TCL科技：面板业务保持高盈利，业绩有望持续改善

Investment Rating - The report maintains a "Buy" rating for TCL Technology, indicating a positive outlook for the company's stock performance [3][8]. Core Views - The panel business of TCL Technology is expected to continue benefiting from a price upcycle, with a forecasted increase in net profit for the years 2024 to 2026 [8]. - The company reported a significant improvement in its panel business, achieving a revenue of 76.956 billion yuan in the first three quarters of 2024, a year-on-year increase of 25.74% [5]. - The report highlights the challenges faced by the photovoltaic business, which saw a revenue decline of 53.60% year-on-year, but anticipates a recovery as energy consumption indicators improve [5]. Financial Summary - For the fiscal year 2024E, TCL Technology is projected to have total revenue of 190.941 billion yuan, with a year-on-year growth of 9.5% [4]. - The net profit attributable to shareholders is expected to be 1.768 billion yuan in 2024E, reflecting a decrease of 20.2% compared to the previous year [4]. - The gross profit margin is forecasted to improve from 14.7% in 2023 to 16.0% in 2024E, indicating enhanced profitability [4]. - The return on equity (ROE) is projected to rise significantly from 3.3% in 2024E to 12.4% by 2026E [4]. Business Performance - The panel business has shown resilience, with a net profit of approximately 1.747 billion yuan in Q3 2024, despite seasonal fluctuations in demand [5]. - The photovoltaic segment is expected to reduce losses in the future as market conditions stabilize [5]. - The company has maintained a strong operating cash flow, with a net cash flow from operating activities of 22.001 billion yuan in the first three quarters of 2024 [7].