Investment Rating - The investment rating for TCL Electronics is "Buy" [1] Core Views - TCL Electronics reported a significant increase in adjusted net profit for H1 2025, with a year-on-year growth of 62% [2] - The company achieved a revenue of HKD 54.78 billion, reflecting a 20.4% increase year-on-year [2] - The adjusted net profit reached HKD 10.6 billion, marking a 62% increase compared to the previous year [2] Business Performance Summary - Display Business: Revenue from the large-size display segment was HKD 33.41 billion, up 10.9% year-on-year, with a gross margin of 15.6% [3] - Large-size display revenue was HKD 28.35 billion, a 9.4% increase, with a gross margin of 15.9% [3] - Mini LED TV shipments increased by 176.1% year-on-year [3] - In the Chinese market, TCL TV shipments rose by 3.5%, with a revenue increase of 4.4% to HKD 8.72 billion [3] - Internationally, TCL TV shipments grew by 8.7%, with revenue up 11.8% to HKD 19.632 billion [3] - Internet Business: Revenue reached HKD 1.46 billion, a 20.3% increase, with overseas revenue growing by 46.3% [3] - The gross margin for the internet business improved to 54.4% [3] - Innovative Business: Revenue from innovative segments was HKD 19.88 billion, a 42.4% increase, with solar business revenue soaring by 111.3% to HKD 11.14 billion [4] - Smart home and connectivity business revenue reached HKD 0.9 billion, with a gross margin of 23.6% [4] Profitability and Cost Control - The overall gross margin for H1 2025 was 15.3%, a decrease of 0.6 percentage points year-on-year [5] - The company maintained good control over expenses, with sales, management, and R&D expense ratios at 7.3%, 4.2%, and 2.1% respectively [5] - The net profit margin improved to 2.0%, an increase of 0.6 percentage points year-on-year [5] Brand and R&D Strategy - TCL is enhancing its global brand presence and increasing R&D investments to drive technological innovation and improve core brand competitiveness [6] - The company is focusing on high-end market strategies and leveraging new media marketing to boost brand visibility [6] Financial Forecast - The revenue forecast for 2025-2027 is adjusted to HKD 117.14 billion, HKD 132.94 billion, and HKD 149.22 billion respectively [8] - The expected net profit for the same period is projected at HKD 2.35 billion, HKD 2.82 billion, and HKD 3.23 billion respectively [8] - The earnings per share (EPS) are forecasted to be HKD 0.93, HKD 1.12, and HKD 1.28 for 2025-2027 [8]
TCL电子（01070）：25H1经调整归母净利润同比+62%，看好全年增长势能