Investment Rating - The report maintains a "Buy" rating for TCL Electronics with a market price of 5.3 HKD [2][11]. Core Views - The company is on track to achieve its annual targets, with a strong performance in H1 2024 driven by high-end television sales, expansion of innovative businesses, and reduced expense ratios [5][6]. - Revenue is expected to grow by 20%-30% in H1 2024, primarily due to price increases in televisions and rapid growth in innovative business segments [5][6]. - The company is focusing on optimizing its product structure, leading to significant increases in average selling prices (ASP) and profit growth outpacing revenue growth [6][7]. - The report highlights a strong performance in innovative sectors such as internet services and solar energy, with expectations of stable profit margins [7]. Summary by Sections Financial Forecasts - Revenue (in million HKD): - 2022A: 71,580 - 2023A: 79,111 - 2024E: 89,790 - 2025E: 97,705 - 2026E: 103,401 - Net Profit (in million HKD): - 2022A: 447 - 2023A: 744 - 2024E: 1,350 - 2025E: 1,675 - 2026E: 2,048 - Expected growth rates for net profit: - 2023A: +66% - 2024E: +82% - 2025E: +24% - 2026E: +22% [2][9]. Business Segments - The television segment is expected to see a sales increase of over 20% in H1 2024, with a focus on high-end models and a complete SKU matrix to meet diverse consumer needs [6][7]. - Innovative businesses, including internet services and solar energy, are projected to grow significantly, contributing positively to overall profitability [7]. Market Position - The company is positioned at a valuation bottom with a high margin of safety, suggesting a favorable investment opportunity [7]. - The report anticipates that the company will meet its stock incentive target of 1.32 billion HKD for the year, with a robust performance expected in H2 2024 [7].
TCL电子2024H1点评：坚定不移地向着全年目标进发