TCL Group (000100) In-depth Research Report: TCL Group of ALLIN Display Panels
Investment logic Mini-LED, under-screen camera, printed OLED and other advanced technologies and 10.
The 5th generation line’s advanced production capacity builds barriers to competition, and the technology-capacity-management trinity competitiveness system creates industry-leading performance levels: OLED technology pilot lines have been polished for 4 years.New technologies such as cameras lead the industry, new Mini-LED products and beautiful WOLED: new growth space, the company as the world’s second manufacturer with two 11th generation lines, the efficiency of cutting oversized 南宁桑拿 products has greatly improved, bringing more significant costsCompetitiveness.
Both investment efficiency and management efficiency have achieved the highest EBITDA rate in the industry, and leading technologies have combined with extreme efficiency to build the company’s core competitiveness.
The long-term development path has both high growth and high certainty, diversifying from high cash flow TVs and mobile phones to high-margin business display, e-sports, and automotive segments: using HVA displays that are consistent with Samsung’s mid-to-high-end products.With the advancement of technology, the company’s large-sized TV panel products will penetrate the high-end and flagship TV products and gaming displays. The small and medium-sized panel products will add new categories such as automotive and gaming laptops to mobile phone panels.Diversely increasing ASP, we expect the company’s large and small size products to grow at a compound growth rate of 36% and 38% in the next three years, respectively.
China’s display panel manufacturers surpassed Korean factories in 2017 to gain global voice, and the company is expected to benefit from a new round of industry reshuffle. It is expected that the compound growth rate of the company’s total production capacity will reach 18% from 2018-2023. After T6 andT7 two 11-generation production lines have been put into production one after another. In the next five years, the large-scale production area will reach 17% of composite materials, and the growth rate will leap ahead of the world, far exceeding the industry’s average growth rate of 5%.
In addition, T3 and T4 are gradually achieving full production and mass production. The company’s small and medium-sized capacity area growth rate is expected to reach a compound displacement of 26%, reaching the industry’s first growth rate.
韩厂三星和LG 液晶产能退出叠加电视平均尺寸持续增长和商显领域高成长驱动供需格局改善，公司有望受益32”\43”\面板价格反弹：三星一条120k/月8.The 5th generation line has been withdrawn, and LG is evaluating a 100K / month reduction in production.
5th generation line due to 8.
The optimal cutting size for the 5th generation is 32 ”, 43” and 55 ”. Samsung ‘s main cutting product withdrawn from the production line this time is 55”. It is expected that the Korean factory will be 8 in the future.
After the 5th generation line exited, the panel price rebounded by more than 20% from the previous month. The size of the LCD TV panel of Huaxing Optoelectronics is mainly 32 “, 55”, which is beneficial to this round of panel price rebound.
Investment suggestions and estimates Along with the company’s new production lines such as T4 and T7 being put into production and panel prices bottoming out, we estimate that the company’s net profit for 2019-2021 will be about 36.
4 billion, 42.
0 billion and 63.
900 million, corresponding to P / E of 12 times, 11 times and 7 times respectively, giving the company 6 in the next 12 months.
The target price of 2 yuan is equivalent to 20×2020 PE, and the price increase is expected to exceed 80%.
Risk trade war affects demand; Samsung sharply cuts prices for flexible OLED competition; large-scale price wars continue.