SAC S0850511010026 SAC S0850518080005 SAC S0850519100003 2023 8 4 5 15 9 6 6 23 16 2 2 17 3 11 27 14 020402009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2007 2022 16 11 12 300 22 A 14 2012-2022 10%13%12%wind 1 2 300 78 A 2(50)050100150200(100)(50)0501001502002502007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%1ZAZxOmRpMnMqOtQrMqPmNaQdNbRmOnNoMsRfQpPuMlOrRsO9PpPuMNZoNrPxNpMsM wind 1 2 300 78 A 2022 2022 2022 8738 62%2754 20%720 75%3 74%5%10%4%5%2%62%20%8%2%6%2%Wind 2022 2022 7825 2022 4 7825 4204 4369 4291 961 1333 1537 1548 215 7194 5003 2772 10556 7268 238 1162 5656 631 0200040006000800010000120001400016000 LCD TV 2000-2022 2000-2022 wind 5-400%-350%-300%-250%-200%-150%-100%-50%0%50%100%0100020003000400050006000700080009000(YOY%YOY%-30%-20%-10%0%10%20%30%40%50%60%020004000600080001000012000140001600018000 YOY YOY 2004-2022-6 2005-2022-7-30%-20%-10%0%10%20%30%40%50%60%010002000300040005000600070008000900010000 YOY YOY 2005-2022-8-15%-10%-5%0%5%10%15%20%25%30%35%010002000300040005000600070008000 YOY YOY 2011-2022-9 0%5%10%15%20%25%30%35%40%45%50%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 39.0%44.9%44.0%43.3%43.4%42.7%38.6%38.3%36.1%37.4%37.4%34.0%26.3%21.4%23.0%24.1%24.4%18.0%22.5%22.2%26.3%31.9%33.3%32.6%6.9%8.6%9.5%9.8%9.3%9.4%9.9%10.0%9.1%9.9%11.1%11.5%-2011-2022 10 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 25.0%27.6%27.4%29.0%30.1%29.9%30.9%31.5%31.5%33.0%34.2%35.3%13.6%7.2%8.1%8.4%9.7%10.3%12.5%13.0%14.0%16.4%16.6%15.9%8.9%10.5%11.2%11.7%11.6%11.7%12.4%12.1%11.1%11.0%12.0%12.0%6.5%6.8%6.3%5.8%5.7%6.6%6.8%7.1%6.9%6.6%5.4%5.8%0%5%10%15%20%25%30%35%40%-2011-2022 11 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 31.5%34.8%33.2%33.6%33.2%32.9%33.5%34.6%35.0%36.0%36.2%40.0%23.2%16.7%19.0%21.0%25.0%28.0%30.0%31.4%31.2%30.0%31.4%29.7%0%5%10%15%20%25%30%35%40%45%-2011-2021/2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 3534 3706 3806 3769 3596 3693 3903 4068 3700 3506 3824 2865 2940 3103 3223 3263 3347 3809 4406 4405 4740 5482 1995 2052 2156 2252 2333 2388 2657 2957 3108 3375 3801 YOY 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 5%3%-1%-5%3%6%4%-9%-5%9%3%6%4%1%3%14%16%0%8%16%3%5%4%4%2%11%11%5%9%13%12 01000200030004000500060002011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 0501001502002503003500%5%10%15%20%25%30%美的集团 格力电器 海信科龙 美菱电器%Wind 2022 CR5 2022 CR5 13 01020304050607080900%5%10%15%20%25%30%35%40%45%海立股份 华意压缩 盾安环境 三花智控%0%10%20%30%40%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 01000020000300004000050000600007000080000Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q32009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Wind 14 0%2%4%6%8%10%12%14%16%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Wind 15 2020 2021 69.6%97.6%73.7%71.0%/16 0%20%40%60%80%100%20172018201920202021201720182019202020212017201820192020202120172018201920202021 0%20%40%60%80%100%201720182019202020212017201820192020202120172018201920202021 OBM Euromonitor 2014-2022 Euromonitor 14-22 1.3%2.2%14-22 1.9%2014-2022 