智通财经APP获悉，中国银河证券发布研报称，家用电器和音像器材类7月社零同比28.7%，保持高增 长，但增速环比放缓。当前市场活跃，传统的家电龙头缺乏想象空间，相对滞涨，科技消费相关公司涨 幅更好。7月空调内销出货量同比+14.3%，超市场预期，主要是因为7月全国天气炎热带动空调需求释 放。黑电方面，产业结构性升级，中国品牌全球份额继续提升。从长期看，中国家电产业具备国际竞争 力，家电龙头普遍布局全球供应链。2026年家电行业海外业务大概率会恢复正常。 中国银河证券主要观点如下： 国补影响力度减弱 家电出口受到影响，但表现分化 暖通空调7月内销受益于天气炎热 1)海关总署数据，5月、6月、7月家电出口额(美元)分别同比-8.8%、-9.0%、-3.8%%。中美贸易摩擦负 面影响逐渐体现。产业在线监测大家电出口排产数据为例，8~10月出口排产量较去年同期实绩，空调 分别为-14.7%/-16.6%/-3.3%;冰箱分别为-8.3%/-3.2%/-5.3%;洗衣机分别为+1.2%/+11.3%/+1.5%。2)具备东 南亚产能的企业具备竞争优势，部分受益于东南亚产能不足反而可以提价，但也有部分企业布局较晚， 产能 ...

丨证券研究报告丨 港股研究丨公司点评丨 TCL 电子（1070.HK） [Table_Title] 产品结构持续优化，费用管控助力盈利增长 报告要点 [Table_Summary] 2025 年上半年公司实现收入 547.77 亿港元，同比增长 20.4%；归母净利润达 10.90 亿港元， 同比大幅增长 67.8%；经调整归母净利润为 10.60 亿港元，同比增长 62.0%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 TCL 电子（1070.HK） cjzqdt11111 [Table_Title2] 产品结构持续优化，费用管控助力盈利增长 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025 年上半年公司实现收入 547.77 亿港元，同比增长 20.4%；归母 净利润达 10.90 亿港元，同比大幅增长 67.8%；经调整归母净利润为 10.60 亿港元，同比增长 62.0%。 事件评论 风险提示 1、原材料价 ...

| [Table_DataInfo] 评级： | 增持 | 股票代码： | 1070 | | --- | --- | --- | --- | | 上次评级： | 增持 | 52 周最高价/最低价(港元)： | 11.0/4.4 | | 目标价格(港元)： | | 总市值(亿港元) | 236.46 | | 最新收盘价(港元)： | 9.38 | 自由流通市值(亿港元) | 236.46 | | | | 自由流通股数(百万) | 2,520.94 | [Table_Summary] 事件概述 8 月 22 日，TCL 电子发布 2025 年中期业绩，25H1，实现营业收入 547.8 亿港元，同比+20.4%，实现归母净利润 10.9 亿港元，同比+67.8%，实现经调整归母净利润 10.6 亿港元，同比+62.0%。 分析判断: ► 显示业务高质量增长、互联网业务高盈利能力、创新业务规模持续提升。 证券研究报告|港股公司点评报告 [Table_Date] 2025 年 08 月 24 日 [Table_Title] 25H1 经调整归母净利润同比+62%，看好全年增长势能 [Table_Title2] TCL ...

