Western Securities: Maintains "buy" rating on TCL Technology, continues to be optimistic about the company's future performance growth.

The research report of Western Securities pointed out that TCL Technology's performance in 25H1 is outstanding, with a bright performance in panel business. According to Omdia's prediction, the growth rate of large-size panel shipments will slow down by 2025, and the shipment volume of medium and small-size panels in 2025Q2 will decrease by 6% year-on-year. Against the backdrop of a decline in industry prosperity, the company's semiconductor display business is expected to achieve a net profit of over 4.6 billion yuan in the first half of the year, a year-on-year increase of over 70%, showing impressive performance. The company's semiconductor display business benefits from the improvement of the industry supply and demand structure, as well as the continuous optimization of production capacity and product structure, and its performance is expected to continue to improve. TCL Huaxin faces industry pressure by persisting in cost reduction and expense control. As an industry leader, if the industry rebounds, it is expected to improve first. We continue to be optimistic about the company's future performance growth and maintain a "buy" rating.