17(0.8)(0.4)0.00.40.81.21.62.0-10%-5%0%5%10%15%20%25%2014 2015 2016 2017 2018 2019 2020 2021 2022,YOY%YOY%YOY%Euromonitor OBM OBM Euromonitor%01020304050607080901002014 2015 2016 2017 2018 2019 01020304050607080901002014 2015 2016 2017 2018 2019 01020304050607080901002014 2015 2016 2017 2018 2019 OBM 18 2023/8/1 EPS PE 2022 2023E 2024E 2022 2023E 2024E%2022(%)000651.sz 38.45 2165.28 4.35 4.83 5.32 8.8 7.96 7.23 45.8 7.7 000333.sz 58.25 4090.89 4.21 4.74 5.22 13.8 12.30 11.15 58.2 4.2 600690.sh 24.57 2318.94 1.56 1.80 2.07 15.8 13.63 11.86 33.1 1.9 000921.sz 23.81 330.52 1.03 1.44 1.70 23.0 16.53 13.99 50.0 2.2 Wind EPS wind 19 10-20%2008 30-40%2013 10-20%wind 20-50%0%50%100%150%200%250%300%350%0200400600800100012001400 YOY YOY CR3 21 2015 CR3 82%89%86%71%97%2022 CR3 87%96%75%81%95%5pct 7pct-11pct 10pct-2pct 2019-2022 2019-2022 Wind 22 0%2%11%11%12%2%-10%11%10%11%-15%-10%-5%0%5%10%15%2019-2022 2019-2022 /Bear 2006/Morphy Richard 1936/Dyson 1978 2012/Roborock 2020 23 2022 CR3 66%79%CR3 89%96%2022 CR3 24 0%20%40%60%80%100%120%2022 91%77%25 50%61%67%74%83%85%91%0%10%20%30%40%50%60%70%80%90%100%2016 2017 2018 2019 2020 2021 2022 39%45%50%54%66%69%77%0%10%20%30%40%50%60%70%80%90%2016 2017 2018 2019 2020 2021 2022 2022 54.7%10.2%70.7%2022,26-17%-8%-6%-15%-18%-21%-9%-19%-9%-17%55%-6%10%71%-40%-20%0%20%40%60%80%020406080100%Euromonitor 2020-2021 2017 1231 2022 1501 2017-2022 4%0%10%20%30%40%50%60%70%80%90%100%2017 2018 2019 Euromonitor 27 1231 1291 1335 1381 1432 1501 0%1%2%3%4%5%6%7%8%020040060080010001200140016002017 2018 2019 2020 2021 2022 YOY%2006-2022 15.2%18.9%2017-2022 7.3%9.6%1 2 SEB Wind 28 0%5%10%15%20%25%30%35%40%45%050100150200250%2006-2022 16.1%16.8%2016-2022 5.7%,-5.5%2016 6%Wind 29 0%5%10%15%20%25%30%35%40%45%020406080100120%+90%2016-2022 25.5%32.4%Wind 30 0%5%10%15%20%25%30%35%40%0510152025303540452016 2017 2018 2019 2020 2021 2022%2010-2022 12.4%16.3%2010-2018 8%15%Wind 31 0%5%10%15%20%25%0204060801001201401601802002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022%2014 7 2016 9-2017 9 2018 3 2016 9 1699 2017 9 2499 2018 3 1099 2018 5 E20 1799 2019 3 T6 2799 2014 2020 3 T7/T7Pro 2899/3899 Wind 2021 8 G10 3999 2022 3 G10S/G10S Pro 4799/5699 32 0%100%200%300%400%500%600%0102030405060702017 2018 2019 2020 2021 2022 YoY%-800%-600%-400%-200%0%200%400%036912152017 2018 2019 2020 2021 2022 YoY%2023/8/1 EPS PE 2022 2023E 2024E 2022 2023E 2024E%2022%002032.sz 50.71 409.08 2.56 2.79 3.08 18.4 18.20 16.46 166.75 8.43 002242.sz 15.67 120.19 0.69 0.95 1.10 22.2 16.51 14.24 115.28 5.08 002959.sz 68.27 106.89 2.47 3.21 3.80 33.3 21.24 17.99 32.11 1.16 002705.sz 18.12 149.80 1.16 1.25 1.43 14.1 14.50 12.64 34.24 2.20 688169.sh 270.00 354.44 9.02 10.57 12.62 24.0 25.56 21.39 10.05 0.34 33 Wind EPS Wind 2009-2022 Wind 34-50%0%50%100%150%200%250%0501001502002503003504002009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YoY%YoY%2015-2022 35-15%-10%-5%0%5%10%15%20%02004006008001000120014001600180020002015 2016 2017 2018 2019 2020 2021 2022%/Wind 2020 82.58/30.9/13 