Income growth continued, profit commitment: 2021 income of HK $748.5 billion, an increase of 46.9% over the same period last year, gross profit of HK $125.3 billion, an increase of 29.7% over the same period last year, overall gross profit margin fell 2.3 percentage points year-on-year to 16.7% (domestic market gross profit margin fell 3 percentage points, overseas market is basically flat), continued business parent profit profit of 1.18 billion Hong Kong dollars, down 30.9% from the same period last year. Deducting the non-parent profit of about HK $3.8 billion (mainly including the proceeds of the sale of Jingchen shares of about HK $800 million), the growth on the revenue side was mainly due to the improvement in the structure of sales and the increase in average profit. The decline in the profit side was mainly due to the sharp uptick in screen prices and other cost increases such as Shanghai Stock Exchange.

Global market stability: overseas markets are still healthy, with year-on-year growth of 3.47% to 360.3 billion Hong Kong dollars, 7.6% year-on-year increase of 7.6% and 25.1% year-on-year growth of sales volume of 70-inch and above large screens and the company's next-generation product MiniLED TV, respectively, year-on-year growth of 60.6% and 22.4%, respectively. In key markets, sales in North America, Australia and Singapore increased by 24.8%, 52.2% and 38.7% respectively over the same period last year, ensuring the continued increase in the company's TV global market share. According to Omdia statistics, the company's TV volume increased by 0.8% to 11.5% in 2021, ranking among the top three in the world. The overall sales volume of the China Municipal Bank of China has continued to decline. According to Zhongyikang data, the overall retail volume of TV in 2021 fell by 10.4% year on year to 3703 million units. The company's domestic output also decreased by 24.4% compared with the same period last year, but the domestic service income from high-end products and promotion activities increased by 2.9% to HK $132.4 billion. According to Zhongyi Kang full pipeline data, the company still ranks third and second in domestic market turnover and sales volume in 2021, maintains its leading position, and will focus on the transformation of product structure and pipeline structure in the future. the improvement of the market share of middle and high-end products will promote the improvement of domestic business operation.

The high growth of mutual trading continued: the global revenue from mutual trading increased by 49.9% to 1.85 billion Hong Kong dollars for the whole year compared with the same period last year. Of this total, domestic mining revenue increased by 637% to 1.49 billion Hong Kong dollars over the same period last year, while the number of domestic monthly active users and ARPU increased by 11% and 43.4% respectively compared with the same period last year. The revenue from overseas mutual trading has increased by HK $1.12 billion to HK $360 million compared with the same period last year, and the cooperation between the company and Google is expected to deepen, including the equity income share of Google and the further expansion of the North American market. The company's content aggregation application TCL Channel has covered 58 countries, with a total consumption of 7.05 million. There is a huge room for commercial conversion, and our expected growth of high-margin overseas mutual transactions is expected to accelerate.

Target HK $5.0, level: the company's global hardware plus Internet network policy is clear and solid, and has launched a new service that includes consumer photovoltaic services, in order to offset the cost with diversified services. In terms of cost, the panel price began to decline in the second half of 2021, and the company's gross profit margin is expected to have been revised. We adjusted the company's deduction of non-profit loss from 2022-2023 to HK $823 billion. We introduced HK $1.7 billion in 2024 test profit, adjusted its previous 12-month target to HK $5.00, and maintained a premium price-to-earnings ratio corresponding to 15-9-7, 2022-2024.

Hints: 1) domestic power market financial situation has changed; 2) overseas market performance is not as expected.