证券日报网讯2月3日，深天马A在互动平台回答投资者提问时表示，公司聚焦的中小尺寸显示领域下游 应用场景广阔多元，产品定制化程度高，不同尺寸、不同规格、不同应用领域有着差异化的需求和竞争 格局。公司会持续精进显示方案解决能力和不断丰富产品方案组合，以及不断沉淀、强韧对复杂多元的 显示领域产品的运营能力，进一步助力公司业务竞争能力提升。 【资料图】 ...

（文章来源：证券日报） 证券日报网讯 2月3日，深天马A在互动平台回答投资者提问时表示，公司聚焦的中小尺寸显示领域下游 应用场景广阔多元，产品定制化程度高，不同尺寸、不同规格、不同应用领域有着差异化的需求和竞争 格局。公司会持续精进显示方案解决能力和不断丰富产品方案组合，以及不断沉淀、强韧对复杂多元的 显示领域产品的运营能力，进一步助力公司业务竞争能力提升。 ...

证券日报网讯 2月3日，深天马A在互动平台回答投资者提问时表示，公司聚焦的中小尺寸显示领域下游 细分市场多，不同市场领域、市场区域变化节奏不同，在复杂多变的外部环境下，业务季度间有所起 伏，业绩环比有所涨落都是经营过程中的正常现象。2025年，在复杂多变的市场环境中，公司稳健应对 了市场挑战，实现了业绩转盈。在此基础上，公司将持续夯实经营，快速响应市场变化，不断强化弹性 与高效运营的能力，以扎实举措推动显示主业高质量发展。 （文章来源：证券日报） ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [1] Core Insights - The company demonstrates strong growth momentum with a revenue increase of 10.50% year-on-year, reaching 1360.65 billion yuan in the first three quarters of 2025. The net profit attributable to shareholders increased by 99.75% to 30.47 billion yuan, while the net profit excluding non-recurring items surged by 233.33% to 24.29 billion yuan [4] - The semiconductor display business shows multiple breakthroughs, with significant growth in both large and small-sized displays. The market share for large-sized displays increased by 5 percentage points to 25%, and the small-sized display segment has become a core growth engine for the company [5] - The company is effectively integrating its T11 production line and optimizing its product matrix and capacity configuration, while maintaining a steady operational rhythm in its OLED business, ranking fourth globally in flexible OLED smartphone shipments [5][6] Financial Performance - The company is expected to achieve revenues of 1903 billion yuan, 2236 billion yuan, and 2636 billion yuan for the years 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is projected to be 43.2 billion yuan, 80.0 billion yuan, and 107.7 billion yuan for the same years [7] - The financial metrics indicate a significant recovery, with a projected EBITDA of 45105.49 million yuan in 2025, increasing to 60952.89 million yuan by 2027 [10]

Group 1 - TCL Technology expects a net profit attributable to shareholders of 4.21 billion to 4.55 billion yuan for 2025, representing an increase of 169% to 191% year-on-year. The net profit after deducting non-recurring gains and losses is projected to be 2.89 billion to 3.20 billion yuan, reflecting a significant increase of 869% to 973% year-on-year [1] - TCL Huaxing maintains a leading strategy, solidifying growth momentum and enhancing operational resilience, with operating revenue surpassing 100 billion yuan and net profit exceeding 8 billion yuan, while operating cash flow net amount exceeds 40 billion yuan, achieving high-quality growth [1] - The company completed the acquisition of 100% equity of the former LG Display (China) Co., Ltd., enhancing its capacity layout for large and medium-sized LCD panels, and expanded its G5.5 generation printed OLED production line, establishing the world's first high-generation printed OLED production line to promote the commercialization of printed OLED technology [1] Group 2 - TCL Zhonghuan adheres to the strategy of "domestic leadership, global pursuit," consolidating its leading position in the semiconductor materials sector, achieving operating revenue exceeding 5.7 billion yuan, and maintaining the top position in revenue and shipment volume domestically [2] - The company is experiencing significant fluctuations in the photovoltaic industry due to oversupply across various segments, yet it remains committed to product technology innovation and global strategies to improve profitability [2] - Miao Jia Technology continues to expand its leading advantage, with its TV OEM business further solidifying its industry leadership, while the display OEM business maintains rapid growth and actively explores high-value-added product areas such as commercial displays and gaming monitors, significantly enhancing profitability [2]