中经记者 陈靖斌 广州报道 "在人工智能上面，公司认为AI将赋能助力效率提升和场景创新，并且带来新的增长趋势。"TCL电子控 股有限公司（以下简称"TCL电子"或"公司"，01070.HK）执行董事兼首席财务官彭攀在TCL电子2025年 中期业绩会上表示，2029年公司的AR、VR全球市场空间预计将突破830亿美元。 在国内市场，中高端战略的推进与国家"以旧换新"政策的叠加效应，带动TCL TV出货规模稳健增长， 并持续优化产品结构。2025年上半年，国内市场TV出货量同比增长3.5%，其中TCL品牌TV出货量更是 实现10.2%的同比增长，零售量与零售额排名均位列市场前二。 尤其是Mini LED TV，在国内市场出货量同比大幅提升154.2%，出货占比提升至21.2%，比去年同期提 高12.6个百分点。中高端与大尺寸产品的持续渗透，推动大尺寸显示业务国内收入增长至87.2亿港元， 同比增长4.4%，毛利率提升至19.4%，盈利能力进一步增强。 国际市场方面，公司通过在中国、越南、墨西哥、巴西、波兰及巴基斯坦等地布局生产基地，构建起年 产能超3000万台的全球化产能网络，确保供应链灵活调配。 2025年上半 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In H1 2025, global TV shipments showed a steady performance with a year-on-year decline of 1.5%, totaling 90.8 million units, while high-end OLED TV shipments increased by 6.7% [9][10] - TCL and Hisense are maintaining their market share expansion, with TCL's global shipments reaching 13.4 million units, up 6.3% year-on-year, and Hisense's shipments at 13.1 million units, up 2.6% year-on-year [10] Summary by Sections Weekly Topic: Global TV Shipment Performance - The global TV shipment growth rate for H1 2025 showed a trend of high growth followed by a decline, with Q2 2025 shipments down by 3.5% year-on-year [9] - Mini-LED TV shipments continued to perform well, with a year-on-year increase of 82.9% in Q1 2025, and an expected annual growth of 50% to reach 11.56 million units [9] Company Announcements - Hisense reported H1 2025 revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit of 2.077 billion yuan, up 3.01% [15] Data Tracking - Raw material prices showed fluctuations, with copper prices down by 2.6% and aluminum prices down by 4.2% as of August 1, 2025 [17] - The CCFI composite index for shipping rates decreased by 2.3% as of August 1, 2025 [23]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - In Q2 2025, the public fund allocation ratio for the home appliance sector decreased by 15.4% to a market value of 99.56 billion yuan, with a public fund allocation ratio of 3.85%, down by 0.72 percentage points [9] - Among the sub-sectors, the black appliance segment saw an increase in public fund allocation, while the white and small appliances experienced declines [12] - TCL Electronics expects a net profit of approximately 950 million to 1.08 billion HKD for H1 2025, representing a year-on-year growth of 45% to 65% due to its focus on globalization and high-end product development [16][17] -泉峰控股 anticipates a net profit of approximately 90 million to 100 million USD for H1 2025, reflecting a 50% year-on-year increase driven by revenue growth and contributions from high-margin brands [18] Summary by Sections 1. Weekly Topic: Q2 2025 Home Appliance Sector Fund Allocation - The public fund holding market value for the home appliance sector was 99.56 billion yuan, down 15.4% [9] - The allocation ratios for sub-sectors were as follows: white appliances (3.05%), small appliances (0.30%), black appliances (0.20%), appliance components (0.26%), kitchen and bathroom appliances (0.02%), and lighting equipment (0.01%) [12] 2. Key Company Announcements - TCL Electronics projects a significant increase in net profit for H1 2025, driven by advancements in high-end display technologies and improved product competitiveness [16] -泉峰控股 expects a substantial profit increase due to growth in its proprietary brand business and favorable currency effects [18] 3. Data Tracking 3.1 Raw Material Data - LME copper price increased by 1.3% and aluminum price by 2.5% as of July 25, 2025 [19] 3.2 Shipping Rates and Exchange Rates - The CCFI composite index decreased by 3.24% as of July 25, 2025, with a slight decline in the USD to RMB exchange rate [24] 3.3 Real Estate Data - In the first half of 2025, the sales area of commercial housing decreased by 3.5%, with significant declines in construction and new starts [26]

Investment Rating - The report maintains an "Outperform" rating for TCL Electronics Holdings, with a target price of HKD 13.65 based on a current price of HKD 10.28 [2][5]. Core Insights - The company is expected to achieve a net profit of HKD 950 million to HKD 1.08 billion for the first half of 2025, representing a year-on-year growth of 45% to 65% [3][13]. - TCL's performance in the first half of 2025 was strong, driven by optimized product and distribution channels, as well as high growth in innovative business segments [4][14]. - The global TV shipment volume reached 13.46 million units, a 7.6% increase year-on-year, with Mini LED TV shipments growing by 176% [4][14]. Financial Performance Summary - Revenue projections for TCL are as follows: - 2024: HKD 99.32 billion - 2025: HKD 119.64 billion (up 20%) - 2026: HKD 134.06 billion (up 12%) - 2027: HKD 149.80 billion (up 12%) [2][9]. - Net profit forecasts are: - 2024: HKD 1.76 billion - 2025: HKD 2.30 billion (up 31%) - 2026: HKD 2.85 billion (up 24%) - 2027: HKD 3.37 billion (up 18%) [2][10]. - The diluted EPS is projected to increase from HKD 0.70 in 2024 to HKD 1.34 in 2027 [2][10]. Valuation - The report highlights that TCL's focus on high-end display technology and Mini LED products is expected to enhance profit margins and drive revenue growth [5][15]. - The estimated EPS for 2025-2027 is projected at HKD 0.91, HKD 1.13, and HKD 1.34 respectively, with a PE valuation of 15x for 2025 [5][15].

