Golden Finance News | Pacific Securities released a research report stating that on October 23, TCL Electronics (01070) announced the global shipment data of TCL televisions for the first three quarters of 2024. The firm indicated that the global television shipments of the company in 2024Q3 grew rapidly, with an increasing proportion of large-screen products. The total global shipment volume of TCL televisions in the first three quarters of 2024 reached 20.01 million units (+12.9%), with a shipment volume of 7.49 million units in 2024Q3 (+19.7%). The average size of global shipments in the first three quarters of 2024 reached 51.8 inches (+1.3 inches), with the global shipment volumes of products 65 inches and above and 75 inches and above increasing by +16.8% and +35.3% year-on-year respectively, accounting for 24.3% (+0.8pct) and 11.8% (+2.0pct) respectively. The company's global strategy of high-end large-screen products continues to yield results.

The firm further pointed out that in terms of the industry, there is a strong demand for large-screen high-end products in the global TV market, and panel production capacity is shifting towards Chinese capital, with the potential for the concentration ratio of Chinese TV brands to break through in the future; in addition, industries such as photovoltaics, AR/XR are growing rapidly. On the company's side, as a leading company in the global TV industry, the market share of smart screens and the proportion of mid-to-high-end large-screen products continue to increase, the profitability of internet business remains stable, innovative businesses such as photovoltaics and comprehensive marketing are rapidly growing, brand influence continues to rise; internal efficiency is continuously optimized, collectively boosting the company's revenue and performance growth; meanwhile, the domestic business is expected to benefit from the stimulus of the household appliances replacement policy, achieving further growth.

The firm forecasts that the company's net income attributable to shareholders for the years 2024-2026 will be 1.415/1.61/1.931 billion Hong Kong dollars, corresponding to EPS of 0.56/0.64/0.77 Hong Kong dollars, and the current stock price corresponds to PE ratios of 10.64/9.35/7.79 times. Maintaining a 'buy' rating.