Group 1: TCL Technology - TCL Technology expects a net profit attributable to shareholders of 4.21 billion to 4.55 billion yuan for 2025, representing an increase of 169% to 191% year-on-year [1] - The net profit, excluding non-recurring gains and losses, is projected to be 2.89 billion to 3.20 billion yuan, reflecting a significant increase of 869% to 973% year-on-year [1] - The company achieved an operating revenue exceeding 100 billion yuan and a net profit exceeding 8 billion yuan, with net operating cash flow exceeding 40 billion yuan, indicating high-quality growth [1] - TCL Huaxing maintains a competitive advantage in large-size products such as TVs and commercial displays, while experiencing rapid growth in the small and medium-size product sector [1] - The company completed the acquisition of 100% equity in the former LG Display (China) Co., Ltd., enhancing its capacity layout for large and medium-size LCD panels [1] - TCL is expanding its G5.5 generation printed OLED production line and building the world's first high-generation printed OLED production line, laying the foundation for future display technology upgrades [1] Group 2: TCL Zhonghuan - TCL Zhonghuan adheres to a "domestic leading, global catching up" strategy, consolidating its leading position in the semiconductor materials sector [2] - The company achieved operating revenue exceeding 5.7 billion yuan, maintaining its position as the top player in terms of revenue and shipment volume in China [2] - Due to the oversupply in various segments of the photovoltaic industry chain, TCL Zhonghuan is experiencing significant fluctuations but remains committed to product technology innovation and global strategies [2] - The company is actively pursuing organizational changes to improve profitability amidst challenges [2] - Miao Jia Technology continues to expand its leading advantage, with the TV OEM business solidifying its industry leadership and the display OEM business growing rapidly [2] - The company is also actively exploring high-value-added product segments such as commercial displays and gaming monitors, significantly enhancing its profitability [2]

Core Viewpoint - The company emphasizes its commitment to maintaining a healthy industry ecosystem and sustainable development through various initiatives, including customized product advantages and advanced technology development [1] Company Initiatives - The company is recognized as a leader in the small and medium-sized display sector [1] - It plans to leverage high customization of products and scientific production planning to enhance its competitive edge [1] - The company aims to strengthen its forward-looking technology layout and product technology development [1]

Core Viewpoint - The company, Deep Tianma A, reported on October 27 that it is experiencing varying price and gross margin conditions across different segments in the small-sized display market, with consumer products being more sensitive to market price fluctuations compared to automotive and specialized display products, which have more stable gross margins [1] Summary by Categories Business Performance - The company indicated that the gross margin trend for its main businesses, including mobile phones, automotive, and IT, is expected to improve in the first half of 2025, with a year-on-year increase of 4.52 percentage points in the main gross margin [1]

Core Viewpoint - The display industry is characterized by global competition, presenting both opportunities and challenges for companies involved [1] Group 1: Company Positioning - The company has been deeply engaged in the small and medium-sized display sector for over 40 years, establishing a comprehensive mainstream technology layout in this field [1] - The company possesses extensive capabilities in the small and medium-sized display sector, indicating a strong competitive edge [1] Group 2: Strategic Focus - The company emphasizes the importance of enhancing its own capabilities while respecting the contributions of peers in the industry [1] - The company plans to continuously strengthen its overall competitiveness by deepening strategic collaborations with upstream and downstream partners [1] - The company aims to learn from benchmark enterprises in the industry to refine its operations and strategies [1]