淡季不淡，旺季提前启动

Investment Rating - The report maintains a Buy rating for TCL Tech (000100 SZ) [3] Core Views - TCL Tech reported strong financial performance in 2023 and Q1 2024, with significant growth in revenue and net profit [1][4] - 2023 revenue: 174 4 billion yuan, up 4 69% YoY - 2023 net profit attributable to parent company: 2 215 billion yuan, up 747 60% YoY - Q1 2024 revenue: 39 9 billion yuan, up 1 18% YoY - Q1 2024 net profit attributable to parent company: 240 million yuan, up 143 71% YoY - The company declared a dividend of 1 5 billion yuan for 2023, maintaining a high payout ratio [1][5] - With declining capital expenditures and improving profitability, the dividend yield is expected to increase, indicating significant potential for higher dividends [1][5] Business Segment Analysis Photovoltaic Business - Q1 2024 revenue: 9 933 billion yuan, net loss: 951 million yuan [5] - The loss is attributed to intensified competition and declining product prices as capacity expanded - TCL Zhonghuan continues to improve efficiency through technological innovation and process optimization - The company maintains a leading position in G12 large silicon wafers and N-type products, with N-type 210 external sales market share exceeding 90% [5] Display Business - Q1 2024 revenue: 23 376 billion yuan, up 54 58% YoY, net profit: 539 million yuan, up 3 337 billion yuan YoY [5] - Strong performance despite low utilization rates in January and February, driven by volume and price increases in March - T9 production line ramping up as planned, boosting IT product market share - Global market share in monitors remains third, with gaming monitors holding the top position globally - Flexible OLED product demand exceeds supply, with mobile panel shipments rising to third globally [5] Financial Projections - Expected EPS for 2024-2026: 0 20, 0 40, and 0 56 yuan, respectively [5] - Corresponding PE ratios: 23 74, 11 84, and 8 61 [5] - Display business profitability is projected to reach 1 5-2 billion yuan per quarter in Q2 and Q3 2024 [5]