0204060801001201401601802013 2014 2015 2016 2017 2018 2019 2020 202136 /37 050010001500200025003000350020M0620M0720M0820M0920M1020M1120M1221M0121M0221M0321M0421M0521M0621M0721M0821M0921M1021M1121M1222M0122M0222M0322M0422M0522M0622M0722M0822M0922M1022M1122M12 18-22%90%B B 38 0%20%40%60%80%100%120%2018 2019 2020 2021 2022%)2019 32%2020 12%20%28%32%0%20%40%60%80%100%2016 2017 2018 2019 B 39-60%-40%-20%0%20%40%60%80%0501001502002503003502017 2018 2019 2020 2021 2022%vs PE Wind 40 05101520253035404550-30-20-100102030405060702013-022013-052013-082013-112014-032014-062014-092014-122015-042015-072015-102016-022016-052016-082016-112017-032017-062017-092017-122018-042018-072018-102019-022019-052019-082019-112020-032020-062020-092020-122021-042021-072021-102022-022022-052022-082022-11%PE(x,PE(x,2016-2022 61 259 27.3%91 290 21.3%2017-2022 3.6%6.1%7.9%9.4%12.4%13.6%2022%41-10%0%10%20%30%40%50%60%70%0501001502002503003502016 2017 2018 2019 2020 2021 2022 0%2%4%6%8%10%12%14%16%2015 2016 2017 2018 2019 2020 2021 2022%Wind 2022 42 0%10%20%30%40%50%05101520252017 2018 2019 YOY%YOY%YOY%051015202530352017 2018 2019 2020 2021 2022 Wind 43-40%-20%0%20%40%60%80%100%120%2016 2017 2018 2019 2020 2021 2022-100%-50%0%50%100%150%200%250%2016 2017 2018 2019 2020 2021 2022 44 Wind 2011Q1-2023Q1 1 2-30%-20%-10%0%10%20%30%40%50%60%05101520253035Mar-11Dec-11Sep-12Jun-13Mar-14Dec-14Sep-15Jun-16Mar-17Dec-17Sep-18Jun-19Mar-20Dec-20Sep-21Jun-22Mar-23 YoY%-150%-100%-50%0%50%100%150%200%(1)0123456Mar-11Nov-11Jul-12Mar-13Nov-13Jul-14Mar-15Nov-15Jul-16Mar-17Nov-17Jul-18Mar-19Nov-19Jul-20Mar-21Nov-21Jul-22Mar-23 YoY%45 Wind 2011-2023Q1 22Q4 23Q1 23Q1 22Q4/23Q14.36/3.39 30.7%/18.1%0.79/1.01 62.8%/17.2%-100%-50%0%50%100%150%200%250%01234567Mar-11Dec-11Sep-12Jun-13Mar-14Dec-14Sep-15Jun-16Mar-17Dec-17Sep-18Jun-19Mar-20Dec-20Sep-21Jun-22Mar-23 YoY%-100%0%100%200%300%400%500%011223Mar-11Dec-11Sep-12Jun-13Mar-14Dec-14Sep-15Jun-16Mar-17Dec-17Sep-18Jun-19Mar-20Dec-20Sep-21Jun-22Mar-23 YoY%2023/8/1 EPS PE 2022 2023E 2024E 2022 2023E 2024E%2022(%)002508.SZ 28.49 270.38 1.66 2.06 2.31 17.2 13.80 12.34 30.0 1.7 002035.SZ 6.58 55.78 0.17 0.62 0.71 39.0 10.62 9.21 59.2 1.5 002677.SZ 11.11 71.78 0.70 0.86 0.98 15.9 12.99 11.37 88.6 5.6 300894.SZ 25.30 103.42 0.77 1.04 1.27 32.9 24.35 19.87 116.6 3.5 605336.SH 17.74 32.64 1.16 1.36 1.57 15.2 13.02 11.27 59.8 0.0 300911.SZ 39.50 42.42 1.95 2.35 2.79 20.2 16.80 14.17 30.7 1.5 002543.SZ 8.18 60.83 0.74 0.78 0.88 11.1 10.47 9.34 54.1 4.9 603366.SH 6.28 51.12 0.32 0.43 0.51 19.7 14.56 12.20 30.2 0.0 46 Wind EPS wind-2022 10 2.1-2.4 2020+2.39 2021-2022 5%4%2022 2.18 10 2013-2022:Euromonitor 47 2%-1%-8%-6%-4%-2%0%2%4%6%1.501.601.701.801.902.002.102.202.302.402.502013 2014 2015 2016 2017 2018 2019 2020 2021 2022(YOY%3%20%TCL 10 18.8%16.7%16.3%4.1%2.0%4.1%10 3%20%wind 48 TCL 2020 4.2%0.0%5.0%10.0%15.0%20.0%25.0%2017 2018 2019 2020 2021 2022 TCL 0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%2017 2018 2019 2020 2021 2022 TCL#1 open cell omdia 65 LCD ROC-Brand OEM ROC-OEM 15%17%omdia wind 49 omdia 65 