"TCL Group 's dividend rate is three times that of its peers, and all operating indicators are better than its peers. I just can't imagine why the stock price is so low?"
Recently, at the TCL Group semi-annual report performance exchange meeting, the company's chairman Li Dongsheng faced The above questions were raised to the media and investment banks attending the meeting. In his opinion, he could not understand why the company's stock price in the secondary market had been sluggish for a long time. In fact, even Li Dongsheng, the largest shareholder of TCL Group , can't understand something and wants others to give the answer, which is somewhat "funny". This kind of doubt will not push up the stock price of TCL due to speculation.
The just announced results of TCL Group show that after divesting its home appliance terminal business and transforming into a semiconductor company focusing on display devices such as LCD panels, the company's operating quality has improved significantly. Excluding the impact of the company's divestment and reorganization in the first half of the year, the company achieved operating income of 26.12 billion yuan in the first half of the year, a year-on-year increase of 23.9%; net profit was 2.64 billion yuan, a year-on-year increase of 69.9%; net profit attributable to the parent company was 2.09 billion yuan, a year-on-year increase of 42.3%. Against the background of the downturn in the home appliance market, TCL Group 's report can be said to be "quite beautiful."
Generally speaking, the company's stock price is a positive reflection of the company's comprehensive value such as profitability and development prospects. If the performance is good, the stock price will naturally be good. For example, the stock prices of , Haier, , Midea, and Gree, which are also home appliance companies, have maintained a price that matches the company's operating value for a long time. A situation like TCL Group ’s “very good performance and long-term low stock price” is rare in the industry. Li Dongsheng has been facing this kind of confusion and challenge in the past few years.
So who can answer TCL Li Dongsheng’s question of “good performance but sluggish stock price”? From the perspective of the home appliance industry, in order to solve the problem of TCL Group’s stock price, it is said that “the person who untied the bell needs to tie the bell.” The solution to cracking the problem still needs to be found from the management of TCL Group and the company’s management. After all, this situation has existed for seven or eight years, and the major shareholders and management headed by Li Dongsheng, apart from complaining, have failed to make fundamental improvements.
The split of TCL Group's business was completed in the first quarter of this year. During this process, after the home appliance terminal business, which originally accounted for 70% of the company's revenue, was divested, although the company's revenue scale decreased, its profitability increased significantly. It relies on the steady operation and development of the upstream LCD panel business. However, from a traditional home appliance company to a brand new semiconductor company, TCL Group Although the company's positioning and main business have changed, for many investors, abandoning the traditional impression and establishing a new value recognition system, in addition to the need Time requires strong guidance and active innovation from the existing management of TCL Group .
At present, the outside world's biggest awareness of TCL Group's is still TCL color TVs, or empty refrigerators, etc., and they do not really realize that TCL Group's has become a semiconductor company with technological attributes. In the past six months or so, TCL Group has not continued to release more new impressions on its own value restoration and corporate positioning to the outside world. On the contrary, more resources are invested in terminal businesses such as home appliances. This has also resulted in many investors’ awareness of TCL Group’s being in the home appliance sector. The "not big but not strong" image of TCL's home appliance business cannot attract the approval of investors.
Returning to the operating quality and capabilities of TCL Group 's current main business, there is still a gap compared with the first-line benchmark companies in the industry. It is not "better than peers" as Li Dongsheng said. At present, the main business of Huaxing Optoelectronics, the main business of TCL Group, is still focusing on small, medium and medium-sized LCD panels. The forward-looking OLED display panels in the industry have not formed stable technological breakthrough capabilities and commercial detonation capabilities. Similarly, on the LCD panel, TCL Group has not developed unique and differentiated operating capabilities and technical confidence.
Specifically, compared with peers such as BOE and Innolux, CSOT’s LCD panel competitive advantages are more concentrated in mid-to-low-end products, which are dominated by price: the cheaper the price, the more shipments will be made, and the higher the price. Just decrease.However, it has not formed one or several breakthrough capabilities in high-end LCD technology. In this way, market investors will refer to BOE and other peers for the stock price pricing and valuation of TCL Group : they may even think that the stock price of TCL Group is not too low, but a relatively normal value.
Faced with this situation, it is necessary for the management of TCL Group to promote Huaxing Optoelectronics business as soon as possible. After completing "from scratch" and "from small to large", it cannot fall into the "comfort zone" of development and must quickly To break the trend of "from big to strong", we need to establish Huaxing Optoelectronics' differentiated capabilities in various new display technologies such as liquid crystal displays. To truly demonstrate the technological innovation strength of CSOT in front of investors, instead of just complaining or even blaming the capital market. Because, in the minds of many investors, "there is a scale" that gives reasonable positioning to the stock prices of different companies.
also needs to see that China's capital market is currently in a round of "major adjustments and changes", which not only provides more opportunities for many technological innovators, but also allows those who "fish in troubled waters" to eventually be eliminated. Out. Regarding the stock price of TCL Group , more problems and solutions need to be found from within the company's operations and industrial development. We must first solve the problem of "making our main business stronger and bigger", and then let the capital market give reasonable pricing and solutions. Valuation.
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