TCL TECH.(000100) 东吴证券·2024-09-02 08:31Investment Rating - The investment rating for TCL Technology is "Buy" (maintained) [1] Core Views - The panel business has significantly improved profitability, with a year-on-year increase of 192% in net profit for the first half of 2024, driven by better supply-demand dynamics and price increases [3] - The photovoltaic business is currently facing challenges due to price declines, but the company is focused on cost reduction and efficiency improvements [4] - The company is expected to maintain strong revenue growth in the coming years, with projected revenues of 192.1 billion, 216 billion, and 236.4 billion yuan for 2024, 2025, and 2026 respectively [4] Summary by Sections Financial Performance - In the first half of 2024, TCL Technology achieved total revenue of 80.22 billion yuan, with a net profit of 999.5 million yuan, representing a year-on-year growth of 192.3% [3] - The semiconductor display business generated revenue of 49.88 billion yuan, a 40.4% increase year-on-year, with a net profit of 2.7 billion yuan, improving by 61.5% [3] - The photovoltaic segment reported revenue of 16.21 billion yuan, a decrease of 53.5%, resulting in a net loss of 3.176 billion yuan [4] Revenue and Profit Forecast - Revenue forecasts for 2024-2026 are 192.1 billion, 216 billion, and 236.4 billion yuan, with year-on-year growth rates of 10.1%, 12.4%, and 9.5% respectively [4] - Expected net profits for the same period are 4.72 billion, 6.69 billion, and 8.84 billion yuan, with corresponding P/E ratios of 15.56, 10.98, and 8.30 [4] Market Position and Strategy - TCL Technology is enhancing its competitive position in the semiconductor display market, particularly in large-size LCD panels, and is expanding its partnerships in the IT and automotive sectors [3] - The company is also focusing on technological innovation in its photovoltaic materials, maintaining a leading position in market share for silicon wafers and N-type products [4]