全球电视产业再迎变局。2月25日，创维集团宣布，已与松下正式达成全球战略合作伙伴关系，全面负 责松下品牌电视在全球市场的生产、销售、营销及渠道拓展。 不过，2月25日下午，《每日经济新闻》记者从松下中国方面确认到，松下在欧洲和北美地区与创维公 司签订了全面的合作伙伴关系协议进行电视机产品供应；松下在日本市场将一如既往由松下自主运营， 负责产品供应。"对于其他地区的具体安排，目前我们没有可以公布的内容。" 这意味着，继TCL宣布拟拿下索尼电视业务控股权后，中国又一家彩电厂商即将取得日系彩电品牌的部 分区域运营权。 松下与创维此番合作，是松下集团正在推进的内部经营变革的重要举措之一，这对松下而言是个不小的 决定。对于全球彩电产业来说，变数也在酝酿。近些年，诸如海信、TCL等国内彩电巨头竞逐国际品牌 的合作或并购机会，谁都想借力国际品牌从而夺得更多全球市场份额。 为什么这次松下"让出"的是欧美区域的彩电运营？这是一个什么信号？在欧美市场，中国电视品牌有什 么新动向？日系电视品牌收缩"阵地"之后，全球彩电竞争格局将如何变化？ 创维拿下松下电视的 欧美市场代运营权 《每日经济新闻》记者（以下简称每经记者）获悉，松下正计 ...

（原标题：全球电视产业大变局：TCL、创维先后"接手"日系彩电全球或部分地区业务 "中韩争霸"局势渐明） 全球电视产业再迎变局。2月25日，创维集团宣布，已与松下正式达成全球战略合作伙伴关系，全面负责松下品牌电视在全球市场的生产、销售、营销及渠 道拓展。 不过，2月25日下午，《每日经济新闻》记者从松下中国方面确认到，松下在欧洲和北美地区与创维公司签订了全面的合作伙伴关系协议进行电视机产品供 应；松下在日本市场将一如既往由松下自主运营，负责产品供应。"对于其他地区的具体安排，目前我们没有可以公布的内容。" 这意味着，继TCL宣布拟拿下索尼电视业务控股权后，中国又一家彩电厂商即将取得日系彩电品牌的部分区域运营权。 松下与创维此番合作，是松下集团正在推进的内部经营变革的重要举措之一，这对松下而言是个不小的决定。对于全球彩电产业来说，变数也在酝酿。近些 年，诸如海信、TCL等国内彩电巨头竞逐国际品牌的合作或并购机会，谁都想借力国际品牌从而夺得更多全球市场份额。 为什么这次松下"让出"的是欧美区域的彩电运营？这是一个什么信号？在欧美市场，中国电视品牌有什么新动向？日系电视品牌收缩"阵地"之后，全球彩电 竞争格局将如何 ...

每经记者｜陈鹏丽 每经编辑｜魏官红 全球电视产业再迎变局。2月25日，创维集团宣布，已与松下正式达成全球战略合作伙伴关系，全面负责松下品牌电视在全球市场的生产、销售、营销及渠 道拓展。 不过，2月25日下午，《每日经济新闻》记者从松下中国方面确认到，松下在欧洲和北美地区与创维公司签订了全面的合作伙伴关系协议进行电视机产品供 应；松下在日本市场将一如既往由松下自主运营，负责产品供应。"对于其他地区的具体安排，目前我们没有可以公布的内容。" 图片来源：每经媒资库 这意味着，继TCL宣布拟拿下索尼电视业务控股权后，中国又一家彩电厂商即将取得日系彩电品牌的部分区域运营权。 "本次我们结合2026年面向欧洲的新电视产品发布，同时宣布了在欧洲合作的伙伴企业。"松下中国方面如是告诉每经记者。 2月25日，每经记者从可靠渠道确认，本次松下与创维的战略合作，主要是围绕欧洲、北美区域市场。而至少在日本市场，松下还是保持自主运营的策略。 换言之，创维此次拿下的是松下电视部分区域的代运营权。 松下中国方面向每经记者详细透露:"我们正在根据不同地区构建电视业务最合适的运营模式。在欧洲和北美，我们将与创维公司建立全面的合作伙伴关系。 我 ...

