20240125_开源证券_黑色家电行业深度报告：彩电美国线下渠道实录海信TCL全渠道覆盖线下覆盖深度以及中高端份额有提升空间_26页.pdf

1/26 2024 01 25 2024 CES MiniLED MiniLED-2024.1.15/TCL S0790520030002 S0790522030002 S0790122070043/TCL Walmart Sams Club VIZIO Costco/BestBuy/TCL/LG Sam s Club/BestBuy/Costco/TCL SKU/LG/TCL/LG/TCL/TCL/LG 1 Walmart SKU Sam s Club Walmart/LG/TCL SKU Costco BestBuy/TCL VIZIO 2 Walmart/Sam s Club/Costco/BestBuy 50 Costco BestBuy MiniLED/QLED/OLED Walmart LCD Sam s Club QLED OLED 3 Costco BestBuy/LG Costco Neo QLED LG OLED BestBuy Neo QLED OLED LG OLED 1000 Walmart/Sam s Club/TCL/LG Costco TCL BestBuy TCL Sam s Club/LG/TCL Sam s Club/BestBuy/Costco/Walmart/TCL SKU/LG BestBuy/Walmart SKU TCL/TCL-36%-24%-12%0%12%24%36%48%60%2023-01 2023-05 2023-09 300 2/26 1.4 2 Sams Club TCL SKU.5 2.1 Sams Club Offline Pecos R/TCL SKU.5 2.2 Sams Club Online SKU VIZIO.7 3 Walmart SKU/TCL.8 3.1 Walmart Offline Tropicana Ave LCD SKU.8 3.2 Walmart Online TCL/Onn/VIZIO SKU.10 4 BestBuy/TCL Roku/INSIGNIA.13 4.1 BestBuy Offline Maryland Pkwy Rm 8/TCL/LG.13 4.2 BestBuy Online/TCL/Roku/INSIGNIA.15 5 Costco/TCL 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3 VIZIO ONN Walmart Roku/INSIGNIA BestBuy Costco/LG/TCL Walmart TCL Sam s Club 4 BestBuy TCL TCL QM U6/U7/U8 UX A6/A7 BestBuy/TCL SKU/TCL 1 Sams Club/BestBuy/Costco/TCL SKU/LG/LG Costco TCL BestBuy TCL Sams Club 2/TCL/LG Sams Club/BestBuy/Costco/Walmart/TCL SKU/LG BestBuy/Walmart SKU TCL 5/26 2 Sam s Club TCL SKU 2.1 Sam s Club Offline Pecos R/TCL SKU 7 26/LG TCL/VIZIO 1 QLED OLED 1 TCL/TCL SKU 65 QLED 2/LG SKU 32 3 QLED OLED 60 LG OLED 60 VIZIO 50 1 LG TCL 2 QLED LCD 30%+OLED QLED 20%1 TCL/LG SKU S90 4K OLED$1,597 65 INSTANT SA VINGS QLED$1,198 55 CU7 4K UHD$648 75 CU7 4K UHD$477 65 CU7 4K UHD$377 55 CU7 4K UHD$347 50 Q80 4K QLED$1,297 65 Q60 4K QLED$1,597 85 Q60 4K QLED$747 65 LG UR8000 4K UHD$1,099 86 UR8000 4K UHD$649 75 UR8000 4K UHD$449 65 UR8000 4K UHD$379 55 UR8000 4K UHD$349 50 OLEDC3 4K OLED$2,499 77 OLEDC3 4K OLED$1,599 65 UQ7050 4K UHD$379 55 6/26 TCL S Class 4K UHD$799 85 S Class 4K UHD$269 55 Q Class 4K QLED$599 65 VIZIO V-series 4K HDR$399 65 V-series 4K HDR$249 50 D-series 1080P$179 40 Hisense A75H 4K UHD$889 85 SONY X77CL 4K UHD$679 65 6000 1080P$139 32 TCL/SKU TCL 85 55 S Class 65 QLED Q Class TCL SKU 85 C Class 75 14 55 C Class 4858 24 65 Q Class 6070 10 A75H 75 19/LG/VIZIO SKU SKU/LG SKU SKU 65 QLED OLED LCD QLED 2 TCL TCL TCL TCL 85S470G 65Q670G 55S470G$799.00$599.00$269.00 7/26 TCL TCL TCL 85 65 55 LCD QLED LCD Google TV Google TV Google TV 14 10 24 2024 1 20 2.2 Sam s Club Online SKU VIZIO Sam s Club SKU 1 75 24 13 CU7000/CU8000/Q60 2 6070 27 11 CU7000/Q60/S90/Q80 3 4858 29 CU7000/Q60 4870 VIZIO V 3 CU7000/Q60 70 VIZIO 75 24 Samsung 13 CU7000 75 85 1 2 CU8000 85 6 Q60 85 75 5 7 Q80 85 75 98 9 18 24 QN85 4K 8K 18 20 S90 77 21 LG 4 UR8000 75 86 3 4 C3 77 83 8 11 Sony 2 X77CL 75 85 10 22 TCL 2 S 14 Q 17 Hisense 1 A 19 Vizio 2 V 16 Q 23 6070 27 Samsung 11 CU7000 65 70 2 11 