TCL TECH.(SZ:000100) Minsheng Securities·2024-04-30 14:30Investment Rating - The report maintains a "Recommended" rating for TCL Technology [1][2]. Core Insights - TCL Technology's revenue for 2023 reached 174.37 billion yuan, a year-on-year increase of 4.69%, with a net profit attributable to shareholders of 2.22 billion yuan, reflecting a significant year-on-year growth of 747.6% [1]. - The semiconductor display business has significantly reduced losses, while the performance of TCL Zhonghuan is under pressure due to price fluctuations in the photovoltaic industry [1]. - The large-size panel prices continue to rise, and the market share of OLED and other small and medium-sized displays is increasing [1]. - The company is expected to achieve net profits of 4.07 billion yuan, 7.78 billion yuan, and 12.23 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 22, 12, and 7 times [1][2]. Financial Summary - In 2023, TCL Technology's total revenue was 174,446 million yuan, with a projected revenue of 195,774 million yuan in 2024, representing a growth rate of 12.2% [2]. - The net profit attributable to shareholders for 2023 was 2,215 million yuan, with projections of 4,074 million yuan in 2024, indicating an 83.9% growth rate [2]. - The company's earnings per share for 2023 was 0.12 yuan, expected to rise to 0.22 yuan in 2024 [2]. - The price-to-earnings ratio is projected to decrease from 41 in 2023 to 22 in 2024, and further down to 12 in 2025 and 7 in 2026 [2].