TCL TECH.(000100) 长城证券·2024-07-12 09:31Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - The company is benefiting from the recovery in the panel industry, with significant increases in net profit and non-recurring net profit forecasted for Q2 2024 [3][6]. - The company is positioned as a leader in the panel industry and is expanding into new energy photovoltaic and semiconductor materials, which is expected to optimize its business structure [4]. Financial Performance Summary - Revenue (Million CNY): - 2022A: 166,553 - 2023A: 174,367 - 2024E: 188,325 - 2025E: 213,544 - 2026E: 234,516 - Year-on-Year Growth Rate (%): 2023A: 4.7, 2024E: 8.0, 2025E: 13.4, 2026E: 9.8 [2][11]. - Net Profit (Million CNY): - 2022A: 261 - 2023A: 2,215 - 2024E: 3,743 - 2025E: 7,423 - 2026E: 10,644 - Year-on-Year Growth Rate (%): 2023A: 747.6, 2024E: 69.0, 2025E: 98.3, 2026E: 43.4 [2][11]. - Return on Equity (ROE) (%): - 2022A: 1.4 - 2023A: 3.3 - 2024E: 4.6 - 2025E: 9.9 - 2026E: 14.0 [2][11]. - Earnings Per Share (EPS): - 2022A: 0.01 - 2023A: 0.12 - 2024E: 0.20 - 2025E: 0.40 - 2026E: 0.57 [2][11]. Business Segments - The primary business is semiconductor display, with TCL Huaxing expected to generate a net profit of 25.8 to 28.8 billion CNY in H1 2024, driven by rising panel prices [3][4]. - The second major business is new energy photovoltaic and semiconductor materials, with TCL Zhonghuan expected to incur a net loss of 29 to 32 billion CNY in H1 2024, reflecting market pressures [3][4]. Market Outlook - The panel prices are expected to stabilize in July, with a long-term outlook for gradual price increases in large-size panels, benefiting the company as an industry leader [3][4]. - The Ministry of Industry and Information Technology's new regulations are anticipated to accelerate the elimination of outdated photovoltaic production capacity, which may benefit TCL Zhonghuan as a market leader [3][4].