[三季报]TCL科技(000100):2023年第三季度报告（英文版）
原标题:TCL科技:2023年第三季度报告（英文版） Third Quarter 2023 Report October 27, 2023 Content Section I Important Notices and Definitions ................................................................................... 3 Section II Key Financial Information .............................................................................................. 5 Section III Management Discussion and Analysis .......................................................................... 7 Section IV Shareholder Information .............................................................................................. 11 Section V Other Significant Events ................................................................................................ 13 Section VI Quarterly Financial Statements ................................................................................... 14 Section I Important Notices and Definitions The Board of Directors (or the “Board”), the Supervisory Committee, directors, supervisors and senior management of TCL Technology Group Corporation (hereinafter referred to as the “Company”) hereby guarantee that this quarterly report is factual, accurate and complete, and shall be jointly and severally liable for any misrepresentations, misleading statements, or material omissions therein. Mr. Li Dongsheng, the Chairman of the Board, Ms. Li Jian, the person-in-charge of financial affairs (Chief Financial Officer), and Ms. Jing Chunmei, the person-in-charge of the financial department, hereby guarantee that the financial statements carried in this Report are factual, accurate, and complete. The future plans, development strategies or other forward-looking statements mentioned in this Report shall NOT be considered as promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. This Report has not been audited. This Report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Definitions
Section II Key Financial Information (I) Key accounting data and financial indicators Indicate whether there is any retrospectively adjusted or restated datum in the table below ?Yes □ No Earnings per share in the third quarter of 2022 were adjusted due to the conversion of capital reserve into share capital during the Reporting Period
and the diluted earnings per share for FY2022 in accordance with accounting standards and other regulations. (II) Non-recurring profit and loss items and amounts ?Applicable □ Not applicable Unit: RMB
□ Applicable ?Not applicable The Company has no other profit and loss items that meet the definition of non-recurring profits and losses. Notes on non-recurring profit and loss items that which is listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss shall be used to define Recurring Gain/Loss items □ Applicable ?Not applicable The Company does not have any non-recurring profit and loss items listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Gain/Loss that are defined as recurring profit and loss items. (III) Changes of key accounting data and financial indicators and reasons therefor ?Applicable □ Not applicable Unit: RMB
Section III Management Discussion and Analysis The global economic growth rate slowed down this year, being influenced by such factors as intensifying geopolitical tensions, stubbornly high inflation, and tightening policies adopted by certain economies to address inflation. In the face of such a complex and challenging external environment, the Company focused on two core industries of display and new energy photovoltaic, so as to strengthen operational resilience and optimize business strategies in pursuit of sustainable and high-quality development. From January to September 2023, the Company achieved an operating revenue of RMB133.1 billion, up 5.2% year on year; net profits of RMB5.57 billion, up 185% year on year; net profit attributable to shareholders of the listed company of RMB1.61 billion, up 474% year on year; and net operating cash flow of RMB16.14 billion. As the international relocation of display production capacity gradually drew to an end, the competitive landscape of display industry had leveled out. The industry had returned to a stage of orderly development based on reasonable business returns, and enterprises continuously optimized their business strategies to promote the gradual recovery of the industry. During the Reporting Period, display industry enjoyed a stable supply and demand relationship, large-sized display products drove the area of demand increase steady and the prices of mainstream products, such as TV panels, again rose to the range of profitability. The Company continued to upscale its products, and further optimized its business structure. In the third quarter, the display business recorded a revenue of RMB25.68 billion, net profit of RMB1.82 billion, accompanied by vastly improved profitability. With the structural transformation of global energy, the Company’s new energy photovoltaic business continued to consolidate its leading advantages in both technologies and intelligent manufacturing, improved its synergistic role in congruence with the industry chain, pro-actively expanded its global presence, and achieved robust growth in both scale and performance of production and sales. During the Reporting Period, TZE registered an operating revenue of RMB48.65 billion and net profit of RMB6.58 billion, up 19.9% year on year. Display Business During the Reporting Period, the end-user demand for display maintained stability amid fluctuation, manifested a trend of seasonal improvement, while the popularity of larger-sized TVs continued to drive growth in demand areas. The ever-improving supply-side landscape had further galvanized the healthy development of the industry, and catalyzed the uptick in prices of large-sized panels at the beginning of this March. The prices of small and medium-sized panels gradually stabilized. Driven by downstream new product launches and stockpiling, small-sized panels suffered from structural capacity shortages in the third quarter which led to product price increases. TCL CSOT maintained healthy inventory through flexible production scheduling strategies, expedited operational turnover, and consistently improved its business and product structure. Rising product prices also evidenced the improvement of quarter-on-quarter operational performance. In the first three quarters of 2023, the display business achieved an revenue of RMB61.2 billion, up by 17.5% year on year, including revenue of RMB25.68 billion in the third quarter, represented an increase of 73.0% year on year, or 25.8% quarter on quarter; and achieved net profit of RMB1.82 billion, turned losses into gains in the third quarter and resulted in both YoY and QoQ growth. In large-sized segment, TCL CSOT had taken full advantages of the high-generation