TCLE (01070.HK) Doubles Adjusted Profit attributable to Owners of the Parent YoY in 2024
Adheres to Mid-to-High-End Strategy and Globalised LayoutAchieves Effective Global Scale Growth
Results Highlights
TCL Electronics' mid-to-high-end and globalisation strategies yielded tangible results, enhancing its profitability significantly. In 2024, it achieved revenue of HK$99.32 billion, up 25.7% year-on-year ("YoY"), and adjusted profit attributable to owners of the parent[1] was HK$1.61 billion, representing a YoY increase of 100.1%
In 2024, shipment of TCL TV grew 14.8% YoY to 29 million sets, increasing its market share by 1.4 percentage points YoY to 13.9%, ranking it among the top two TV brands in the world[2]
Global shipment of TCL's mid-to-high-end Mini LED TV exceeded 1.7 million sets, with a rapid YoY growth of 194.5%, and the global market share in terms of shipment increased by 9.9 percentage points YoY to 22.5%, ranking second in the world[3]
Innovative business continued strong growth, with revenue up 44.9% YoY to HK$27.01 billion. Notably, revenue of the photovoltaic business rose significantly to 12.87 billion, representing a YoY increase of 104.4%, gross profit increased by 104.4% YoY, reaching 1.23 billion
The Board proposed a final dividend of HK31.8 cents per share in cash, representing a dividend payout ratio of 50% of adjusted profit attributable to owners of the parent, continuing high dividend policy to reward shareholders
HONG KONG, March 21, 2025 /PRNewswire/ -- TCL Electronics Holdings Limited ("TCL Electronics" or the "Company", 01070.HK) today announced its annual results for the year ended 31 December 2024. During the year, the growth of Company's large-sized display business far outperformed the industry, complemented by rapid scale expansion of the innovative business, the Company's revenue grew by 25.7% YoY to HK$99.32 billion in 2024. Meanwhile, the Company actively seized policy opportunities, and "mid-to-high-end + large-screen" strategies yielded significant results, driving a YoY increase of 13.8% in gross profit to HK$15.55 billion, achieving high-quality growth in overall results.
In addition, the Company continuously optimised its operational efficiency, with the selling and distribution expense ratio declining by 1.0 percentage point YoY to 7.6% in 2024, driven by the precision marketing strategy. The administrative expense ratio decreased by 0.9 percentage points YoY to 4.2%, resulting in an overall expense[4] ratio decrease of 1.9 percentage points YoY to 11.8%. The Company's adjusted profit attributable to owners of the parent in 2024 was HK$1.61 billion, representing a YoY increase of 100.1%, showing a significant enhancement in profitability.
In recognition of the long-term support from shareholders, the Board proposed a final dividend of HK$31.8 cents per share in cash, representing a dividend payout ratio of 50% of the adjusted profit attributable to owners of the parent, fully demonstrating the Company's sincerity in sharing development results with shareholders.
TCL TV Sales Volume and Revenue Outpaced Industry, Mini LED TV Sales Exceeding Expectations and Tripling YoY
In 2024, driven by major sporting events like the Euro Cup and the Olympic Games, shipment of the global TV industry grew by 3.7% YoY[2]. TCL Electronics actively seized market opportunities, leveraging "TCL + Falcon" dual-brand and the "mid-to-high-end + large-screen" strategic to deepen the layout, successfully consolidated its industry-leading position. In 2024, global shipment of TCL TV increased by 14.8% YoY to 29 million sets, setting a new historical high record and significantly outperforming the industry average. According to the reports from Omdia, TCL TV's global market share in terms of shipment consistently expanded from 5.6% in 2015 to 13.9% in 2024, ranking among the top two global TV brands.
Meanwhile, the Company actively invested in Mini LED display technology innovation, promoting optimisation in product structure, with shipment of large-sized and mid-to-high-end TVs maintaining high growth. In 2024, the global shipment of TCL TV of 65-inch and above increased by 21.3% YoY, while shipment of 75-inch and above TCL TV grew by an impressive 39.8% YoY. Global shipment of TCL Mini LED TV exceeded 1.7 million sets, with a YoY growth of 194.5%, and the global market share in terms of shipment increased by 9.9 percentage points YoY to 22.5%, ranking second in the world[3].
Global shipment of large-sized display products increased significantly YoY, highlighting the advantages of the product structure and driving revenue from the Company's large-sized display business up 23.6% YoY to HK$60.11 billion.
In the domestic market, starting from August 2024, the "trade-in" policies further stimulated market demand, leading to a steady increase in the sales volume of TCL TV in the domestic market. In 2024, shipment of TCL TV in the domestic market grew against the trend by 5.8% YoY, with shipment of Falcon-branded TVs increasing by 38.5% YoY. The average domestic shipment price of TCL TV increased by 12.4% YoY, driving revenue growth of 18.9% YoY to HK$19.1 billion. Notably, growth in the ...
