海通国际发布研报称，维持TCL电子(01070)"优于大市"评级，对应目标价15.60港元。公司全球经营组 织架构持续完善，股权激励方案明确增长目标，与SONY合作助力公司全球化战略持续推进。自身业务 方面公司深耕高端显示技术，全球市场保持高质扩张。Mini LED产品在带动整体规模扩张的同时有效 优化公司自身产品结构，提升整体盈利能力，带动收入及利润端均实现优异表现。 海通国际主要观点如下： TCL电子与索尼的战略合作 风险提示 终端需求不及预期，地缘政治风险 公司发布2025年业绩预增公告 预计2025年经调整归母净利润达23.3亿港元-25.7亿港元，同比2024年增长45%-60%。2025年公司始终坚 持全球化及中高端化发展战略，全球业务增长优异，盈利能力亦持续提升，其中公司大尺寸显示业务市 场地位领先、互联网业务维持高盈利水平，创新业务规模亦持续扩张。公司在AI新场景方面持续推进 探索，加强前沿技术布局。 公司宣布与索尼于家庭娱乐领域达成战略合作意向，与其签订意向备忘录，其中包括计划成立一家合资 公司，以公司持股51%，索尼持股49%，目标承接索尼家庭娱乐业务，并在全球范围内开展包括电视、 家庭音 ...

Investment Rating - The report maintains an "Outperform" rating for TCL Electronics Holdings, with a target price of HK$15.60 based on a current price of HK$12.23 [2][5]. Core Insights - TCL is expected to achieve an adjusted net profit of HK$2.33 billion to HK$2.57 billion in 2025, representing a year-on-year growth of 45% to 60% compared to 2024 [3][9]. - The company continues to adhere to a globalization and high-end development strategy, with strong growth in global business and improving profitability [3][9]. - A strategic partnership with Sony in the home entertainment sector aims to establish a joint venture, enhancing TCL's global competitiveness and expanding its business territory [3][10]. Financial Performance - Revenue projections for TCL are as follows: HK$99.32 billion in 2024, HK$119.64 billion in 2025 (up 26% year-on-year), HK$135.67 billion in 2026 (up 20%), and HK$152.14 billion in 2027 (up 13%) [2][5]. - Net profit is projected to grow from HK$1.76 billion in 2024 to HK$2.47 billion in 2025 (up 137%), HK$3.02 billion in 2026 (up 41%), and HK$3.62 billion in 2027 (up 22%) [2][5]. - The diluted EPS is expected to increase from HK$0.70 in 2024 to HK$0.98 in 2025, HK$1.20 in 2026, and HK$1.43 in 2027 [2][5]. Market Position - In 2025, global TV shipments are projected to reach 220 million units, a slight decline of 0.7% year-on-year, while TCL's shipments are expected to grow by 5.4% to 30.4 million units, capturing a 13.8% market share [4][11]. - TCL ranks second globally in TV shipments, while Sony ranks tenth with a significant decline in shipments [4][11]. - The report anticipates that major sports events in 2026 will help stabilize or increase global TV shipments, with TCL and other leading brands expected to expand their market share [4][11]. Valuation - The valuation for TCL has been adjusted, with EPS forecasts for 2025-2027 raised to HK$0.98, HK$1.20, and HK$1.43 respectively, and a PE valuation of 13x for 2026 [5][12]. - The target price of HK$15.60 reflects the company's strong performance and growth potential in the high-end display technology market [5][12].