[公司价格与沪深 Table_Chart] 300 走势比较 -36% -21% -5% 11% 26% 5/24 8/24 11/24 2/25 TCL科技 沪深300 [Table_Author] 分析师：陈耀波 执业证书号：S0010523060001 邮箱：chenyaobo@hazq.com 分析师：刘志来 [Table_StockNameRptType] TCL 科技（000100） 公司点评 面板盈利持续改善，期待光伏业务回暖 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-05-01 | | | [Table_BaseData] 收盘价（元） | 4.15 | | 近 12 个月最高/最低（元） | 5.83/3.56 | | 总股本（百万股） | 18,779 | | 流通股本（百万股） | 18,100 | | 流通股比例（%） | 96.38 | | 总市值（亿元） | 779 | | 流通市值（亿元） | 751 | 执业证书号：S0010523120005 邮箱：liuzhilai@hazq.com [Table_C ...

TCL 科技 20250429 摘要 • TCL 科技 2024 年营收同比下降 5.5%至 1,640 亿元，利润同比下降 29.4%至 15.6 亿元，但半导体显示业务收入同比增长 24.6%至 1,043 亿 元，归母净利润增加 37 亿元至 41.4 亿元，光伏业务受行业周期影响业绩 下滑，2025 年一季度已环比改善。 • 半导体显示领域，TCL 华星电视面板保持全球第二，55 寸以上大尺寸全球 第一，显示器业务全球第二，电竞显示器全球第一，柔性 OLED 手机面板 升至全球第四，折叠屏产品全球第三。2025 年一季度大中小尺寸面板整 体盈利。 • 光伏领域，TCL 中环 2024 年受行业供需关系恶化影响，业绩大幅下滑， 但 2025 年一季度通过提质增效实现环比改善。硅片业务出货量行业第一， 但毛利率为负，组件业务销量与去年持平，毛利率负 0.85%，领先半导体 业务产能和销量同比增长 55%以上。 • TCL 科技将继续引领电视面板大尺寸化和高端化趋势，加强 IT 及车载等多 元布局，优化 OLED 产品和客户结构，已完成 LGD 广州产线收购，并积 极推进 11 代线少数股权收购，以提高规模 ...

Core Viewpoint - The company focuses on three core businesses: semiconductor display, new energy photovoltaic, and semiconductor materials, aiming for sustainable high-quality development amidst a complex global economic environment [4][24][39]. Financial Performance - In Q1 2025, the company achieved operating revenue of 40.1 billion yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 1.01 billion yuan, up 322% [4][5]. - The operating cash flow reached 12.1 billion yuan, growing by 83% year-on-year [4]. - The semiconductor display business generated revenue of 27.5 billion yuan, an 18% increase, with net profit of 2.33 billion yuan, up 329% [5]. Business Segments Semiconductor Display - The global TV retail market remained stable, with an increase in average TV size by over 1.5 inches year-on-year, driving demand for larger panels [4][30]. - The company maintained a leading position in the large-size panel market, with a market share of 58% for products 65 inches and above [5][31]. - The company’s display business achieved a revenue of 104.3 billion yuan for the year, a 25% increase, and a net profit of 6.23 billion yuan, reflecting significant improvement [30][25]. New Energy Photovoltaic - The photovoltaic business reported revenue of 6.1 billion yuan in Q1 2025, with a net profit of -1.906 billion yuan, showing a 49% improvement quarter-on-quarter [8]. - The company’s silicon wafer production capacity reached 200 GW, with a market share of over 55% in external sales [8][36]. - The photovoltaic industry is undergoing a recovery phase, with improved supply-demand dynamics and price stabilization [9][36]. Semiconductor Materials - The semiconductor materials segment saw a 30% revenue growth, enhancing the company’s market share [14][37]. - The company is focusing on technological innovation and operational efficiency to strengthen its competitive position in the semiconductor materials market [37]. Strategic Initiatives - The company completed the acquisition of LG Display's subsidiaries, which is expected to contribute positively to profitability and enhance industry concentration [6][34]. - The company is committed to leveraging AI and advanced manufacturing technologies to improve operational efficiency and product competitiveness [34][39]. - The company aims to maintain rapid growth in its display business and improve operational efficiency throughout 2025 [7][39].

