpoint of the report is that TCL Electronics maintains an "outperform" rating with a target price of HKD 15.60, supported by a well-structured global operation and a clear growth target through its stock incentive plan [1] - The company expects adjusted net profit for 2025 to reach HKD 2.33 billion to HKD 2.57 billion, representing a year-on-year growth of 45% to 60% compared to 2024, driven by a strong global business growth and enhanced profitability [1] - TCL's focus on high-end display technology and Mini LED products is contributing to its revenue and profit growth, optimizing its product structure and overall profitability [1] Group 2 - TCL has entered into a strategic cooperation with Sony in the home entertainment sector, planning to establish a joint venture with TCL holding 51% and Sony 49%, aimed at expanding their business operations globally [2] - In 2025, global TV shipments are projected to reach 220 million units, with TCL's shipments expected to be 30.4 million units, a 5.4% increase, capturing a market share of 13.8%, up 0.8 percentage points, ranking second globally [2] - The report anticipates that global TV shipments may stabilize or grow in 2026, driven by major sporting events and increasing penetration of large-size and Mini LED products, with TCL and other leading brands expected to expand their market share [2]
海通国际：维持TCL电子(01070)“优于大市”评级 合作Sony加强全球品牌竞争力