事件： 2025 年 8 月 22 日，公司发布半年报。25H1 公司实现营业收入 547.8 亿港 元，同比+20.4%；实现毛利 83.7 亿港元，同比+16.0%；实现经调整的归母 净利润 10.6 亿港元，同比+62%。此前公司预告经调整归母净利润约在 9.5-10.8 亿元，财报贴近预告上限。 点评： 显示业务大屏化+结构升级持续。分业务看，显示业务：公司 25H1 显示业 务整体收入 334.2 亿港元，同比+10.9%，其中大尺寸显示/中小尺寸显示/ 智慧商显收入分别 283.5/45.6/5.0 亿港元，yoy 分别+9.4%/+21.3%/+9.4%。 区域拆分，上半年 TCL TV 国内/海外市场出货量 yoy 分别+3.5%/+8.7%，收 入分别同比+4.4%/+11.8%至 87.2/196.3 亿港元，TCL+雷鸟双品牌战略推进、 产品结构升级、欧洲+新兴市场出货亮眼带动全球整体收入实现稳健增长。 行业端，据 Omdia 数据，2025 年上半年全球 TV 出货 9457 万台，同比+0.1%； TCL 出货量 1346 万台，同比+7.6%，全球市占率同比+0.9pct 至 14 ...

1)1H25TCL全球TV出货量1346万台，同比+7.6%;全球以出货量计市占率14.2%，同比+0.9ppt;以出货额 计市占率13.2%，同比+1.1ppt;均居于TOP3。2)公司坚持提升产品结构拉动盈利改善，1H25公司Mini LED出货量137万台，同比+176%;国内、海外彩电业务毛利率19.4%/14.4%，分别同比+1.7ppt/+0.1ppt。 3)公司2Q25Bestbuy等渠道占比提升拉动1H25北美TCL品牌TV出货均价同比+2.6%，Mini LED出货量占 比+6ppt，该行预期北美市场盈利端有所改善。4)欧洲和新兴市场进一步聚焦渠道拓展，1H25TCL品牌 TV出货量分别同比+13.3%/+17.9%，明显高于行业平均水平。 中金发布研报称，TCL电子(01070)彩电全球竞争力强、盈利持续改善，光伏业务有望保持高增，上调 2025/2026年盈利预测14%/16%至23.34亿/27.62亿港元。当前股价对应10.1x/8.6x2025/2026年P/E。维持跑 赢行业评级，基于盈利上调，该行上调目标价7.3%至11.8港元，对应12.7x/10.8x2025/2026年P ...

智通财经APP获悉，中金发布研报称，TCL电子(01070)彩电全球竞争力强、盈利持续改善，光伏业务有 望保持高增，上调2025/2026年盈利预测14%/16%至23.34亿/27.62亿港元。当前股价对应10.1x/8.6x 2025/2026年P/E。维持跑赢行业评级，基于盈利上调，该行上调目标价7.3%至11.8港元，对应 12.7x/10.8x 2025/2026年P/E。 中金主要观点如下： 1H25业绩略高于该行预期 公司公布1H25业绩：收入547.77亿港元，同比+20.4%;归母净利润10.9亿港元，同比+67.8%;经调整后归 母净利润10.6亿港元，同比+62.0%。公司业绩略高于该行预期，主要由于创新业务(尤其是光伏板块)收 入规模和利润持续高增，超过该行预期。 3)国补周期中品牌竞争呈现明显马太效应，TCL彩电作为市场龙头份额持续提升，1H25内销零售额份额 23.2%，同比+1.4ppt，公司全品类营销业务收入同比+1.1%。 公司自2H23以来核心业务全球规模和盈利持续提升，经营效率和竞争力不断增强 在海外市场，公司不仅寻求硬件领域的规模突破，在互联网业务部分持续推进TCL C ...

2025 年 08 月 24 日 TCL 电子(01070.HK) H1 业绩高增长，全球份额进一步提升 事件：TCL 电子公布 2025 年半年度报告。公司 2025H1 实现收 入 547.8 亿港元，YoY+20.4%；实现归母净利润 10.9 亿港元， YoY+67.8%。我们认为，公司电视业务出海前景广阔，光伏业务、 全品类营销等创新业务也有望贡献成长新动力。 大尺寸显示业务增长稳健，互联网业务和光伏业务快速增长： 2025H1 公司大尺寸显示业务收入增长 9%，其中国内收入增长+4%， 海外收入增长+12%。根据公司公告，2025H1 公司在全球电视市场 的销量市占率同比+0.9pct。在国内电视市场，公司持续积极把握 国补政策拉动的中高端需求释放，在中高端市场持续突破。2025H1 公司国内 Mini LED 电视出货量增长 154%。在海外，公司持续深 化全球化品牌营销策略，不断扩大并深化重点渠道覆盖。2025H1 公司海外 Mini LED 电视出货量增长 197%。互联网业务方面，公 司以用户体验为核心，聚焦 AI 交互升级，持续深化与 Google、 Roku、Netflix 等互联网巨 ...

