On July 21, TCL Electronics announced its global shipment data for the first half of 2024, highlighting the company’s proactive expansion in global markets and effective brand enhancement. In Q2 2024, shipments reached 6.68 million units, a year-on-year increase of 12.9% and a quarter-on-quarter increase of 14.3%. For the first half of the year, TCL’s global TV shipments totaled 12.52 million units, reflecting a 9.2% year-on-year growth.
TCL Electronics primarily operates in three business sectors: display, internet, and innovation. The display segment includes large-size, medium and small-size, and smart commercial display products, while the innovation segment encompasses comprehensive marketing, photovoltaics, smart connectivity, and smart home solutions.
During the reporting period, TCL’s large-size and high-end TV products received market recognition, with global shipments of TCL TVs measuring 65 inches and above increasing by 14.5%, raising their market share to 23.6%. Shipments of TCL TVs 75 inches and above surged by 34.5%, capturing an 11.8% market share.
The average global shipment size increased from 49.9 inches to 51.7 inches, marking a 1.8-inch year-on-year rise. TCL’s mid-to-high-end quantum dot TVs and Mini LED TVs saw global shipments grow by 64.4% and 122.4%, respectively, with Mini LED TVs maintaining a leading position.
Growth in Overseas Markets for Large-Size and Mini LED TVs
In terms of market regions, TCL Electronics demonstrated exceptional performance overseas in the first half of the year, with a year-on-year increase of 10.4% in international TV shipments, particularly a substantial 77.9% growth for TVs 75 inches and above.
During this period, TCL’s Mini LED TV shipments in international markets rose by 124.7%, with the introduction of the world’s first 115-inch QD-Mini LED TV in North America, Europe, the Middle East, and Asia-Pacific. This model features over 20,000 local dimming zones and can achieve XDR brightness levels of up to 5,000 nits.
TCL Electronics has also increased its coverage of key channels in emerging markets across North America, Europe, Asia-Pacific, Latin America, and the Middle East. Its TV shipments ranked among the top in major regional markets.
In Europe, TV shipments rose by 40.1% year-on-year; shipments in Latin America and the Middle East increased by 11.6% and 25.4%, respectively. In North America, TCL continued to advance its mid-to-high-end strategy, proactively adjusting its channel and product structure. Overall shipment performance remained stable, with shipments of TVs 75 inches and above rising by 46.9%, increasing their market share by 2.8 percentage points to 8.4%.
Dual-Brand Strategy in Domestic Market Drives 5.4% Growth
TCL Electronics noted that domestic demand has continued to decline, leading to a year-on-year decrease in the retail volume of color TVs in the domestic market in the first half of 2024. However, TCL leveraged its dual-brand strategy with TCL and Thunderbird to expand its presence in the domestic market, achieving a year-on-year shipment growth of 5.4%, with Thunderbird brand TVs experiencing a remarkable growth rate of 66.4%.
Additionally, TCL Electronics actively adjusted its product structure to further penetrate the mid-to-high-end market. In the first half of 2024, shipments of TCL TVs 65 inches and above, and 75 inches and above, in the Chinese market grew by 6.7% and 17.7%, respectively, with market shares increasing by 0.6 percentage points and 3.5 percentage points, reaching 51.5% and 33.2%.
Previously, TCL Electronics issued a positive profit forecast, expecting its adjusted net profit attributable to shareholders for the first half of 2024 to be between HKD 603 million and HKD 681 million (approximately RMB 561 million to RMB 634 million), reflecting an estimated growth of 130% to 160% compared to the same period in 2023.
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