Q60 65 4 Q70 65 17 Q80 65 9 QN QN90 QN85 16 19 S90 65 6 LG 4 UR8000 65 70 24 C3 65 8 QNED 65 22 Sony 1 X77CL 65 15 TCL 2 S 13 Q 10 Hisense 2 A 21 U7 27 Vizio 3 V 1 MQ 5 Q 14 8/26 4858 29 Samsung 13 CU7000 55 50 58 2 3 11 Q60 55 6 Q70 55 22 Q80 55 14 QN QN85 17 S90 65 25 LG 5 UR8000 55 50 4 13 C3 55 16 Sony 1 X77CL 55 18 TCL 1 S 24 Hisense 2 A 55 50 7 19 Vizio 3 V 50 58 1 10 Q 5 2024 1 20 3 Walmart SKU/TCL 3.1 Walmart Offline Tropicana Ave LCD SKU 6 16 SKU ONN 50 LCD 1 TCL/50-70 LCD 2 SKU LG 3 OLED QLED 1 50 TCL/VIZIO ONN 2 50 TCL/ONN VIZIO/TCL/4 SKU LCD TCL/ONN ONN 100012585 LCD$198 50 100012586 LCD$248 55 100044717 LCD$498 75 9/26 TCL 4-Series LCD$238 50 4-Series LCD$248 55 4-Series LCD$528 75 Hisense 50R6E LCD$258 50 58R6E LCD$278 58 75R6E LCD$498 75 VIZIO V-series LCD$248 50 V-series LCD$314 55 V-series LCD$628 75 Samsung CU7000 LCD$348 50 CU7000 LCD$378 55 CU7000 LCD$628 75 LG UQ7070 LCD$648 75 TCL/SKU Roku TV 1 TCL 55 50/75 TCL 2 50 6 55 2 75 SKU 10/26 5 TCL TCL TCL TCL 50S451 55S451 75S451$238.00$248.00$528.00 50 55 75 LCD LCD LCD Roku TV Roku TV Roku TV-1-2024 1 20 6 Hisense Hisense Hisense 50R6E3 58R6E3 75R6E4$258.00$278.00$498.00 50 58 75 LCD 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371 TCL 13 55 4-Series 4K UHD 55S451 Roku TV$248 1 55 S Class 4K UHD Google TV$278 8 55 Q Class 4K QLED 750G Google TV$598 14 55 Q Class 4K QLED 650G Google TV$448 20 55 4-Series 4K UHD 55S421 Roku TV$399 26 55 4K UHD 55S21 Roku TV$409 27 Hisense 11 58 R6E 4K UHD Roku TV$278 2 55 U6 4K MiniLED/QLED Google TV$569 17 55 H9G 4K QLED Android TV$498 29 Samsung 179 LG 57 45 VIZIO 18 Onn 2 50 228 TCL 10 50 4-Series 4K UHD 50S421 Roku TV$369 31 Hisense 6 58 R6E 4K UHD Roku TV$258 6 Samsung 97 LG 42 33 VIZIO 11 Onn 2 43 224 Hisense 10 43 R6E 4K UHD Roku TV$228 7 43 F-Series 1080p Roku TV$178 3 TCL 10 Samsung 80 LG 25 3 VIZIO 22 Onn 2 SYLVOX 17 32 420 Hisense 10 32 720p F-Series Roku TV$128 8 32 A4FH Series Android TV$173 24 TCL 16 32 720p 3-Series Roku TV$108 4 Samsung 44 LG 15 5 13/26 VIZIO 53 Onn 2 SYLVOX 16 Elecsung 18 Supersonic 56 2024 1 20 4 BestBuy/TCL Roku/INSIGNIA 4.1 BestBuy Offline Maryland Pkwy Rm 8/TCL/LG 5/LG/TCL/50/LG OLED/Neo QLED 1/LG/TCL 55 LCD QLED LG 65 LCD 75 QNED 1000 2/LG 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Club/BestBuy/Costco/TCL SKU/LG/TCL 0%5%10%15%20%25%30%35%40%2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 2023Q4Samsung LG TCL Hisense VIZIO0%10%20%30%40%50%Samsung LG TCLHisense TOSHIBA VIZIO0%10%20%30%40%50%60%Samsung LG TCLHisense TOSHIBA VIZIO 24/26/LG/TCL 14/TCL%23-25 CAGR PE 2023E 2024E 2025E 2023E 2024E 2025E 600060.SH 22.22 34.0%15.5%12.7%20.35%12.9 11.2 9.9 1070.HK TCL 2.3 35.4%27.4%19.6%27.32%9.5 7.5 6.3 Wind TCL Wind 2024 1 25 HKD CNY=0.91 8 1/2 3/LG 25/26 2017 7 1 R4 C4 C5 C4 C5 Buy 20%outperform 5%20%Neutral 5%5%underperform 5%overweight Neutral underperform 612 A 300 500 26/26 1788 1 10 200120 2030 1 45 518000 18 C2 9 100044 1 B 5 710065