研报掘金丨中邮证券：维持TCL科技“买入”评级，盈利增速彰显强劲增长动能

Core Viewpoint - TCL Technology demonstrates strong growth momentum with significant increases in revenue and net profit for the first three quarters of 2025 [1] Financial Performance - The company achieved operating revenue of 136.065 billion yuan, a year-on-year increase of 10.50% [1] - The net profit attributable to shareholders reached 3.047 billion yuan, reflecting a year-on-year increase of 99.75% [1] Business Segments - The semiconductor display business shows multiple breakthroughs, highlighting resilience and growth potential [1] - The company maintains a leading position in the domestic industry as the largest and most technologically advanced semiconductor materials enterprise, covering key domestic and international clients [1] - In the renewable photovoltaic sector, the company actively responds to industry cycle fluctuations and implements a "reverse involution" strategy, achieving a quarter-on-quarter revenue improvement of 22% [1] Operational Strategies - The company optimizes product structure, strengthens cost control, enhances product capabilities, and expands both domestic and international markets, leading to significant recovery in profitability [1] - Other business aspects include Maojia Technology, the world's largest TV OEM, which experiences rapid growth in TV and display monitor OEM volumes [1] Investment Rating - The company maintains a "Buy" rating based on its robust performance and growth prospects [1]