TCL系更新深度：“改革”+“出海”双轮驱动，助力业务规模和盈利能力双升

Investment Rating - No rating provided for the industry [1] Core Viewpoints - The TCL system is driven by "reform" and "going abroad," aiming to enhance both business scale and profitability [2][4] - The TCL system consists of TCL Technology and TCL Industry, covering the entire industry chain [7][23] - Future growth is expected through internal efficiency optimization and international expansion [32][34] Summary by Sections TCL System Overview - The TCL system includes TCL Technology and TCL Industry, focusing on smart terminal businesses and upstream semiconductor display and new energy sectors [2][7] - TCL Industry encompasses various businesses, including TCL Electronics, TCL Smart Home, and TCL Appliances, while TCL Technology focuses on semiconductor displays and new energy [8][23] Future Outlook - The company aims for dual growth in business scale and profitability through reforms and international expansion [2][32] - The merger of Oma Electric and Hefei Appliances is expected to enhance operational synergy in the white goods sector [32] TCL Electronics - TCL Electronics reported total revenue of HKD 78.986 billion in 2023, with a net profit of HKD 0.744 billion, reflecting a 66.36% increase [10][11] - The large-size display business accounted for over 60% of total revenue, with significant growth in internet and innovative business segments [10][11] TCL Smart Home - TCL Smart Home, which includes Oma Refrigerators and Hefei Appliances, achieved total revenue of CNY 15.180 billion in 2023, with a net profit of CNY 0.787 billion [12][14] - The company ranks first in refrigerator exports to major European markets [12][13] TCL Appliances - TCL Appliances focuses on air conditioning, achieving revenue of CNY 24.09 billion in 2023, with a growth rate of 19.3% [16][17] - The brand has a strong presence in Southeast Asia, leading market shares in various segments [17] Other Businesses - TCL's environmental technology and financial services sectors are also growing, with revenues of CNY 2.36 billion and CNY 0.92 billion, respectively [18][21] - The environmental technology division focuses on waste recycling and comprehensive environmental services [18] Semiconductor Display and New Energy - TCL Technology's semiconductor display business generated revenue of CNY 83.655 billion in 2023, with a significant increase in sales volume [24][25] - The new energy sector, led by TCL Zhonghuan, achieved a market share of 23.4% in the photovoltaic silicon wafer market [29][30]