000100，大动作！拟逾60亿元加仓半导体

Core Viewpoint - TCL Technology is accelerating the acquisition of minority stakes in high-generation production lines, which is expected to further enhance the net profit attributable to the parent company [2]. Group 1: Acquisition Details - TCL Technology's subsidiary, TCL Huaxing Optoelectronics Technology Co., Ltd., plans to acquire 10.7656% of Shenzhen Huaxing Semiconductor Display Technology Co., Ltd. for 6.045 billion yuan in cash [2]. - After the acquisition, TCL Technology's total control over Shenzhen Huaxing Semiconductor will increase from 84.2105% to 94.9761%, which is anticipated to effectively improve the company's profitability [2]. Group 2: Financial Performance of Shenzhen Huaxing Semiconductor - As of December 31, 2024, Shenzhen Huaxing Semiconductor reported total assets of 68.04 billion yuan and net assets of 44.85 billion yuan, with projected revenue of 24.158 billion yuan and net profit of 2.807 billion yuan for the year [4]. - For the first half of 2025, total assets are expected to be 64.769 billion yuan, net assets at 46.564 billion yuan, with revenue of 12.023 billion yuan and net profit of 1.709 billion yuan [4]. - The asset-liability ratio is gradually decreasing, and the net profit margin is continuously increasing, indicating a strengthening of the asset's profitability and quality [4]. Group 3: Market Trends and Opportunities - The large-size semiconductor display industry is experiencing an optimization in its structure, with a healthy supply-demand relationship and steady growth in demand driven by larger sizes [5]. - The television panel market is entering a stocking peak season as of December, with expectations for panel prices to stabilize [6]. - The upcoming 2026 FIFA World Cup, which will feature an expanded format, is expected to significantly boost demand for large-size television panels, benefiting Shenzhen Huaxing Semiconductor [6]. - Completing the acquisition of high-generation production lines before a surge in demand for large-size display products is seen as a strategic move to secure substantial profits [6].