| 2026未来产业新材料博览会 | （FINE），围绕机器人、汽车、无人机、数据中心、航空航天、AI、新能 | | | | --- | --- | --- | --- | | 源等未来产业共性需求，特设6大展区，其中 | | 先进电池与能源材料展区 | 聚焦 | | 固态电池 、钠电池、 | | 钙钛矿 | 、液流电池、电容 | | 器 等 | | ， | 欢迎咨询：18957804107 | 【DT新材料】 获悉，12月1日， 中国石油工程材料研究院 新能源光伏技术团队自主研制的1.68eV（电子伏特）宽带隙钙钛矿太阳能电池， 经权威第三方专业测 试机构认证，以25.05%的光电转换效率第3次刷新世界纪录， 为中国石油加快大型清洁电力基地建设和油田分布式清洁能源替代奠定了坚实基础。 单结和叠层钙钛矿电池转换效率的理论上远超传统晶硅太阳能电池 。由于电池效率每提升1%绝对值，度电成本可降低3%—5%，因此，如何推动这种新型电池迈 向更高效率等级，成为全球光伏行业的研究热点和核心技术。 2020年以来，工程材料研究院团队先后解决了薄膜材料广域带隙调控与高质量结晶工艺等关键难题，先后3次打破1.68eV宽带隙和 ...

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, reflecting a positive outlook for the company's performance in the coming years [9]. Core Insights - TCL Technology is positioned as a global leader in semiconductor display and photovoltaic silicon wafer industries, with strong profitability and growth potential. The company reported a significant increase in revenue and net profit for the first half of 2024, driven by its semiconductor display business [1][7]. - The company is actively pursuing share buybacks and strategic acquisitions to enhance shareholder value and strengthen its market position [2]. - Government subsidy policies are expected to stimulate demand for large-sized TVs, benefiting TCL's sales and market share [3]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor display and new energy photovoltaic sectors, aiming to become a leading high-tech enterprise globally. The company has a strong market presence, with TCL Huaxing ranking second in global TV panel shipments and TCL Zhonghuan leading in photovoltaic silicon wafer market share [1][16]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% to total revenue in 2023. The company achieved a revenue of 498.77 billion CNY in the first half of 2024, marking a 40.39% year-on-year increase [27][29]. - The large-sized panel market is experiencing growth due to government incentives, with TCL Huaxing maintaining a strong competitive position [3][29]. Photovoltaic Business - The photovoltaic segment accounted for 33.92% of TCL's total revenue in 2023. Despite facing short-term challenges due to supply-demand imbalances, TCL Zhonghuan is expected to benefit from long-term market growth [30][36]. - The company is focusing on cost reduction and efficiency improvements to enhance its competitive edge in the photovoltaic industry [30]. Financial Performance - TCL Technology's financial performance has shown significant improvement, with total revenue increasing from 766.77 billion CNY in 2020 to 1743.67 billion CNY in 2023. The net profit for the first half of 2024 reached 9.95 billion CNY, a 192.28% increase year-on-year [32][34]. - The company has maintained a stable gross margin, with the semiconductor display business achieving a gross margin of 18.80% in the first half of 2024 [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026, respectively. The net profit is projected to reach 16.88 billion CNY in 2024 [7][8].

Investment Rating - The report assigns a "Buy" rating for TCL Technology with a target price of 5.93 CNY, based on its strong market position and growth potential in the semiconductor display and photovoltaic sectors [9]. Core Insights - TCL Technology is a global leader in semiconductor displays and photovoltaic silicon wafers, with a strong profitability outlook driven by government subsidies and strategic share buybacks [1][2]. - The company has shown significant revenue growth, with a projected revenue of 802.24 billion CNY for the first half of 2024, representing a 192.28% year-on-year increase in net profit [1][7]. - The company is well-positioned to benefit from the ongoing demand for large-sized TV panels, supported by government recycling subsidies and a recovering market [3][4]. Summary by Sections Company Overview - TCL Technology focuses on semiconductor displays and new energy photovoltaics, aiming to become a leading high-tech industrial group globally [16][17]. - The company has a strong market presence, ranking second globally in TV panel shipments and first in photovoltaic silicon wafer market share [1][17]. Semiconductor Display Business - The semiconductor display segment is TCL's primary business, contributing 47.98% of total revenue in 2023, with a significant increase in profitability due to improved market conditions [27][29]. - TCL Huaxing, the subsidiary responsible for this segment, achieved a revenue of 498.77 billion CNY in the first half of 2024, a 40.39% increase year-on-year [29][36]. Photovoltaic Business - The photovoltaic segment, while facing short-term challenges due to supply-demand imbalances, is expected to recover as the industry undergoes a restructuring phase [6][30]. - TCL Zhonghuan, the subsidiary for this segment, reported a revenue of 162.13 billion CNY in the first half of 2024, a decrease of 53.54% year-on-year, indicating current operational challenges [30][36]. Financial Performance - The company has shown a consistent improvement in financial metrics, with a significant increase in net profit and revenue over the past few years, driven by the recovery in the semiconductor display market [32][34]. - The gross margin for the semiconductor display business improved to 18.80% in the first half of 2024, reflecting better pricing and cost management [36][39]. Future Outlook - The report forecasts revenue growth for TCL Technology, estimating revenues of 1694.57 billion CNY, 1956.04 billion CNY, and 2172.38 billion CNY for 2024, 2025, and 2026 respectively [7]. - The company is expected to continue benefiting from government policies aimed at boosting consumer electronics demand, particularly in the TV panel market [3][4].