Investment Rating - The investment rating for TCL Electronics is "Buy" and is maintained [8] Core Insights - TCL's global TV shipment volume reached 6.51 million units in Q1 2025, representing a year-on-year increase of 11.4%, with sales revenue growing by 22.3% [2][5] - The company is focusing on a "mid-to-high-end and large-screen" strategy, with significant growth in shipments of large-screen high-end products [8] - TCL's average screen size for TVs increased by 1.9 inches to 53.4 inches due to the rise in shipments of larger models [8] Summary by Sections Global Performance - In Q1 2025, TCL's TV shipments globally increased by 11.4% year-on-year, with sales revenue up by 22.3% [2][5] - Shipments of TVs sized 65 inches and above grew by 33.0%, accounting for 27.7% of total shipments, while shipments of 75 inches and above surged by 41.6% [8] Chinese Market - In the Chinese market, TCL's TV shipments increased by 10.8% year-on-year in Q1 2025, with 65 inches and above products growing by 18.3% [8] - The average selling price of TCL TVs in China rose by 22.2% due to the demand for larger and Mini LED products [8] International Market - TCL's international market shipments grew by 11.6% year-on-year in Q1 2025, with significant increases in large-screen products [8] - The company became a global Olympic partner in February 2025, enhancing its brand influence through strategic sports marketing [8] Financial Projections - The projected net profit for TCL for 2025, 2026, and 2027 is estimated at HKD 22.23 billion, HKD 26.71 billion, and HKD 30.65 billion respectively, with corresponding PE ratios of 11.30, 9.40, and 8.19 [8]
TCL电子（01070）：全球出货表现亮眼，产品结构持续优化