Group 1 - The core viewpoint is that TCL Electronics is expected to enhance its competitiveness and increase its overseas market share due to industry chain empowerment and structural upgrades in the television market [1][2] - The global television industry is transitioning into a phase of structural competition driven by upgrades, with increasing consumer demand for larger screens and advancements in display technology [1][2] - The average size of televisions has increased from 42.5 inches in 2017 to 52 inches in 2023, with Mini LED technology becoming a mainstream upgrade direction [1][2] Group 2 - The concentration of the upstream LCD panel industry in China has strengthened the competitive position of Chinese companies, with domestic panel manufacturers controlling over 70% of the market share by 2024 [2] - The global television market demand remains stable at around 200 million units, but the concentration among leading manufacturers has increased, with the CR4 rising from 45% in 2018 to 57% in the first half of 2025 [2] - TCL Electronics has seen its market share in the high-end segment increase from 10% to 20% in less than two years, indicating a successful encroachment on the market share of Korean competitors [3] Group 3 - TCL Electronics is transforming into a global leader driven by both profit and market share, with the average size of its television shipments increasing from 52.4 inches in 2021 to 63.3 inches in 2024 [3] - The share of TCL's shipments for televisions 65 inches and above has risen from 11.1% in 2021 to 29% in 2025, showcasing its focus on larger screen products [3] - TCL's Mini LED television market share is projected to reach 28.7% in the first half of 2025, making it the market leader [3] Group 4 - The company is leveraging its brand influence and global distribution network to foster innovation and growth in new business areas, such as distributed photovoltaic business, which is expected to grow by 104% to 12.87 billion HKD in 2024 [4] - The all-category marketing business is creating synergies with core black goods, becoming a stable growth point for the company [4] - The AI+AR glasses business has achieved a market share of 45% in the domestic market, positioning it as the industry leader [4]

Industry Overview - The global television industry has entered a phase of stock competition driven by structural upgrades, with future core drivers being larger screens and display technology advancements [1] - Consumer demand for larger televisions is increasing, with average global TV size rising from 42.5 inches in 2017 to 52 inches in 2023 [1] - Mini LED televisions are becoming a mainstream upgrade direction, with expected shipments of 8.2 million units in 2024, a 100% year-on-year increase, surpassing OLED televisions at 7 million units [1] Competitive Landscape - The concentration of the upstream supply chain has strengthened the competitiveness of Chinese companies, with the global LCD panel capacity now predominantly located in mainland China [1] - By 2024, the shipment area of mainland liquid crystal panel manufacturers is expected to exceed 70%, following the exit of major Korean companies like Samsung and LG [1] - The global TV market demand remains stable at around 200 million units, but market concentration has increased, with the global TV CR4 rising from 45% in 2018 to 57% in the first half of 2025 [1] Company Performance - TCL Electronics is transitioning to a global leader driven by both profit and market share, with average TV size increasing from 52.4 inches in 2021 to 63.3 inches in 2024 [2] - The share of TCL's TV shipments for sizes 65 inches and above has grown from 11.1% in 2021 to 29% by 2025 [2] - TCL's Mini LED TV market share is projected to increase by 4.1 percentage points to 28.7% in the first half of 2025, making it the market leader [2] Market Expansion - TCL's overseas market share is steadily increasing, with North America rising from 4.5% in 2016 to 18% in 2023, and Western Europe from 2% to 6% in the same period [2] - The company leverages its brand influence and global distribution network to empower innovative business development, including distributed photovoltaic business expected to grow 104% year-on-year to HKD 12.87 billion in 2024 [3] - The AI+AR glasses business is also performing well, with a market share of 45% in the domestic market as of Q1 2025, making it the industry leader [3] Investment Outlook - The integration of the supply chain enhances TCL Electronics' competitiveness, with expectations for continued growth in overseas market share [3] - The company is positioned to benefit from structural upgrades in the industry, with projected EPS of HKD 0.95, 1.12, and 1.31 for 2025 to 2027 [3] - A DCF valuation method suggests a target price of HKD 16.0, corresponding to PE ratios of 13, 11, and 10 for 2025 to 2027 [3]