LCD 2021 2-4.5%-2.5%-0.5%1.5%3.5%5.5%-100%-50%0%50%100%150%2017-122018-032018-062018-092018-122019-032019-062019-092019-122020-032020-062020-092020-122021-032021-062021-092021-122022-032022-062022-092022-12 yoy PCT,%32 43 55 65 open cell 51%ROC-brand 15%ROC-OEM 17%Others 17%0%5%10%15%20%25%30%Jan/19Apr/19Jul/19Oct/19Jan/20Apr/20Jul/20Oct/20Jan/21Apr/21Jul/21Oct/21Jan/22Apr/22Jul/22Oct/22Jan/23Apr/23 TCL#2 2013-2016 2019 Euromonitor 50 3917372934783576327733653065343031002799271733613090-15%-10%-5%0%5%10%15%20%25%30%0500100015002000250030003500400045002010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YOY%7%24%1%5%16%16%15%LG 10%0%0%6%14%5%1%5%20%LG 25%3%23%4%51 LCD+2022 24%16%LCD TV 2012 2022E wind 52 2022-80%-30%20%70%120%170%2017-082017-102017-122018-022018-042018-062018-082018-102018-122019-022019-042019-062019-082019-102019-122020-022020-042020-062020-082020-102020-122021-022021-042021-062021-082021-102021-122022-022022-042022-062022-082022-102022-122023-0232 43 55 65 53+2022 76%2022 6 1 62%3 72%6 79%+2022 2023 89%93%92%94%92%94%91%89%88%86%88%88%89%95%88%88%86%72%69%68%64%64%66%66%62%69%72%76%76%79%50%55%60%65%70%75%80%85%90%95%100%2021 90%2022 76%Euromonitor 54 2019-2022 2021 2021 2020 24%2019 0%5%10%15%20%25%30%Jan/19Apr/19Jul/19Oct/19Jan/20Apr/20Jul/20Oct/20Jan/21Apr/21Jul/21Oct/21Jan/22Apr/22Jul/22Oct/22Jan/23Apr/23 TCL 2000220024002600280030003200340036003800400020002500300035004000450050005500(Euromonitor 55 2022 2013 5%8%TCL 2013 5%10%5%LG 2013 2022 Samsung 20%LG 15%Sony 6%Panasonic 5%TCL 5%Philips 5%Hisense 5%Sharp 4%Skyworth 4%others 31%Samsung 19%LG 16%TCL 10%Hisense 8%Sony 5%xiaomi 5%Philips 3%Panasonic 3%Skyworth 3%others 29%56 2023 Vidda TCL Vidda SKU 39.942.244.546.54849.450.952.454.657.40102030405060702013 2014 2015 2016 2017 2018 2019 2020 2021 2022 57 LCD OLED miniLED 8K 2022 81.7 2022 2.2%2022 57.4 85+4%2022 2013-2022 78%LGE 3%SONY 2%TCL 8%4%5%44%27%65+/TCL 2022 Runto 58 ULEDX Miniled Oled 2022 67%56%65+65+/TCL 2021/2022 2022 MiniLED 77%10%2%11%1+(4+N)2021 wind 59 2021 1+4”1+(4+N)”1”4+N”4 N vidda 2022 LCD(ULED)LED 2022 60 LCD ULED ULED LCD 10 ULED X ULED X HI-Li ght”X”+2022 U8H 5 2022 10 28.8%2023 2 37.5%LCD(ULED)LED 61 2023 1 CES 8K 2022 2022 2 17.7%2021 9.4pct 2022 2030 967 2022 43.6 27.2%30%10 2022 2022 LCD(ULED)LED 2022 62 LED MiniLED Mini MicroLED MiniLED U8H 2022 4KMiniLED 2023 Mini MicroLED MiniLED 2022 2021 63 2020 2021 226 2020 2021-2023 30%/55%/85%5.8/6.9/8.3 26.8%24.36%3.06%2.64%33.6%30.02%16.54%100%2021 +wind 64 2022 1+(4+N)-5%0%5%10%15%20%25%0.0100.0200.0300.0400.0500.02015 2016 2017 2018 2019 2020 2021 2022(YOY%5.1%5.7%3.1%1.6%2.4%3.9%3.4%4.7%0%1%2%3%4%5%6%0.05.010.015.020.025.02015 2016 2017 2018 2019 2020 2021 2022(%2019-2023Q1 YOY 17.5%17.6%15.4%17.8%17.8%10.0%11.0%12.0%13.0%14.0%15.0%16.0%17.0%18.0%19.0%Y2019 Y2020 Y2021 Y2022 1Q230.0%2.0%4.0%6.0%8.0%10.0%12.0%Y2019 Y2020 Y2021 Y2022 1Q23 65 ;66 67:SAC S0850511010026 Email SAC S0850519100003Email SAC S0850518080005Email Email 1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%68