Core Viewpoint - TCL Technology reported strong financial performance for the first half of 2025, with revenue of 85.6 billion yuan, a year-on-year increase of 6.7%, and a net profit of 1.88 billion yuan, up 89.3% [1]. Group 1: Business Performance - The semiconductor display business is the main growth driver, with TCL Huaxing achieving revenue of 50.43 billion yuan, a 14.4% increase, and a net profit of 4.32 billion yuan, up 74.0% [1][2]. - The demand for large-size displays and AI applications is driving panel demand growth, supported by national policies promoting large-size LCD TVs [2]. - TCL Huaxing maintains a leading market position in large-size products with a market share of 24%, an increase of 4 percentage points year-on-year [2]. Group 2: Market Perception and Opportunities - There is a market misjudgment regarding TCL Technology's sustainable profitability due to the cyclical nature of the panel industry [3][4]. - The industry is becoming more concentrated, with major players like TCL and BOE stabilizing panel prices, which supports sustainable development [4]. - TCL Technology has significant growth potential in both large and small-size display sectors, with rapid growth in the small-size display market [6][7]. Group 3: Technological Advancements - TCL Technology is making strides in new technologies such as printed OLED and MLED, with the first domestic production line for printed OLED screens achieving mass production [8]. - The company is leveraging AI to enhance operational efficiency and is developing AI-related products to open new growth avenues [9][10]. Group 4: Institutional Interest and Market Outlook - TCL Technology's recent capital increase attracted significant institutional investment, indicating strong long-term interest from major investors [11]. - Analysts from various securities firms are optimistic about the company's semiconductor display business benefiting from improved industry supply-demand dynamics [12][13].

Core Viewpoint - TCL Technology reported strong financial performance for the first half of 2025, with revenue of 85.6 billion yuan, a year-on-year increase of 6.7%, and a net profit of 1.88 billion yuan, up 89.3% [1] Group 1: Business Growth and Industry Trends - The semiconductor display business is the main growth driver for TCL Technology, with TCL Huaxing achieving revenue of 50.43 billion yuan, a 14.4% increase, and a net profit of 4.32 billion yuan, up 74.0% [2] - The improvement in the semiconductor display industry is attributed to a more concentrated competitive landscape, leading to reduced price volatility and enhanced overall profitability [2][5] - Demand for larger displays and AI applications is driving growth in panel demand, supported by national policies promoting large-size LCD TVs [2] - TCL Huaxing has maintained a leading market position in large-size products, with a market share of 24%, an increase of 4 percentage points year-on-year [2] Group 2: Strategic Acquisitions and Product Development - The acquisition of LGDCA and LGDGZ has positively contributed to TCL Technology's profitability, with these assets starting to generate earnings in Q2 [3] - The company has also acquired a 21.53% stake in Shenzhen Huaxing Semiconductor, which is expected to further enhance performance [3] Group 3: Market Misjudgments and Opportunities - There is a market perception that TCL Technology's profitability is merely a cyclical rebound, underestimating the sustainability of its earnings due to the industry's maturity and concentration [4][5] - The company is well-positioned to benefit from the ongoing trend of larger and higher-end products in the display market [6] Group 4: Growth Potential and Technological Advancements - TCL Technology has shown rapid growth in the small and medium-sized display sector, particularly with its T9 production line [8] - The company is making significant strides in new technologies such as printed OLED and MLED, with the first domestic mass production of printed OLED screens achieved [9] - The integration of AI technologies is enhancing operational efficiency and opening new growth avenues for TCL Technology [10][11] Group 5: Market Sentiment and Institutional Interest - Institutional investors have shown strong interest in TCL Technology, with over 15.7 billion yuan raised in a recent capital increase, attracting major insurance funds [12] - Analysts from various securities firms have given buy ratings, anticipating growth driven by improved supply-demand dynamics in the semiconductor display sector [13][14]

Core Insights - The global digital entertainment event ChinaJoy 2025 opened in Shanghai, showcasing TCL Huaxing's comprehensive esports display solutions in collaboration with partners like Samsung and Lenovo [1] Group 1: Company Developments - TCL Huaxing's CEO Zhao Jun highlighted that mid-sized OLED will be a significant industrial opportunity in the coming years, with a strategic focus on printed OLED technology for various applications [3] - The company aims to address traditional OLED challenges such as high costs, low yield, and limited form factors through printed OLED technology, with the first showcase being a medical display [3] - TCL Huaxing entered the esports display market in 2019 and has since become a leader, with its screens accounting for one in three esports displays globally from 2022 to 2024 [4] Group 2: Market Trends - The rise of foldable smartphones presents new opportunities for panel manufacturers, with TCL Huaxing continuously developing related technologies for future products [4] - There has been a decline in production capacity utilization for large TV displays since Q2, attributed to preemptive customer stocking in Q1, leading to a temporary drop in panel prices [4][5] - A forecast for Q3 indicates a 3-4% increase in TV panel shipments compared to Q2, driven by seasonal demand and inventory adjustments [5] Group 3: Industry Outlook - The panel industry has seen a shift from high volatility to more stable operations, with manufacturers adjusting production rates based on demand to avoid inefficient price competition [5] - TCL Huaxing has been exploring production strategies since 2022, transitioning from full production to demand-based manufacturing, which is expected to benefit the industry and the company in the long term [5]

印刷 OLED 赛道上，TCL 华星甚至没有同行者。但他们知道，还有更高的山峰矗立在面前。 2024 年 6 月的一个深夜，TCL 华星 10 多位工程师守在武汉的屏幕模组车间。他们面前的产线上只有一块 孤零零的屏幕。接下来 3 个多小时，他们的目光与那块屏幕紧紧相连。 TCL 科技首席技术官、TCL 华星首席技术官闫晓林正式宣布，首支投产的印刷 OLED 屏幕进入量产阶 段。 TCL 华星首款量产印刷 OLED 4K 显示屏（21.6 吋） 印刷 OLED 最显著的优势就是节约材料，降低生产成本。蒸镀工艺中，绝大部分材料会残留在掩膜板上， 利用率甚至不到 30%，而印刷工艺能达到 95% 以上。但节省材料的背后，需要从头开发材料和设备，来 满足极致苛刻的技术要求：1 毫升的液体需要分成 10 亿滴，按照每秒滴下 4 万次的频率工作，每一滴都必 须精准无误，同时还要确保铺展、干燥后完全均匀。 焦虑和压力都在积聚，即将到来的那一刻，检验着他们过去 11 年努力的价值。 为了保证生产质量，车间的温度始终保持在 20 多度，几乎没有波动；工程师们穿着包裹严密的无尘服， 与每一台设备、每一道工序隔开。在这种环境待上 ...