Core Insights - The report emphasizes the importance of governance improvement and overseas expansion for leading companies in the home appliance industry, particularly in the white goods sector [2][11]. Group 1: White Goods - The governance improvements in leading white goods companies are expected to enhance market confidence in sustainable growth, which can lead to a higher valuation [16]. - Midea Group has experienced a significant valuation increase from a PE of 8x to over 20x due to governance reforms and market conditions, despite recent performance challenges [17]. - Haier Smart Home's privatization has led to a notable stock price increase, with a 59% rise following the announcement of its restructuring plan [22][23]. Group 2: Black Goods - Japanese brands like Sony and Samsung are facing significant challenges, with Sony's ET&S department reporting an 8.2% decline in revenue and a 22.6% drop in operating profit [47][49]. - Chinese brands are expected to continue gaining market share globally, with TCL Electronics forming a joint venture with Sony to enhance their market presence [48]. - The Mini LED segment is seeing increased penetration, with a 32.25% online market share, indicating a positive trend for domestic competition [50][56]. Group 3: Small Appliances - The robotic vacuum cleaner market has shown a 10% year-on-year increase in online sales, driven by a low base effect from the previous year and seasonal factors [7]. - The competitive landscape in the small appliance sector is improving, with leading brands like Ecovacs and Roborock increasing their market shares [7]. Group 4: Investment Recommendations - The report recommends investing in white goods companies like Midea Group, Haier Smart Home, Gree Electric, and Hisense Home Appliances due to their stable growth and high dividend yields [7]. - For black goods, TCL Electronics and Hisense Visual are highlighted as beneficiaries of product iteration and improved domestic competition [7]. - In the cleaning appliance sector, Ecovacs and Roborock are expected to see profit margin recovery in 2026, making them attractive investment options [7].

Group 1 - Consumer demand for household appliances, home gatherings, and tech gifts is significantly increasing as the Spring Festival approaches [1][4] - The new 75-inch Mini LED TV with AI features was purchased at a discounted price of 7500 yuan after various subsidies and promotions [3] - The Ministry of Commerce and other nine units have launched the "2026 'Happy Shopping Spring Festival' Special Activity Plan" to support consumer purchases through subsidies and promotional activities during the Spring Festival [3] Group 2 - High-end appliances and 3C products are becoming popular as consumers seek efficiency and atmosphere for home gatherings [4] - Sales of energy-efficient and water-efficient products have reached 92% in the home appliance category at Suning, with over 70% of mobile phone sales being high-end models [4] - The introduction of new national subsidies has led to a significant increase in sales, with some companies reporting revenue growth of nearly 40% year-on-year [5] Group 3 - AI features are transitioning from high-end products to mainstream offerings, with nearly 60% of related product sales at Suning [5] - The local distribution of national subsidy vouchers has been increased to stimulate consumer spending ahead of the Spring Festival [5] - The domestic home appliance market is expected to see a strong start this year due to the orderly implementation of the new round of national subsidies [5]

Core Insights - The television industry is facing rising costs due to increases in memory, panel, and precious metal prices, leading to a downward revision of the global TV shipment forecast for 2026 from a decrease of 0.3% to 0.6%, totaling approximately 194.81 million units [3][5] - The cost structure has made it difficult to maintain previous low pricing strategies, necessitating price increases for new models [5][6] - The share of memory in the Bill of Materials (BOM) cost for TVs has risen from 2.5-3% to 6-7% due to the price surge [5][7] Shipment Forecast - The global TV shipment for 2026 is projected to be 194.81 million units, reflecting a year-on-year decrease of 0.6% [5][6] - Despite promotional events like the Super Bowl and FIFA World Cup, the second half of 2026 may face challenges in maintaining shipment momentum due to rising component prices [6][7] Cost Analysis - Panel costs account for approximately 40-50% of the total TV production cost, with prices beginning to rise as of January 2026 [6][7] - The price of 4GB DDR4 memory, commonly used in 4K TVs, has increased over fourfold in the past year, with expectations of a further increase of over 60% in the first quarter of 2026 [6][7] Market Dynamics - Smaller brands with limited resources are likely to be more adversely affected by the rising memory prices, impacting their production capabilities and profitability [7] - In the Chinese market, favorable subsidy policies for energy-efficient products are expected to benefit Mini LED models, with an anticipated penetration rate of 10% and shipments reaching 20 million units [7] - TCL is positioned to lead the Mini LED TV market, with a market share projected to exceed 30% due to its integrated advantages in materials and manufacturing [7]

