Investment Rating - The investment rating for TCL Electronics is "Buy" [6][11]. Core Views - The company's performance forecast for the first half of 2025 aligns with expectations, with a high degree of certainty in achieving the annual equity incentive targets. The shipment proportion of Miniled TVs is rapidly increasing, indicating an optimization in product structure [2][11]. Financial Summary - Total revenue is projected to grow from 78,986 million HKD in 2023 to 116,552 million HKD in 2025, reflecting a compound annual growth rate (CAGR) of approximately 17% [4]. - Net profit is expected to rise from 744 million HKD in 2023 to 2,125 million HKD in 2025, with a significant increase of 137% in 2024 [4]. - The price-to-earnings (PE) ratio is forecasted to be 12.19 in 2025, while the price-to-book (PB) ratio is expected to reach 1.42 [4]. Performance Drivers - The company is entering a phase of performance realization, driven by two main growth engines: enhanced product competitiveness and a global mid-to-high-end strategy, alongside improved supply chain and channel management [11]. - The first half of 2025 saw a significant increase in the shipment of Miniled TVs, with global TV shipments reaching 6.95 million units, a year-on-year increase of 4.1%. The domestic market saw a decrease of 3.3%, while overseas shipments increased by 6.2% [11]. Earnings Forecast - The adjusted net profit for the first half of 2025 is estimated to be between 950 million HKD and 1.08 billion HKD, representing a year-on-year growth of 45% to 65% [11]. - The earnings per share (EPS) for 2025 is projected to be 0.84 HKD, with subsequent years showing growth to 0.99 HKD in 2026 and 1.12 HKD in 2027 [11][12]. Market Position - The company maintains a strong global competitive position, with a well-established production capacity and a focus on digital transformation and automation to enhance operational efficiency [11]. - The target price for TCL Electronics is set at 11.76 HKD, based on a 14x PE ratio for 2025, reflecting a positive outlook on the company's performance and market positioning [11].
TCL电子（01070）：业绩预告符合预期，Miniled出货迅速提升