家电：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 - The report does not provide specific investment ratings for the appliance industry [1] Core Insights - The TCL system is structured around two main entities: TCL Technology and TCL Industry, focusing on a full industry chain layout [2][6] - Future growth is driven by two key strategies: "reform" and "going global," aimed at increasing both business scale and profitability [2][30] - The report highlights TCL Electronics and TCL Smart Home as key stocks to watch due to their strong market positions and growth potential [2][30] Summary by Sections TCL System Overview - TCL's structure includes TCL Technology, which focuses on upstream semiconductor display and new energy businesses, and TCL Industry, which concentrates on downstream smart terminal businesses [7][22] - TCL Electronics, a subsidiary of TCL Industry, has a significant revenue contribution from large-size display business, accounting for over 60% of total revenue [10][11] Future Outlook - The reform strategy involves the merger of Oma Electric and Hefei Appliances to enhance operational synergy and efficiency [30] - The "going global" strategy includes leveraging TCL Electronics' Hong Kong listing for overseas investments and expanding TCL Smart Home's brand internationally [30] Investment Recommendations - The report suggests focusing on TCL Electronics, which is a leader in the global TV market and has significant profit growth potential [2][30] - TCL Smart Home is highlighted for its leadership in the ice and washing machine ODM sector, with expectations for further integration and overseas expansion [2][30] Sub-industry Performance - TCL Electronics reported a total revenue of HKD 78.986 billion in 2023, with a net profit of HKD 0.744 billion, reflecting a 66.36% increase in profitability [10][11] - TCL Smart Home achieved total revenue of CNY 15.180 billion in 2023, with a net profit of CNY 0.787 billion, marking a 69.37% increase [11][12] Other Business Segments - TCL's environmental technology and financial services are also growing, with revenues of CNY 23.6 billion and CNY 9.2 billion respectively in 2023 [18][20]