Huaxi Securities Co.Ltd(002926) maintain Tcl Technology Group Corporation(000100) buy rating: weak panel price and pressure on short-term performance

Huaxi Securities Co.Ltd(002926) on January 28, the research report said that the purchase rating of Tcl Technology Group Corporation(000100) (000100.sz, latest price: 5.61 yuan) was maintained. The reasons for rating mainly include: 1) the price of large-size panel continues to fall, and the company has great profit pressure in a single quarter; 2) Under the guidance of the high-end business strategy of TV and commercial display products, the company's long-term profitability is expected to be stable; 3) Semiconductor photovoltaic and materials business has become the second growth engine of the company. Risk warning: panel price instability and unpredictable risk of panel price recovery period; The rise and fall of panel price is highly related to the overall revenue and profitability of the company. In the later stage, the panel price adjustment is too large, resulting in the company's performance falling short of expectations; Advanced display technology is rapidly commercialized, and the production capacity of LCD panel is prematurely eliminated; Systemic risk brought about a sharp decline in Tianjin Zhonghuan Semiconductor Co.Ltd(002129) share price.