中邮证券研报指出，TCL科技盈利增速彰显强劲增长动能。2025年前三季度，公司实现营业收入 1360.65亿元，同比增加10.50%；实现归母净利润30.47亿元，同比增加99.75%。半导体显示业务多点突 破，韧性与增长潜力凸显。多业务板块协同发展，整体经营稳健向好。作为国内规模最大、产品门类最 齐全、技术最先进的半导体材料企业，已覆盖国内外重点客户，综合竞争力稳居国内行业领先地位；新 能源光伏业务，公司积极应对行业周期波动，践行"反内卷"要求，依托适度一体化与全球化战略，三季 度营收环比改善22%，通过优化产品结构、强化成本管控、提升产品力及拓展海内外市场，盈利水平显 著修复；其他业务方面，茂佳科技作为全球最大电视代工厂，TV代工量、显示器代工业务快速成长。 维持"买入"评级。 ...

Core Viewpoint - TCL Technology demonstrates strong growth momentum with significant increases in revenue and net profit for the first three quarters of 2025, indicating robust operational performance and market competitiveness [1] Financial Performance - The company achieved operating revenue of 136.065 billion yuan, a year-on-year increase of 10.50% [1] - The net profit attributable to shareholders reached 3.047 billion yuan, reflecting a remarkable year-on-year growth of 99.75% [1] Business Segments - The semiconductor display business shows multiple breakthroughs, highlighting resilience and growth potential [1] - The company maintains its position as the largest and most comprehensive semiconductor materials enterprise in China, serving key domestic and international clients [1] - The new energy photovoltaic business has improved revenue by 22% quarter-on-quarter, effectively responding to industry cyclicality and enhancing profitability through product structure optimization and cost control [1] Other Business Developments - Maojia Technology, as the world's largest TV OEM, has experienced rapid growth in TV and display monitor OEM volumes [1]