显示业务盈利修复，光伏业务静待触底

Investment Rating - The report maintains a "Buy" rating for TCL Technology [1][2]. Core Views - The company's display business is gradually recovering profitability, while the photovoltaic business is expected to reach a bottom [2]. - The company has announced a "Quality Return Dual Improvement" action plan aimed at enhancing operational efficiency and investor communication [2]. - The expected revenue for 2023 is projected to be between 173.55 billion to 177.35 billion yuan, with a year-on-year growth of 4% to 6% [2]. - The net profit attributable to shareholders is forecasted to be between 2.1 billion to 2.5 billion yuan, representing a significant year-on-year increase of 704% to 857% [2]. Summary by Sections Display Business - The profitability of the display business is recovering, with large-size panel manufacturers demonstrating their ability to maintain profitability through production control strategies [2]. - The company expects to achieve a net profit of 3.1 billion to 3.45 billion yuan in the second half of 2023, recovering from a loss of 3.45 billion yuan in the first half [2]. - The market share of mainland panel manufacturers is approximately 70%, which strengthens their bargaining power [2]. Photovoltaic Business - The photovoltaic sector is currently under pressure due to price declines, but it is anticipated to bottom out in 2024 [2]. - The company is expected to benefit from a recovery in the photovoltaic market as capacity gradually clears [2]. Financial Projections - The company forecasts revenues of 176.28 billion yuan in 2023, 216.75 billion yuan in 2024, and 246.69 billion yuan in 2025, with respective growth rates of 5.8%, 23.0%, and 13.8% [8]. - The net profit attributable to shareholders is projected to be 2.47 billion yuan in 2023, 6.21 billion yuan in 2024, and 10.63 billion yuan in 2025, with growth rates of 846.9%, 150.9%, and 71.2% respectively [8]. Valuation - The report indicates that the company's PE ratios for 2024 and 2025 are expected to be 13 and 8, respectively, which are below the industry average [10]. - The company is positioned to benefit from the stabilization of large-size TV panel prices and an increase in OLED shipments, which will contribute to revenue growth and improved profitability [10].