Group 1: Financial Performance - In 2024, TCL achieved a revenue of 164.8 billion yuan, with a net profit of 1.56 billion yuan, and a net operating cash flow of 29.5 billion yuan, representing a year-on-year growth of 16.6% [1] - In Q1 2025, TCL reported a revenue of 40.1 billion yuan, a 0.4% increase year-on-year, and a net profit of 1.01 billion yuan, showing a significant growth of 322% [4] - The operating cash flow for Q1 2025 reached 12.1 billion yuan, up 83% year-on-year [4] Group 2: Semiconductor Display Business - In 2024, the semiconductor display segment generated 104.3 billion yuan in revenue, a 25% increase, with a net profit of 6.23 billion yuan, improving by 62.4% [2] - In Q1 2025, the semiconductor display business achieved 27.5 billion yuan in revenue, an 18% increase, and a net profit of 2.33 billion yuan, reflecting a 329% growth [4] - The average size of televisions increased by approximately 1.5 inches in Q1 2025, driving demand for larger panels [4][6] Group 3: New Energy and Semiconductor Materials - In 2024, the global photovoltaic installation maintained growth, but prices continued to decline, leading to losses across the industry [2] - TCL Zhonghuan reported a revenue of 28.4 billion yuan, a 52% decrease, with a net profit of -9.82 billion yuan [3] - In Q1 2025, TCL Zhonghuan's revenue was 6.1 billion yuan, with a net profit of -1.906 billion yuan, showing a 49% improvement compared to the previous quarter [4] Group 4: Market Trends and Outlook - The display industry is expected to see a stable supply-demand relationship, with the global LCD production capacity in mainland China projected to reach 88% by 2025 [6] - The demand for large-size panels is driven by both terminal sales and average size increases, with significant growth potential in the global market [6] - The "trade-in" policy is expected to boost demand across various product categories, including televisions, enhancing the trend towards larger screens [8] Group 5: OLED Business Development - TCL is focusing on high-end and differentiated strategies in the OLED market, with significant improvements in market share for flexible OLED panels [10] - The T4 production line is expected to maintain high operational efficiency, contributing to the overall improvement of the OLED business [10] Group 6: Depreciation Trends - Most of the 8th generation production lines have completed depreciation, but a slight increase in depreciation is expected in 2025 due to new capacity coming online [11] - The depreciation-to-revenue ratio is anticipated to decrease as new high-value production lines drive rapid revenue growth [11]

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]

出品：新浪财经上市公司研究院 作者：君 今年2月22日，和辉光电发布提示性公告，筹划发行H股并在港交所上市。近日，公司H股上市申请获港交所受理，中金 公司担任其独家保荐人。 2021年5月，和辉光电在上交所科创板上市，募集资金82亿元。上市后，公司深陷持续亏损泥潭，至今尚未实现盈利，4 年亏损83亿元。 财务状况方面，和辉光电仅上市首年的现金流为正，2022年至2024年累计"失血"3.85亿元，经营活动靠举债度日。截至 2024年末，公司一年内到期的非流动负债突破百亿元，较年初暴涨近5倍，面临超60亿元资金缺口。这或许是其迫切寻 求新融资渠道的重要原因之一。 业绩持续亏损，财务状况堪忧，让和辉光电在资本市场举步维艰，股价长期破发，最高点停留在上市首日，市值已蒸发 250多亿元。实现"A+H"上市，便利公司再融资，缓解资金压力，加快国际化战略及海外业务布局。但不可否认的是， 相较于A股，H股存在估值偏低等风险，对公司而言是"雪中送炭"，亦或"压倒骆驼的最后一根稻草"，有待时间检验。 上市至今仍在亏本赚吆喝 和辉光电主要专注于高解析度的AMOLED（有源矩阵有机发光二极管）半导体显示面板的研发、生产和销售。公司 ...

