Investment Rating - The investment rating for TCL Electronics is "Outperform the Market" [1][7]. Core Views - The report highlights that TCL Electronics has achieved significant growth in its mid-term performance driven by its dual strategy of high-end and globalization, with a revenue increase of 30.3% year-on-year in 2024H1, reaching HKD 45.494 billion, and a net profit increase of 146.5% to HKD 650 million [3][7]. Financial Performance - In 2024H1, the overall gross margin decreased by 1.59 percentage points to 17.03%, while the adjusted net profit margin increased by 0.68 percentage points to 1.44%. The expense ratios for R&D, sales, and administrative costs decreased year-on-year [3][4]. - Revenue breakdown shows that display business revenue was HKD 30.135 billion, up 21.3% year-on-year, while internet business revenue was HKD 1.212 billion, up 8.9% [4][5]. - The company reported a significant increase in innovative business revenue, which rose by 60.6% year-on-year to HKD 13.953 billion, with solar energy revenue increasing by 212.7% [4][5]. Regional Performance - Domestic revenue for 2024H1 was HKD 19.064 billion, up 38.06%, while overseas revenue was HKD 26.429 billion, up 25.21%. Notably, revenue from Europe, North America, and emerging markets showed year-on-year growth of 47.14%, 4.32%, and 31.77%, respectively [4][5]. Market Position - TCL TV's global shipment volume increased by 9.2% year-on-year to 12.52 million units, with a market share of 13.3%, ranking among the top two global brands [5][7]. - The report indicates that TCL's MiniLED TV shipments grew by 122.4% globally, maintaining a leading position in the market [7]. Future Projections - The report forecasts that TCL Electronics' net profit will reach HKD 1.331 billion in 2024, with a year-on-year growth of 79%, and further growth is expected in the following years [6][7]. - The estimated reasonable value range for the stock is between HKD 6.36 and HKD 7.95, based on a 12-15x PE valuation for 2024 [7].
TCL电子：高端化+全球化战略双线成效突显，提质增效拉动中期业绩高增