China Post Securities: Maintains "buy" rating on TCL Technology, profit growth rate highlights strong growth momentum.

China Post Securities research report pointed out that TCL Technology's profit growth rate highlights strong growth momentum. In the first three quarters of 2025, the company achieved operating income of 136.065 billion yuan, an increase of 10.50% year-on-year; achieved a net profit attributable to the mother of 3.047 billion yuan, an increase of 99.75% year-on-year. Multiple breakthroughs in the semiconductor display business, resilience and growth potential are highlighted. The synergy of multiple business sectors promotes overall steady and good operation. As the largest semiconductor material company in China with the most complete product categories and the most advanced technology, it has covered key customers at home and abroad and maintained a leading position in the domestic industry in terms of comprehensive competitiveness. In the new energy photovoltaic business, the company actively responds to industry cyclic fluctuations, practices the "anti-domestic consumption" requirement, relies on moderate integration and globalization strategies, with a 22% improvement in revenue in the third quarter, through optimizing product structure, strengthening cost control, enhancing product competitiveness, and expanding domestic and overseas markets, profit levels have significantly recovered. In other business areas, MEGA Technology, as the world's largest TV assembly factory, has seen rapid growth in TV assembly volume and display assembly business. The "buy" rating is maintained.