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 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 4.66 CNY over the next six months [6][4]. Core Insights - The display industry is experiencing an improvement in supply-demand dynamics, leading to a significant enhancement in profitability. The company has reported a 0.43% year-on-year increase in revenue to 401.19 billion CNY and a remarkable 321.96% increase in net profit to 10.13 billion CNY for the first quarter of 2025 [2][4]. Summary by Sections Financial Performance - For the first quarter of 2025, the company achieved a revenue of 401.19 billion CNY, reflecting a 0.43% year-on-year growth, while the net profit reached 10.13 billion CNY, marking a 321.96% increase compared to the previous year [2][4]. - The semiconductor display business generated a revenue of 1,043 billion CNY, up 25% year-on-year, with net profit improving by 62.4 billion CNY [2]. Industry Dynamics - The display industry has seen a continued optimization in the supply-side structure since 2024, with demand driven by larger sizes and AI applications. The company ranks second globally in TV panel shipments and second in monitor panel shipments, with leading positions in LTPS laptop and tablet panels [2][3]. - The gross margin for the display business improved from 13.82% in 2023 to 19.15% in 2024, indicating a strong recovery in profitability [2]. Product Innovation and AI Integration - The company is focusing on product innovation, particularly in large-size displays, and is enhancing its collaboration with strategic customers to increase market penetration of high-end products. In the small-size segment, there is a significant growth in flexible OLED product shipments [3]. - The company is actively integrating AI technology into its manufacturing processes, positioning itself as a leader in AI smart manufacturing capabilities within the industry [3].

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].

21世纪经济报道记者倪雨晴深圳报道4月29日，TCL科技（000100）和京东方都交出了亮眼的一季报。 在2025年一季度，TCL科技实现营业收入401亿元，归母净利润10.1亿元，同比大增322%。增长主要由 面板业务推动，与之相关的半导体显示板块营收275亿元，同比增长18%，净利润23.3亿元，同比增长 329%。 再看京东方，今年一季度营业收入达506亿元，同比增长10.27%，归母净利润达16.14亿元，同比大幅增 长64.06%。同时，扣非净利润达13.52亿元，同比增长126.56%。 此外，深天马在第一季度实现营业收入83.12亿元，同比增长7.25%；净利润9640.89万元，同比扭亏为 盈。 另一家面板行业龙头京东方的业绩也在上升。此前发布的2024年年报显示，其全年实现营业收入 1983.81亿元，同比增长13.66%；归母净利润53.23亿元，同比增长108.97%。 其中，半导体显示业务方面，京东方LCD整体及五大主流应用产品出货量、出货面积继续稳居全球第 一，车载、零售、医疗、IoT等创新市场保持全球领先。柔性OLED出货量稳步增长，全年出货近1.4亿 片。 多家面板企业的数据显示 ...

4月29日，TCL科技（000100）发布了2024年年度报告及2025年第一季度财报。年报显示，公司全年实 现营业收入1648亿元，经营性现金流净额295亿元，同比增长16.6%；归属于上市公司股东的净利润为 15.6亿元，较上年同期有所下滑。不过，在多元业务表现分化的背景下，TCL科技2025年一季度实现归 母净利润10.1亿元，同比增长322%。 支撑全年业绩的主要动力来自显示业务。2024年，TCL科技半导体显示板块实现营业收入1043亿元，同 比增长25%，系历史新高；净利润达62.3亿元，实现显著改善。2025年一季度，该板块延续增长态势， 营收与净利润双双创下近三年新高。 与之形成对比的是光伏业务的持续承压。受行业周期性调整和自身经营结构影响，TCL中环（002129） 2024年实现营业收入284亿元，同比下降逾五成，归母净利润亏损98.2亿元。公司表示，经过经营策略 调整及组织优化，2025年一季度已呈现环比改善态势。 显示业务营收首破千亿 2024年，全球面板行业经历了从供需错配到逐步回稳的过程。受消费电子市场复苏、大尺寸化需求加速 及AI应用扩展带动，全年面板需求面积保持增长，主流尺寸产 ...