Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The strategic partnership with Sony aims to establish a joint venture for integrated operations in the home entertainment sector, which includes television and audio products [9] - The collaboration is expected to leverage both companies' strengths, enhancing technology, scale, and global presence [9] - Revenue projections for 2025-2027 are estimated at HKD 116.4 billion, HKD 132.3 billion, and HKD 145.8 billion, respectively, with corresponding net profits of HKD 26 billion, HKD 31 billion, and HKD 36 billion [9][10] - The report anticipates a significant increase in earnings per share (EPS) from HKD 0.30 in 2023 to HKD 1.43 by 2027 [4][14] Financial Projections - Revenue (in million HKD): - 2023A: 78,986 - 2024A: 99,322 - 2025E: 116,386 - 2026E: 132,328 - 2027E: 145,814 - Growth Rates (%): - 2023A: 10.7% - 2024A: 25.7% - 2025E: 17.2% - 2026E: 13.7% - 2027E: 10.2% [4] - EBITDA (in million HKD): - 2023A: 3,229 - 2024A: 4,457 - 2025E: 5,421 - 2026E: 6,578 - 2027E: 7,205 [4] Profitability Metrics - Return on Equity (ROE) is projected to increase from 4.5% in 2023 to 16.2% in 2027 [4] - The report estimates a PE ratio of 13x for 2026, leading to a target price of HKD 16.25 per share [9][14] Business Segments - Display Business Revenue (in million HKD): - 2024A: 69,440 (YoY: 23%) - 2025E: 77,884 (YoY: 12%) - 2026E: 86,430 (YoY: 11%) - 2027E: 94,691 (YoY: 10%) [11] - Innovative Business Revenue (in million HKD): - 2024A: 27,009 (YoY: 45%) - 2025E: 35,386 (YoY: 31%) - 2026E: 42,376 (YoY: 20%) - 2027E: 47,192 (YoY: 11%) [11] - Internet Business Revenue (in million HKD): - 2024A: 2,627 (YoY: -5%) - 2025E: 3,038 (YoY: 16%) - 2026E: 3,440 (YoY: 13%) - 2027E: 3,845 (YoY: 12%) [11]
TCL电子（01070）：与索尼达成战略合作，全球布局更进一步