Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [2][3] Core Views - The company is expected to see a significant increase in adjusted net profit for H1 2024, projected to grow by 130% to 160%, amounting to approximately 600 to 680 million HKD. This growth is attributed to reduced losses in the small and medium-sized TV segment and North American TV business, alongside internal efficiency improvements [3][5] - Long-term prospects are positive, with expectations of increased market share and profit margins in the television segment, particularly in Europe and North America, driven by enhanced product competitiveness and expanded market coverage [3][5] Summary by Sections Financial Performance - For 2024E, the expected revenue is 91,559 million HKD, with a year-on-year growth of 15.9%. The net profit is projected at 1,363 million HKD, reflecting an 83.3% increase year-on-year. The gross margin is expected to be 19.0% [6] - The earnings per share (EPS) for 2024 is estimated at 0.5 HKD, with a price-to-earnings (P/E) ratio of 9.8 [6] Market Dynamics - In the domestic market, the online sales volume for TCL and the Thunder brand showed a year-on-year change of -18.5% and +53.7% respectively in Q2 2024. The sales revenue for the Thunder brand increased by 60.25% [4] - The external market is benefiting from events like the UEFA European Championship and Copa America, with global shipments showing a year-on-year increase of 1% to 5% in April and May 2024 [4] Strategic Initiatives - The company is focusing on internal efficiency improvements, which are expected to lower overall expense ratios in H1 2024. The long-term strategy includes product structure upgrades and adjustments in the North American channel structure, which are anticipated to enhance profit margins [5]
TCL电子：港股公司信息更新报告：显示业务经营改善+提质增效带动2024H1业绩高增