Group 1 - The core point of the news is that TCL Electronics and Sony have signed a non-binding memorandum of understanding to establish a joint venture for the development, manufacturing, sales, and customer service of home entertainment products globally, with TCL holding 51% and Sony 49% [1] - The joint venture is expected to leverage Sony's advanced technology and brand value in the audio-visual field, combined with TCL's strengths in display technology, global scale, and efficient manufacturing, to optimize production costs and enhance operational quality for Sony TVs [1] - The collaboration is anticipated to accelerate the overseas market development for both Sony and TCL's television businesses, benefiting from their complementary brand positioning and channel advantages [1] Group 2 - TCL Electronics is a leading player in the Chinese television industry, with a projected global TV shipment ranking of second in 2024 and first in Mini LED TV shipments [2] - From 2016 to 2024, TCL's revenue is expected to grow at a compound annual growth rate (CAGR) of 14.5% to HKD 99.3 billion, with net profit growing at a CAGR of 32.7% to HKD 1.8 billion [2] - The company is expanding its presence in overseas markets, with an expected 58% of revenue coming from international sales in 2024 [2] Group 3 - TCL is focusing on new technology development, particularly in Mini LED, and has established a vertical supply chain from LED chips to panels and finished products, enhancing its competitive edge [3] - The company is implementing a global brand marketing strategy, including sports marketing and regional IP sponsorships, to boost its brand influence [3] - TCL is also diversifying its growth avenues by investing in solar energy, full-category marketing, AI glasses, and smart home products [3] Group 4 - Revenue forecasts for TCL Electronics from 2025 to 2027 are projected at HKD 112.51 billion, HKD 126.54 billion, and HKD 138.14 billion, with year-on-year growth rates of 13.3%, 12.5%, and 9.2% respectively [4] - The expected net profit for the same period is HKD 2.41 billion, HKD 2.82 billion, and HKD 3.25 billion, with growth rates of 37.2%, 16.8%, and 15.3% respectively [4] - The stock is estimated to have a reasonable valuation range of HKD 15.29 to HKD 17.64 per share, with a projected price-to-earnings (PE) ratio of 13.7 to 15.8 for 2026 [4]

Core Viewpoint - TCL Electronics is experiencing significant growth driven by its large-screen display business, leading to a positive profit forecast and a strategic partnership with Sony to enhance its home entertainment offerings [1][2][3]. Group 1: Financial Performance - The company expects its adjusted net profit for the previous year to increase by 45% to 60%, amounting to approximately HKD 23.3 billion to HKD 25.7 billion [2][3]. - Following the profit announcement, TCL's stock price surged nearly 14% on January 19 [3]. Group 2: Strategic Partnerships - TCL has announced a joint venture with Sony, where TCL will hold a 51% stake and Sony will hold 49%, aimed at integrating resources and enhancing competitive strength in the global market for televisions and home audio products [3]. Group 3: Market Position and Product Performance - TCL is the second-largest television manufacturer globally, with a shipment of 13.46 million units in the first half of 2025, reflecting a year-on-year increase of 7.6% [6]. - The company has seen significant growth in Mini LED television shipments, with a 153% increase year-on-year, reaching 2.24 million units in the first three quarters of 2025 [6]. Group 4: Future Growth Potential - The AR glasses segment, particularly through its subsidiary Thunderbird Innovation, is gaining traction, holding nearly 40% of the consumer AR glasses market share in China [8]. - The AR glasses market is projected to grow significantly, with an estimated market size of RMB 231 billion in 2023, representing a 95% year-on-year increase, and expected to exceed RMB 1.187 trillion by 2030 [8]. Group 5: Industry Outlook - Despite potential challenges from reduced government subsidies in the home appliance sector, the market is expected to grow by 15% in 2026, reaching a sales figure of RMB 1.353 trillion [9]. - TCL's valuation is projected at a price-to-earnings ratio of 11 times for 2026, which is considered reasonable compared to peers in the home appliance sector [9].