[The proportion of cash dividends is as high as 50%. TCL focuses on artificial intelligence, Internet, and semiconductors] Recently, TCL Corporation (000100.SZ) released the 2017 annual report and the 2018 quarterly report. The report shows that, thanks to the integration of industry chain and continuous optimization of industrial capital structure, in the first quarter of 2017 and 2018, the net profit of TCL Group to its parent company increased by more than 60% year-on-year. At the same time, TCL launched the 2017 profit distribution plan and proposed to distribute a cash dividend of 1 yuan (including tax) to every 10 shareholders for a total of 1.355 billion yuan in profits. The proportion of cash dividends is as high as 50%.
The TCL Group stated that it will basically complete the first stage of capital and industrial restructuring in 2018, and will also focus on the three major technological areas of artificial intelligence and big data, new semiconductor display technologies and materials, smart manufacturing and industrial Internet. .
Focus on leading industries and continue to optimize capital structure
During the reporting period, in 2017, TCL Group achieved operating income of 111.58 billion yuan, net profit of 3.54 billion yuan, of which net profit attributable to the mother was 2.66 billion yuan, an increase of 66.3% year-on-year. In the first quarter of 2018, TCL Group achieved an operating income of 25.63 billion yuan and net profit of 788 million yuan, a year-on-year increase of 17.2%, of which net profit attributable to the mother was 731 million yuan, a year-on-year increase of 63.2%. Billion yuan, a year-on-year increase of 2.69 times.
It is understood that the main business of TCL Group currently consists of three major segments: product business, service business, venture capital and investment business. Among them, the product business includes semiconductor display business (including China Star Optoelectronics and Hua Hin Optoelectronics (0334.HK)), TCL Multimedia Electronics (1070.HK), TCL Communication Technology, Home Appliances Group, KONE Electronics (1249.HK) and commercial business group. 6 plates. The service business includes internet applications and services, sales and logistics services (including Hanlin Hui (835281)) and financial services. Venture capital and investment business refers to the continuous optimization of industrial structure through industry restructuring, non-core asset stripping or sales, and focusing on leading industries.
The industry believes that the following businesses are worth paying attention to:
1. In the smart terminal product business, TCL Multimedia implemented a rights issue fund raising of HK$2 billion in November 2017 and plans to change its name to TCL Electronics Holdings Limited. It will integrate TCL Group’s high-quality intelligence through investment, mergers and acquisitions and restructuring. Terminal business assets, the development of commercial display, smart AV, smart home business, and create an international TCL brand consumer electronics terminal industry group.
2. TCL Communication Technology transferred 49% equity in September 2017 for the introduction of strategic investors with industrial background and business resources to further promote the strategic adjustment and business restructuring of TCL Communication Technology, and will streamline the product line in the future Cooperate with Huaxing Optoelectronics Industry to vigorously promote the sales ratio of 18:9 full screen smart phones; and. At the same time, continue to strengthen the R&D investment in 5G application technology to prepare for future integration of technologies and products.
3. In the area of ​​Internet applications and services, TCL Group covers various applications, services and supporting platforms for home Internet and mobile Internet. Among them, in the field of home Internet, through the TV+ smart TV platform of Thunderbird Technologies, the company cooperated with Huan Network and global broadcast services to form a service matrix covering its own smart TV terminals and third-party living room intelligent terminals. Thunderbird Technology just obtained a strategic investment of 300 million yuan from Jingdong on May 2, 2018. The two sides will jointly promote the family's large-screen economy.
In terms of mobile Internet applications, TCL Group has built a massive Internet user asset management platform based on cloud computing and big data analysis technologies based on various types of smart terminals and vertical applications, such as TCL Education Network, IT product sales and service platform Hanlin Hui, and o2o. Platform Cool Friends Technology and TCL Financial Services.
4. In the venture capital business, TCL Group used TCL Venture Capital as a carrier to achieve good results in Internet services, sales and logistics business, industrial financial services and investment services. At the end of the reporting period, the fund size of TCL Venture Capital Management was 10.154 billion yuan, with a total of 92 investment projects. Key investment areas include new materials, new energy, consumer, and high-end manufacturing industries. Currently, it holds Baiqin Oil Services, SkySolar, and biological shares. Creative information, Maoye Communications, Hailian Jinhui, Wanhua Chemical, Changshu Automobile and other listed company stocks.
Among them, the July 12th (603712.SH) IPO held by the TCL Group was reviewed by the Issuance Committee and listed in February 2018. Currently, it holds 147 million shares and is the second largest shareholder.
The author believes that behind the achievement of the TCL Group in 2017 and the first quarter of 2018, it is due to the following factors: Based on the improvement in the layout of China Star Optoelectronic Product Line and the explosion of color TV business, the advantages of industrial chain integration have gradually emerged. Through the adjustment of capital and industrial structure, the number of secondary companies and entities directly managed by TCL Group has been reduced to less than 30, further focusing on leading industries to further enhance efficiency and efficiency, and at the same time, through vertical integration of semiconductor displays and smart terminals. The effectiveness of the chain layout, dual “+†and internationalized two-wheel drive strategy has been highlighted, laying the foundation for further advancement of transformation and transformation.
Three layouts of key technologies
The annual report shows that in 2017, TCL Group invested 4.72 billion yuan in R&D, mainly for artificial intelligence, Internet applications, and semiconductor display and materials.
Among them, the Hong Kong Research and Development Center has been put into use for the development of artificial intelligence technology and basic technology research in the field of artificial intelligence. Guangdong Juhua obtained the qualification of “National Printing and Flexible Display Innovation Center†and was the first national innovation center in the display field. It has successfully developed 31-inch printed OLED displays and 5-inch printed quantum dot (QLED) displays. The Evaporated OLED green light and red light materials independently developed by Guangzhou Huarui Optoelectronics have been sample-tested by the manufacturers, and they have also undertaken the “Printed OLED Display Key Material Industrialization Demonstration Project†in the national key R&D project special project.
In the eyes of the outside world, TCL Group already has the advantages of vertical integration of the LCD TV industry chain, as well as the integration of various content and applications on the smart TV ecosystem, and the ability to construct new technologies such as artificial intelligence and big data.
With the development of artificial intelligence (AI) basic technologies, mastering artificial intelligence technology means possessing the core technological strength that faces the future. TCL Group stated that in 2018, it will focus on artificial intelligence and big data, new semiconductor display technologies and materials, smart manufacturing and industrial Internet. It will be promoted to the Group's three major strategies, and will simultaneously promote the development of basic technologies and applied technologies. .
It is reported that TCL Group will also develop artificial intelligence product technology experience through the Internet and big data platform based on the artificial intelligence technology of product application layer, and strengthen the research of artificial intelligence basic technology; use "Guangdong Juhua Printing and Flexible Technology “Developing the next generation of new display technologies and materialsâ€, achieving continuous iteration in the China Star Industrial Platform, supporting China Star in establishing its leading edge in product technologies, establishing smart manufacturing and industrial Internet platform companies, and developing smart manufacturing with its own core IP and its own intellectual property rights. The industrial Internet system completes the intelligent transformation and upgrading of the Huaxing Factory and the smart TV factory, and enhances the smart manufacturing and industrial Internet capabilities of major industries.
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