Investment Rating - The investment rating for TCL Electronics is maintained as "Buy" [1] Core Views - The company is expected to report an adjusted net profit of HKD 600 to 680 million for H1 2024, representing a year-on-year increase of 130% to 160% [1] - Revenue is anticipated to grow by over 20% year-on-year, driven by strong performance in both domestic and international sales [1] - The company is focusing on high-end strategies and operational efficiency improvements, which are expected to enhance profitability [1] Summary by Sections Performance Forecast - For H1 2024, the adjusted net profit midpoint is projected at HKD 640 million, which aligns with market expectations [1] - The television segment is expected to see a revenue increase of over 20% year-on-year, with domestic sales growing by over 10% and international sales by over 20% [1] Revenue Breakdown - Domestic sales are benefiting from the performance of the cost-effective brand "Thunderbird" and the increased adoption of miniLED technology, with a combined sales growth of 13% for TCL and Thunderbird televisions [1] - Internationally, sales growth is expected to be strongest in Europe, followed by the US and Asia-Pacific regions [1] Profitability Outlook - The net profit margin for H1 2024 is projected to be 1.47%, an increase from 0.72 percentage points year-on-year and 0.24 percentage points from H2 2023 [1] - Key drivers for profit improvement include a focus on high-end products and effective cost management strategies [1] Long-term Projections - Revenue forecasts for 2024 to 2026 are set at HKD 92.3 billion, HKD 105.2 billion, and HKD 118.1 billion respectively, with corresponding net profits of HKD 12.7 billion, HKD 15.6 billion, and HKD 19.7 billion [2][4] - The company aims for a significant increase in adjusted net profit, targeting year-on-year growth of 65%, 21%, and 25% from 2024 to 2026 [1]
TCL电子24H1业绩预告点评：盈利延续改善