TCL TECH.(000100)2024-05-21 10:43Financial Performance - TCL Tech achieved revenue of 1,743.67 billion yuan in 2023, a year-on-year increase of 4.69%, with net profit of 47.81 billion yuan, up 167.37% [2] - In 2023, the semiconductor display business generated revenue of 836.55 billion yuan, a 27.26% increase, with a net profit of -0.07 billion yuan, reducing losses by 76.18 billion yuan [2] - TCL Zhonghuan's revenue in 2023 was 591.46 billion yuan, down 11.74%, with a net profit of 38.99 billion yuan, a decrease of 44.88% [3] - In Q1 2024, TCL Tech's revenue was 399.08 billion yuan, up 1.18%, with a net profit attributable to shareholders of 2.40 billion yuan, an increase of 7.89 billion yuan [3] Semiconductor Display Business - The semiconductor display business saw a significant improvement in profitability in Q1 2024, with revenue of 233.76 billion yuan, up 54.58%, and a net profit of 5.39 billion yuan, improving by over 33.37 billion yuan [3] - The large-size panel market is expected to see steady improvement in supply-demand balance, with prices maintaining a positive trend [4] - The industry's utilization rate is expected to rise during peak seasons and decline during off-seasons, with prices following a similar pattern [4] - The IT business is growing rapidly, with TCL CSOT's display shipments ranking among the top three globally, and gaming monitor market share leading globally [5] Photovoltaic Business - Global PV installations in 2023 reached approximately 395GW, a 72% increase, with China contributing 216.9GW and overseas markets 178GW [3] - TCL Zhonghuan's PV material shipments increased by 68% to 114GW in 2023, with a market share of 23.4% and revenue of 437.91 billion yuan [3] - In Q1 2024, TCL Zhonghuan's revenue was 99.33 billion yuan, down 43.62%, with a net loss of 9.51 billion yuan [3] - The PV industry is at the bottom of the cycle, but downstream demand continues to grow rapidly, with long-term positive trends remaining [3] OLED and Future Plans - TCL CSOT's flexible OLED panel shipments ranked third globally in Q1 2024, with the t4 production line designed for 45K/month capacity [5] - The company is focusing on high-end products like LTPO, with OLED business profitability improving significantly [5] - TCL plans to build a 5.5G experimental line for printed OLED in Wuhan, with small-scale production expected in 2024 [5] - The company has no plans for an 8G OLED production line investment at this time [6] Capital Expenditure and Depreciation - Depreciation for the display business is expected to peak in 2025 and then decline, with the depreciation-to-revenue ratio decreasing over time [5] - Future capital expenditures will focus on the t9 production line phase 2 and t3 expansion, with overall capital expenditures expected to decline [5]