Investment Rating - The investment rating for TCL Electronics is "Buy" (maintained) [6] Core Views - The company reported a strong performance in 2024, with revenue reaching HKD 99.3 billion (+26%) and net profit attributable to shareholders at HKD 1.76 billion (+137%). Adjusted net profit was HKD 1.61 billion (+100%) [6][15] - The report highlights significant growth in both domestic and international sales of televisions, with a notable improvement in profit margins driven by cost control and structural adjustments in sales channels [6][42] - The forecast for net profit for 2025-2027 has been revised upwards, with expected figures of HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively, indicating a positive outlook for the company's profitability [6][42] Summary by Sections 1. 2024 Performance Overview - TCL Electronics achieved a revenue of HKD 99.3 billion in 2024, marking a 26% year-on-year increase. The net profit attributable to shareholders was HKD 1.76 billion, reflecting a 137% increase [15][20] - For the second half of 2024, revenue was HKD 53.8 billion (+22%) and net profit was HKD 1.11 billion (+131%) [15][20] 2. Margin and Cost Management - The overall gross margin for 2024 was 15.7%, a decrease of 1.6 percentage points, primarily due to structural changes and panel cost fluctuations. However, the company managed to improve its expense ratios across various categories [22][25] - The net profit margin for 2024 was 1.77%, an increase of 0.8 percentage points, indicating effective cost management strategies [25][26] 3. North American Channel Insights - The structural adjustments in the North American market have shown significant results, with an increase in the number of SKUs for high-end products at Bestbuy. The number of MiniLED SKUs increased from 3 to 16 for sizes above 75 inches [8][29] - The company has also expanded its product offerings in Walmart, focusing on larger size products, which is expected to enhance its market presence [38][39] 4. Profit Forecast and Investment Recommendations - The report has revised profit forecasts for 2025-2027, with net profits expected to be HKD 2.13 billion, HKD 2.47 billion, and HKD 2.80 billion respectively. The corresponding EPS for these years is projected to be HKD 0.8, HKD 1.0, and HKD 1.1 [6][42] - The current stock price corresponds to a PE ratio of 10.4 for 2025, indicating a favorable valuation for potential investors [6][42]
TCL电子（01070）：全年业绩超预期，美国线下渠道结构调整效果显著