Investment Rating - Buy rating maintained for TCL Electronics (01070) [1] Core Views - TCL Electronics' global TV shipments in Q3 2024 reached 7.49 million units, a YoY increase of 19.7%, with Q1-Q3 global shipments at 20.01 million units, up 12.9% YoY [1] - MiniLED TV shipments surged 163% globally, benefiting ASP growth [1] - Domestic shipments in Q3 increased by 5%, while overseas shipments grew by 24% [1] - MiniLED domestic shipments in Q1-Q3 rose 181% YoY, with a significant 6.9 percentage point increase in market share [1] - Overseas MiniLED shipments in Q1-Q3 grew 145% YoY, with Europe leading at 36% growth, followed by North America at 8% and emerging markets at 6% [1] - Panel price pressures are expected to ease, with 55-inch and 65-inch panel prices stabilizing in Q3 2024, supporting margin improvement [1] - Profit forecasts have been revised upward, with expected revenue of HKD 95.5/107.8/119.9 billion for 2024-2026, and net profit attributable to shareholders of HKD 1.35/1.65/2.0 billion [1] Financial Performance - Revenue for 2024E is projected at HKD 95.476 billion, a 21% YoY increase, with net profit attributable to shareholders expected to reach HKD 1.35 billion, up 81% YoY [3] - ROE is forecasted to improve from 4.45% in 2023A to 7.66% in 2024E and 8.78% in 2025E [3] - EPS is expected to grow from HKD 0.31 in 2023A to HKD 0.54 in 2024E, HKD 0.65 in 2025E, and HKD 0.79 in 2026E [3] - Gross margin is projected to remain stable at around 18.05% in 2024E, with net profit margin improving to 1.41% [5] Market and Operational Trends - TCL Electronics has shown strong growth in both domestic and international markets, with significant contributions from MiniLED technology [1] - The company's dual-brand strategy (TCL + Leihua) has been effective in maintaining market share and driving growth in domestic markets [1] - Overseas markets, particularly Europe and North America, have shown robust growth, with North America experiencing a turnaround in Q3 2024 [1] - Cost pressures from panel price increases are expected to ease, supporting profitability improvements [1]
TCL电子24Q3出货数据点评：成长性再上台阶