Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price based on the last closing price of 5.97 HKD [1][3][9]. Core Insights - The global TV market is experiencing strong demand for large high-end products, and panel production capacity is shifting towards Chinese companies, which may lead to increased concentration among Chinese TV brands [3]. - TCL Electronics, as a leading player in the global TV industry, is seeing a continuous increase in its market share for smart screens and high-end large screen products. The profitability of its internet business remains stable, and innovative businesses such as solar energy and comprehensive marketing are growing rapidly, enhancing brand strength [3]. - The domestic business is expected to benefit from the appliance replacement policy, leading to further growth [3]. - The projected net profits for TCL Electronics from 2024 to 2026 are 1.415 billion, 1.610 billion, and 1.931 billion HKD, respectively, with corresponding EPS of 0.56, 0.64, and 0.77 HKD [3][4]. Summary by Sections Sales Performance - In the first three quarters of 2024, TCL's global TV shipments reached 20.01 million units, a year-on-year increase of 12.9%. In Q3 2024 alone, shipments totaled 7.49 million units, up 19.7% [1]. - The average screen size of global shipments reached 51.8 inches, with shipments of 65 inches and above increasing by 16.8%, and those of 75 inches and above rising by 35.3% [1]. - In the Chinese market, shipments increased by 5.3%, with the Thunderbird brand seeing a remarkable growth of 46.6% [1]. Regional Market Insights - In Europe, shipments grew by 35.5%, with shipments of 75 inches and above soaring by 126.5% [1]. - In North America, shipments increased by 8.2% in the first three quarters, with Q3 showing a significant rise of 27.5% [1]. - Emerging markets also saw a 6.0% increase in shipments, with Latin America and the Middle East/Africa markets growing by 12.1% and 22.7%, respectively [1]. Product Innovation - TCL's Mini LED TV shipments saw a remarkable growth of 162.8% year-on-year in the first three quarters of 2024, with domestic shipments increasing by 181.1% [1][3].
TCL电子：Q3快增带动下北美出货量增速回正，Mini LED产品增速亮眼