Investment Rating - The report maintains an "Outperform" rating for TCL Electronics Holdings, with a target price of HKD 13.65 based on a current price of HKD 10.28 [2][5]. Core Insights - The company is expected to achieve a net profit of HKD 950 million to HKD 1.08 billion for the first half of 2025, representing a year-on-year growth of 45% to 65% [3][13]. - TCL's performance in the first half of 2025 was strong, driven by optimized product and distribution channels, as well as high growth in innovative business segments [4][14]. - The global TV shipment volume reached 13.46 million units, a 7.6% increase year-on-year, with Mini LED TV shipments growing by 176% [4][14]. Financial Performance Summary - Revenue projections for TCL are as follows: - 2024: HKD 99.32 billion - 2025: HKD 119.64 billion (up 20%) - 2026: HKD 134.06 billion (up 12%) - 2027: HKD 149.80 billion (up 12%) [2][9]. - Net profit forecasts are: - 2024: HKD 1.76 billion - 2025: HKD 2.30 billion (up 31%) - 2026: HKD 2.85 billion (up 24%) - 2027: HKD 3.37 billion (up 18%) [2][10]. - The diluted EPS is projected to increase from HKD 0.70 in 2024 to HKD 1.34 in 2027 [2][10]. Valuation - The report highlights that TCL's focus on high-end display technology and Mini LED products is expected to enhance profit margins and drive revenue growth [5][15]. - The estimated EPS for 2025-2027 is projected at HKD 0.91, HKD 1.13, and HKD 1.34 respectively, with a PE valuation of 15x for 2025 [5][15].
TCL电子（01070）：25H1业绩优异，MiniLED引领全球