Core Insights - TCL Electronics reported a significant increase in global TV shipments, achieving 13.46 million units in the first half of 2025, a year-on-year growth of 7.6% [1][3] - The Mini LED TV segment saw an impressive growth of 176.1%, making TCL the global leader in this category [1][3] - The company continues to optimize its product structure, focusing on high-end and large-screen TVs, with 65-inch and above models growing by 29.7% [3][5] Global Market Performance - TCL's international market shipments increased by 8.7%, with large-screen TVs (65 inches and above) growing by 47.3% [5][6] - In Europe, TCL TV shipments rose by 13.3%, with 75-inch and above models increasing by 71.7% [5][6] - Emerging markets, including Asia-Pacific and Latin America, saw a 17.9% increase in TCL TV shipments, with 65-inch and above models growing by 45.8% [6] Chinese Market Dynamics - In China, TCL's TV shipments grew by 3.5%, with the brand's TV sales increasing by 10.2% [7] - The share of large-screen TVs (65 inches and above) in China rose to 55.4%, with a year-on-year growth of 11.3% [7][9] - The Mini LED TV segment in China experienced a remarkable growth of 154.2%, capturing a 20.9% market share [7][9] Product Innovations - TCL launched its fourth-generation LCD TV, featuring a borderless design and 100% screen display, enhancing user experience [3][7] - The average size of TCL TVs increased by 1.5 inches to 53.4 inches, reflecting the trend towards larger displays [3] Strategic Focus - The company aims to continue its high-end development strategy, optimizing product combinations and increasing technological investments [7] - TCL is committed to enhancing its global brand presence through various marketing strategies, including partnerships with major sports events and exhibitions [5][6]

Core Viewpoint - The domestic TV market in China experienced growth in both volume and price in Q1 2025, with Mini LED TV penetration reaching 25.0% [1]. Group 1: Global LCD TV Panel Shipment Trends - The report outlines the trend of global LCD TV panel shipments from Q1 2022 to Q2 2025 (E) [2]. Group 2: LCD TV Panel Price Monthly Changes - It details the monthly price changes of LCD TV panels from April 2024 to April 2025 (E) [2]. Group 3: Domestic OLED TV Sales - The sales situation of domestic OLED TVs from Q1 2023 to Q1 2025 is analyzed [2]. Group 4: Quarterly Sales Volume Trends - The report provides insights into the quarterly sales volume trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 5: Quarterly Sales Revenue Trends - It discusses the quarterly sales revenue trends of the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 6: Monthly Average Price Trends - The report covers the monthly average price trends of the domestic TV market from January 2024 to March 2025 [2]. Group 7: Brand Sales Volume Ranking - The sales volume ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are presented [2]. Group 8: Brand Sales Revenue Ranking - The sales revenue ranking of brands in the domestic TV market for Q1 2025 and year-on-year comparisons are included [2]. Group 9: Sales Volume Share by Size - The report analyzes the sales volume share trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 10: Average Price Trends by Size - It discusses the average price trends by size segments in the domestic TV market from Q1 2023 to Q1 2025 [2]. Group 11: Mini LED TV Sales Situation - The sales situation of Mini LED TVs in the domestic market is detailed [2].

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is experiencing strong global growth momentum with a focus on high-end strategies, as evidenced by a 11.4% year-on-year increase in global TV shipments in Q1 2025, reaching 6.507 million units, and a 22.3% increase in TV sales revenue [1] - The management's confidence in sustained profit optimization is highlighted by the issuance of performance-based restricted shares, with adjusted net profit targets for 2025-2027 set at HKD 2.33 billion, HKD 2.81 billion, and HKD 3.21 billion respectively [4] - The company is expected to benefit from domestic policy incentives and structural upgrades, leading to a 10.8% year-on-year increase in domestic TV shipments in Q1 2025, alongside a 35.4% increase in sales revenue [2] - Internationally, the company is successfully navigating challenges such as US tariffs, with a 11.6% year-on-year increase in international TV shipments in Q1 2025, and significant growth in large-screen product sales [3] Summary by Sections Domestic Market - In Q1 2025, domestic TV shipments increased by 10.8% year-on-year, driven by replacement policies, with Mini LED shipments surging by 341.1%, accounting for 17.6% of total shipments [2] - The average selling price rose by 22.2%, contributing to a 35.4% increase in domestic TV sales revenue [2] International Market - The company achieved a 11.6% year-on-year increase in international TV shipments in Q1 2025, with Europe growing by 15.8% and North America by 3.8% [3] - Large-screen product sales saw significant growth, with shipments of 65 inches and above increasing by 48.5% year-on-year [3] Profit Forecasts - The report has revised profit forecasts upwards, projecting adjusted net profits of HKD 2.26 billion, HKD 2.71 billion, and HKD 3.03 billion for 2025-2027, reflecting increases of 11%, 19%, and 19% respectively [5] - The target price for the company is set at HKD 10.80, based on a 12x PE ratio for 2025 [5]