Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price based on the last closing price of HKD 6.58 [1][4]. Core Insights - TCL Electronics is expected to exceed performance expectations for 2024, with an adjusted net profit forecast of approximately HKD 1.3 billion to HKD 1.7 billion, representing a year-on-year increase of 62% to 112% [4]. - The company anticipates a record high in global TV shipments, reaching 29 million units in 2024, a 14.8% increase from the previous year [4]. - The integration of DeepSeek is expected to enhance multiple business lines, including smart home and mobile communications, leading to improved operational efficiency and long-term growth [5][6]. Summary by Sections Financial Performance - For 2024, TCL Electronics expects revenue of HKD 102.7 billion, a growth rate of 30% compared to 2023 [9]. - The adjusted net profit for 2024 is projected to be HKD 1.57 billion, with a net profit growth rate of 111% [9]. - The earnings per share (EPS) for 2024 is estimated at HKD 0.62, with a price-to-earnings (P/E) ratio of 10.57 [9]. Business Segments - The core TV business is expected to drive growth, with a significant increase in high-margin products, including a 69.5% increase in quantum dot TVs and a 194.5% increase in Mini LED TVs [4]. - The innovative business segments, including solar energy and full-category marketing, are also projected to contribute positively to the company's performance [4]. Market Outlook - The global TV market is anticipated to see strong demand for large-screen and high-end products, with a shift in panel production capacity towards Chinese brands, potentially increasing market concentration [6]. - The report highlights the rapid growth in sectors such as solar energy, AR/XR, and AI, which are expected to benefit TCL Electronics [6].
TCL电子：2024A业绩有望超预期，接入DeepSeek多方面赋能