以下文章来源于21世纪商业评论 ，作者覃毅 谭璐 21世纪商业评论 . 《21世纪商业评论》敏感于一切商业新知、商业产品、商业模式和商业英雄，敏感于新公司的新玩意、 老公司的新改造、旧话题的新表达、老商业的新颠覆，为您提供最新鲜实用的商业养分。 本文转载自21世纪商业评论 值班编辑 | 江江 视觉 | 顾芗 科技大佬李东生，43.59亿融资到手。 8月19日，TCL科技披露定增股票上市公告，宣告融资计划顺利收官。 这是李氏用于收购深圳华星半导体少数股权的配套资金，增发计划一经发布，即备受追捧，吸引了43家 海内外机构踊跃申购，总认购金额高达157.27亿元。 李东生掌舵的这摊面板生意，正处于上升周期。 | 31世纪商业评论 | | --- | | 项目 | 2025年1月1日-2025年6月30日 | 上年同期 | | --- | --- | --- | | 营业收入 | 收入:826 亿元-906亿元 | 收入:802.24亿元 | | | 比上年同期增长:3%-13% | | | 归属于上市公司股 | 盈利:18亿元-20亿元 | 盈利:9.95 亿元 | | 东的净利润 | 比上年同期增长:81%-10 ...

Group 1 - The A-share market is performing strongly, with 10 companies from Huizhou having a market capitalization exceeding 10 billion RMB as of August 19, totaling 558.54 billion RMB [1] - Among the 8 listed Huizhou companies in the A-share market, the total market capitalization is 514.68 billion RMB, accounting for 90.7% of the total market capitalization of 20 listed Huizhou companies [2] - Notable companies include Shenghong Technology, Yiwei Lithium Energy, and TCL Technology, with Shenghong Technology's market value increasing by over 140 billion RMB since the beginning of the year [2] Group 2 - TCL Electronics, listed in Hong Kong, has a market capitalization of 236.21 billion HKD (approximately 21.74 billion RMB) and reported a 7.6% year-on-year increase in global TV shipments [4] - Huizhou-based Huitong Technology expects a profit increase of approximately 50% to 60% by June 30, 2025, compared to the mid-2024 report [5] - Li Yuanheng, a leading global new energy equipment company, recently won a Guangdong Patent Award for its contributions to technology innovation [3]

Group 1 - The core viewpoint is that the white goods sector is benefiting from national subsidy policies, showing strong demand and resilience, with leading companies having significant market influence, leading to steady growth in domestic sales in the second half of the year [1] - The overseas market has achieved a global production layout with controllable tariff risks, and breakthroughs in overseas channels and marketing are expected to drive continuous growth for OBM (Original Brand Manufacturer) [1] - The valuation of white goods is currently at a low level, with notable dividend yields, indicating potential investment value [1] Group 2 - In the black goods sector, Mini LED TVs continue to see a doubling growth trend, with a penetration rate of 29% in the first half of the year, benefiting from structural upgrades and declining panel prices, which improve corporate profitability [1] - The kitchen appliance sector is experiencing improved retail demand driven by national subsidies, and a stabilization in the housing market is expected to provide a foundation for comprehensive demand improvement [1] - Small kitchen appliances are benefiting from new categories under national subsidies, with a significant demand recovery in the first half of the year and an average price increase of 10.6% year-on-year; emerging categories like robotic vacuums are seeing a retail sales growth of 41.1% year-on-year [1] Group 3 - Home appliance companies are actively expanding into emerging fields such as AI + smart home technology, AI glasses, and server liquid cooling, opening up long-term development opportunities [1] - Overall, the home appliance industry valuation is at a relatively low level since 2020, with the white goods sector's valuation percentile at only 17%, indicating configuration value [1]

