TCL Electronics' 2024 Interim Results Show Strong Growth in Revenue and Profit

TapTechNews August 23rd news, TCL Electronics just announced its 2024 interim results in the Hong Kong Stock Exchange. TapTechNews summarizes the highlights as follows:

Revenue of HK$45.49 billion, a year-on-year increase of 30.3%;

Gross profit of HK$7.748 billion, a year-on-year increase of 19.2%;

Profit attributable to shareholders of HK$650 million, a year-on-year increase of 146.5%;

Adjusted profit attributable to shareholders of HK$654 million, a year-on-year increase of 147.3%.

Basic earnings per share is HK$26.69.

Revenue from Internet business is HK$1.21 billion, an increase of 8.9% year-on-year; gross margin remains at 54.0%.

Revenue from innovative business is HK$13.95 billion, a significant increase of 60.6% year-on-year; gross profit is HK$2.01 billion, an increase of 64.1% year-on-year.

Revenue and gross profit from photovoltaic business are HK$5.27 billion and HK$540 million respectively, with significant year-on-year growth rates of 212.7% and 322.5%; gross margin increased by 2.7 percentage points to 10.3% year-on-year.

Administrative expense ratio decreased by 1.1 percentage points to 4.1% year-on-year; sales and distribution expense ratio decreased by 0.9 percentage points to 9.6% year-on-year, and the overall expense ratio decreased by 2.0 percentage points to 13.7% year-on-year.

TCL stated that the global shipment volume of TVs in the first half of this year increased by 9.2% year-on-year to 12.52 million units, and the market share of shipments increased by 0.9 percentage points to 13.3%, maintaining the second position globally. Among them, the global shipment volume of TVs of 75 inches and above increased by 34.5% year-on-year, driving the company's large-size display business revenue to increase by 23.2% to HK$25.91 billion.

According to the introduction, the global shipment volumes of TCL quantum dot TVs and MiniLED TVs increased by 64.4% and 122.4% respectively year-on-year, and the shipment scale of MiniLED TVs remained at the world's leading level.

In the Chinese market, TCL's shipment volume in the first half of the year increased by 5.4% year-on-year against the trend, and revenue increased by 21.1% to HK$8.35 billion; at the same time, the shipment volume of TCL TVs of 75 inches and above increased by 17.7% year-on-year and the proportion increased by 3.5 percentage points to 33.2%, and the shipment volume of MiniLED TVs increased by 120.1% year-on-year and the proportion increased by 4.5 percentage points to 8.6%, ranking first in the Chinese market in terms of retail volume.