Group 1: Industry and Market Overview - The international trade environment's uncertainty is affecting North American market demand, while domestic demand is stimulated by the "trade-in" policy, accelerating the trend towards larger LCD TVs and upgrading product structures to mid-to-high end [1][2] - Panel manufacturers are adhering to a "demand-driven production" strategy, adjusting production line utilization rates based on market demand, leading to a healthy inventory level in the industry [1][2] Group 2: Company Performance - In 2024, the company achieved a revenue of CNY 198.38 billion, representing a year-on-year growth of 13.66% [5] - The company maintains its leading position in the semiconductor display field, with global first-place shipments in five application areas: smartphones, tablets, laptops, monitors, and TVs [3] - R&D investment reached CNY 13.2 billion in 2024, a 16% increase year-on-year, accounting for nearly 7% of revenue [5] Group 3: Shareholder Returns - From 2015 to 2024, the company has implemented cash dividends for ten consecutive years, totaling nearly CNY 22 billion [6] - The company plans to distribute at least 35% of the net profit attributable to the parent company as cash dividends annually from 2025 to 2027 [7] - In 2024, the company intends to distribute CNY 1.87 billion in cash dividends, which is 35% of the consolidated net profit [7] Group 4: Product and Technology Innovations - The company has launched the world's first foldable screen and continues to lead in high-end TV innovations with its UB Cell technology [3][4] - As of 2024, the company has filed over 100,000 patents, with more than 90% being invention patents [3] Group 5: Future Outlook and Challenges - The average utilization rate of the LCD industry has been above 80% since Q1 2025, but is expected to be adjusted based on demand fluctuations [9] - The company aims to achieve a shipment target of 170 million flexible AMOLED units in 2025, building on a shipment of approximately 140 million units in 2024 [10]

Core Viewpoint - The article highlights the commencement of the Micro OLED production line project by Xitai Technology in Nanchong, which aims to fill the gap in the semiconductor micro-display industry in the region and enhance local industrial development [1][3]. Group 1: Project Overview - Xitai Technology's Nanchong semiconductor micro-display industrial park project covers an area of 125 acres with a total construction area of approximately 60,000 square meters [1]. - The project focuses on building the second 12-inch Micro OLED production line, primarily for the production of Micro OLED display devices [1]. Group 2: Timeline and Goals - The Nanchong project is set to achieve key milestones: completion of the main structure by the end of 2025, trial production by the end of 2026, and mass production by March 2027 [3]. Group 3: Company Background - Xitai Technology was established in June 2016 and is based in Wuhu, Anhui, specializing in new semiconductor display technologies, particularly in the research and manufacturing of Micro OLED micro-display technology [4]. Group 4: Additional Projects - In addition to the Nanchong project, Xitai Technology has been advancing its 12-inch Micro OLED project, which began in 2020 with a total investment of 6 billion yuan, aiming for a monthly production capacity of 6,000 pieces of wafer [5]. - The company signed an agreement in March 2025 with Mianyang High-tech Zone for a 4 billion yuan investment to establish a 12-inch Micro OLED semiconductor micro-display industrialization project, enhancing the new display industry chain in Mianyang [5].

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 小马智行 美股｜递交招股书 据IPO早知道消息，Pony AI Inc.（以下简称"小马智行"）于美东时间2024年10月17日正式向美国 证券交易委员会（SEC）递交F-1文件，计划以"PONY"为股票代码在纳斯达克挂牌上市，高盛、美 银美林、德意志银行、华泰证券为其担任主承销商。 这意味着，小马智行或将成为"全球Robotaxi第一股"。今年4月22日，中国证监会国际合作司已披露 了关于Pony AI Inc.（小马智行股份有限公司）境外发行上市备案通知书。 成立于2016年的小马智行主要为全球市场提供出行和物流领域的自动驾驶技术和解决方案，开发可 适用于不同车型和应用场景的"虚拟司机"（Virtual Driver）技术。基于此，小马智行的营收也主要 来自于自动驾驶出行服务（Robotaxi）、自动驾驶卡车（Robotruck）以及技术授权与应用服务。 目前，小马智行自动驾驶路测总里程累计近4000万公里。 其中，小马智行于2018年12月推出了中国首个自动驾驶出行服务（Robotaxi）小 ...