Summary of TCL Electronics Conference Call Industry Overview - The black electronics industry is experiencing an improved competitive landscape, primarily due to Xiaomi shifting its strategic focus towards white goods and automotive sectors, which has alleviated competitive pressure in the black electronics market [2][7] - The penetration rate of Mini LED TVs is rapidly increasing, expected to exceed 30% by the end of 2024, driven by cost reductions in the supply chain and government subsidy policies that lower consumer purchase costs, significantly enhancing the profitability of TV brands [2][9] - Mini LED TVs have a profit margin close to 10%, compared to only 2-3% for regular TVs, indicating that the rise in Mini LED penetration directly improves the profitability of companies like TCL Electronics and Hisense [2][10] - Since Q3 2024, panel prices have weakened and stabilized, easing cost pressures for TV brands and helping to improve the competitive landscape and release new product benefits [2][11] Company Performance and Strategy - TCL Electronics is ranked among the top three global TV brands, enhancing its brand influence and market share through partnerships with major sports events like the NFL and the European Cup, as well as aggressive expansion in Southeast Asian markets [2][12] - The company expects to achieve a profit of HKD 2.33 billion in 2025, representing a 45% year-on-year increase, with a current market capitalization of approximately HKD 24 billion, reflecting a valuation of less than 11 times earnings, indicating significant investment value [4][13] - TCL's business structure consists of three main segments: display business (over 60% share), innovative business, and internet business, with the display segment being the primary profit contributor [4][5] Financial Projections and Valuation - The company anticipates a profit growth of 45% for the full year 2025, with a projected profit of HKD 2.33 billion, up from HKD 1.61 billion in 2024 [4][13] - The current valuation is considered reasonable, and the company continues to be recommended for investment [13][14] Competitive Dynamics - The competitive dynamics in the black electronics sector have improved, particularly with Xiaomi's reduced aggressiveness in new product launches and its focus on maintaining hardware profit margins [7][8] - The introduction of new products, particularly Mini LED TVs, has positively impacted brand profitability [8] Additional Insights - The internet business primarily involves software for TV sales, with revenue generated from advertising and partnerships in both domestic and international markets [5] - TCL's innovative business includes solar energy and smart home products, contributing to revenue diversification [5] This summary encapsulates the key points from the conference call, highlighting the industry's dynamics, TCL Electronics' strategic positioning, financial outlook, and competitive landscape.

TCL Electronics Conference Call Summary Industry and Company Overview - **Company**: TCL Electronics - **Industry**: Display Technology and Consumer Electronics Key Financial Performance - Net profit rebounded to HKD 1.76 billion in 2024 after a decline from 2020 to 2022 [2][3] - Operating profit margin is approximately 1.77%, while gross margin is around 15.6% [2][3] - Revenue growth from HKD 50 billion in 2020 to nearly HKD 100 billion in 2024, with a compound annual growth rate (CAGR) of about 14.16% [3] Display Business Insights - Display business revenue reached HKD 69.4 billion in 2024, driven by large-size products [2][3] - Retail sales increased by 23.6% year-on-year, with shipment volume rising by 14.8% to 29 million units [2][4] - International market shipments grew by 17.6%, with revenue increasing by approximately 26% [4] Market Share and Competition - In the Chinese TV market, market share is stratified, with Hisense leading, followed by TCL and Xiaomi [2][5] - Demand for large screens is increasing, with 63% of demand for TVs over 75 inches expected by Q1 2025 [2][5] - TCL's Mini LED technology is a key competitive response to market demands [2][8] Product Strategy - TCL employs a multi-brand strategy (TCL, Lenovo, Thunderbird) across various price segments [6][7] - The V series targets cost-effectiveness, the T series is positioned in the mid-to-high-end market, and the C series serves as the flagship line [6][7] - Recent product launches include low and mid-range Mini LED products to compete effectively [5][6] Mini LED Technology Impact - Mini LED technology shows significant potential for global market breakthroughs [8] - Brands are competing on price and technology to enhance market share and meet consumer demands for quality and performance [8] International Market Expansion - The Chinese Mini LED TV market is rapidly growing, supported by government subsidies [9] - North American market competition is intense, with Samsung and LG holding 30%-40% market share [10] - Chinese companies, including TCL, are gaining market share in Europe, increasing from 16% to approximately 20% from 2022 to 2024 [10] Future Revenue Projections - Projected display business revenues for 2025-2027 are HKD 78.7 billion, HKD 85.6 billion, and HKD 91.5 billion, respectively [11][12] - Innovation business, particularly in solar energy, is expected to grow significantly, with revenues projected at HKD 32.7 billion, HKD 41.6 billion, and HKD 52 billion from 2025 to 2027 [12] Key Observations for Future Development - Key observation points include product performance in the fall and the potential for channel expansion in Europe and North America [13] - Sustained performance in these areas could position TCL as a global brand in the long term [13]

Group 1 - The report highlights that the black electrical appliance industry is adopting a more aggressive pricing strategy, particularly in the offline market, with significant price reductions observed from Q4 2024 to Q1 2025 [6][21][33] - Mini LED technology is experiencing rapid penetration, with a projected global shipment increase of 40% to 8.6 million units in 2025, driven by cost reduction pathways and structural upgrades in product offerings [7][9][55] - Major brands like Hisense and TCL are focusing on the Mini LED segment to enhance their market share in both global and high-end markets, with a notable increase in their product offerings [6][9][55] Group 2 - The report indicates that the pricing strategy for Mini LED products is significantly downward, with offline average prices dropping from nearly 20,000 yuan in December 2022 to approximately 11,500 yuan by April 2025 [9][36] - The competitive landscape in overseas markets, particularly North America and Eastern Europe, is intensifying, with local brands employing aggressive pricing strategies that have led to a decline in average prices [8][41] - The report suggests that the impact of the current pricing strategies on profitability for manufacturers is relatively limited due to the dual support of cost reduction and product structure upgrades [9][67]