Investment Rating - The report maintains a "Buy" rating for TCL Electronics, with a target price of 5.5 HKD based on a 12x PE for 2024 [5][22]. Core Views - TCL Electronics has shown strong growth in both domestic and international sales of televisions, with a notable performance in the photovoltaic business. The gross margin remains resilient despite rising panel prices [3][22]. - The company has revised its earnings forecasts for 2024 and 2025 upwards by 77% and 76% respectively, and introduced a new forecast for 2026, expecting EPS of 0.46, 0.58, and 0.70 HKD, representing year-on-year growth of 55%, 27%, and 21% [3][22]. Financial Summary - In 2023, TCL Electronics achieved revenue of 78,986 million HKD, a year-on-year increase of 10.70%. The net profit attributable to shareholders was 744 million HKD, up 66.44% [10][22]. - The company reported a gross margin of 18.68% in 2023, a slight increase of 0.3 percentage points year-on-year [14][15]. - The revenue from the display business was 56,540 million HKD, a decrease of 2.36% year-on-year, while the innovative business revenue surged by 78.5% to 18,640 million HKD, primarily driven by the photovoltaic sector [11][13]. Revenue Performance - Domestic television sales increased by 5.4% year-on-year, while international sales rose by 8.7%. The average selling price for domestic televisions increased by 10.1% [11][16]. - The photovoltaic business saw remarkable growth, with revenue soaring by 1,820.3% to 6,300 million HKD [11][13]. Profitability Analysis - The gross margin for the television segment was impacted by rising panel prices, with domestic television gross margin at 23.0% and international at 15.4% [15][16]. - The internet business achieved a gross margin of 55.1%, reflecting a focus on high-margin vertical and innovative services [15]. Asset Position - As of the end of 2023, TCL Electronics had cash and cash equivalents totaling 11,680 million HKD, a year-on-year increase of 9.6% [19]. Incentive Plans - The company announced a stock incentive plan for 363 employees, which is expected to enhance company vitality and align employee interests with company performance [20]. Dividend Policy - The proposed dividend for 2023 is 0.16 HKD per share, with a payout ratio of 50% of adjusted net profit, reflecting a slight increase from the previous year [21].
2023年年报点评：彩电内外销延续较快增长，毛利率保持韧性