production lines, and led the industry by its large-sized panels. TCL CSOT consolidated its top 2 position in the global market share of TV panels. TCL CSOT’s proportion of shipping area of TV products with sizes of 55 inches and above had increased to 79%, while the market share of 55-inch and 75-inch products ranked first in the world, the market share of 65-inch products ranked second in the world. In commercial markets such as interactive whiteboards, digital signage, and splicing screens, TCL CSOT ranked among the top three in terms of global market share. In its medium-sized products business, the t9 production line successfully achieved a capacity increase, with expanding market share, and the Company continued to optimize the layout of its product and customer structure. The Company’s shipment of monitors jumped to a ranking of third in the world, with e-sports monitors occupied the largest percentage of market share worldwide. Products for laptops and vehicle-mounted devices were introduced to major brands worldwide at an accelerated rate. In its small-sized products business, the Company consolidated its competitiveness through technological innovation. The Company ranked among the top three in the world in terms of LTPS mobile panel shipments. The G6 LTPS production line was expanded as planned to meet demands for multi-purpose products. The utilization of the t4 flexible OLED production line was significantly improved, with increasing shares of high-end products. In the third quarter, the Company ascended to fourth place globally in terms of Looking ahead into the fourth quarter, with further improvements in the competitive landscape and new development trends based on reasonable business returns, the display industry will maintain supply-demand balance as well as developing in a long-term, orderly, and healthy manner. The prices of large-sized display products are subject to a moderate degree of seasonal variation. The prices of medium-sized products have stabilized, while small-sized products see a higher utilization rate and rising prices in certain areas because of demands for new products. The Company is confident that its display business will continue to operate steady in the fourth quarter. New Energy Photovoltaics Business In the first three quarters of 2023, the photovoltaics industry witnessed intensifying competition in key sectors, drove prices downward throughout the industrial chain. Be that as it may, the economic viability of photovoltaic power generation improved, impelled a steady increase in installation capacity at the terminal end. The photovoltaic industry would return to technological innovation and manufacturing prowess in terms of core competitiveness. TZE gave full play to its rights of defining, benchmarking, and pricing through the improvement of technologies and manufacturing, consolidated its leading position in the market and achieved steady performance growth. During the Reporting Period, TZE registered an operating revenue of RMB48.65 billion and net profit of RMB6.58 billion, up 19.9% year on year. The production capacity of G12 and N-type photovoltaic materials continued to increase. TZE enhanced the layout of TOPCON cells and shingled modules, and strengthened its differentiated competitiveness. During the Reporting Period, the Company’s production and sales of photovoltaic materials rose by 68% year on year, with G12 silicon wafers occupied the largest share of the global market, while N-type silicon wafers also secured pole position in terms of market share of sales. The Company led the upgrade of large-sized, thin-slice, thin-line process technologies for crystals and wafers. The Company excelled in metrics such as the monthly crystal output per furnace, volume of wafer output per kg, and significantly enhanced its leadership position in terms of cost management. To improve industrial synergy, the Company built a demonstration production line for G12 cells with annual output of 2GW in the Jiangsu province, and invested in and constructed an intelligent 25GW N-type TOPCON plant for solar power cells, expedited the development of shingled module projects. strategic partnership with the international community, TZE accelerated to deploy a layout in the global commercial market. Having relied on long-term investment and development in smart manufacturing over the years, the Company had applied Industry 4.0 flexible manufacturing in various industries, created autonomously coordinated and highly efficient dark factories, which enabled the Company to achieve industry-leading productivity, with a competitive advantage in localized manufacturing on a global scale. The Company signed the Joint Development Agreement with Vision Industries Company, with a view to jointly investing in and establishing a photovoltaic crystal and wafer factory in Saudi Arabia with a designed capacity of 20GW in its first phase. Given to Maxeon's intellectual properties and technology advantages in IBC cell-modules and shingled modules, the Company and Maxeon had achieved mutually reinforced and coordinated development in terms of production and channels globally. These efforts will further accelerate the future growth of the Company’s overseas business. Looking ahead to the future, the display industry has entered a new phase of development amid a reshaped competitive landscape. By continuously developing its capabilities in response to demand fluctuations, the Company is expecting consistently improving returns on its display business. TZE will continue to take advantage of its leading position in terms of G12 and N-type strategic products, intensify the synergistic expansion of modules and cells, and actively expand its international business. Under such a backdrop, the Company's new energy photovoltaic business will experience robust growth. The Company will seize opportunities from manufacturing upgrades and global clean energy transformation, continue to implement its business strategy of “improving operational quality and efficiency, enhancing strengths to shore up weaknesses, innovation-driven development as well as accelerating global expansion” to achieve sustainable and high-quality development, and turn itself into a global leader. Section IV Shareholder Information (I) Table of the total number of ordinary shareholders and the number of preferred shareholders with resumed voting rights as well as the shareholdings of the top 10 shareholders Unit: Share
Section V Other Significant Events 1. Derivative investment for hedging purposes during the reporting period Unit: RMB'0,000
□ Applicable ?Not Applicable Section VI Quarterly Financial Statements (I) Financial statements 1. Consolidated Balance Sheet Prepared by: TCL Technology Group Corporation Unit: RMB
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