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研究报告
TCL电子（HK1070）
主要经济指标
| 类别\年份 | 营业额 （港元) |
营业利润 （港元) |
利润总额 （港元) |
净利润 （港元) |
资产合计 （港元) |
负债合计 （港元) |
权益合计 （港元) |
| 1999 | 6157874000.0000 | 904474000.0000 | 573070000.0000 | 510478000.0000 | 4948042000.0000 | 2816580000.0000 | 2131462000.0000 |
| 2000 | 8569198000.0000 | 1698931000.0000 | 459197000.0000 | 427765000.0000 | 5411321000.0000 | 2827717000.0000 | 2583604000.0000 |
| 2001 | 9609735000.0000 | 1718700000.0000 | 316712000.0000 | 291830000.0000 | 5775285000.0000 | 2804839000.0000 | 2970446000.0000 |
| 2002 | 12187549000.0000 | 2190374000.0000 | 653905000.0000 | 573651000.0000 | 7790107000.0000 | 4163739000.0000 | 3626368000.0000 |
| 2003 | 15148652000.0000 | 2477136000.0000 | 733690000.0000 | 641849000.0000 | 8669896000.0000 | 4449566000.0000 | 4220330000.0000 |
| 2004 | 25599840000.0000 | 4374537000.0000 | 417455000.0000 | 308985000.0000 | 16902901000.0000 | 12549943000.0000 | 4352958000.0000 |
| 2005 | 32499945000.0000 | 5459711000.0000 | -578574000.0000 | -598893000.0000 | 18151136000.0000 | 14052144000.0000 | 4098992000.0000 |
| 2006 | 29186823000.0000 | 4496168000.0000 | -2411311000.0000 | -2497314000.0000 | 12397004000.0000 | 10706962000.0000 | 1690042000.0000 |
| 2007 | 21294104000.0000 | 3566516000.0000 | -201263000.0000 | -262016000.0000 | 10779873000.0000 | 8516299000.0000 | 2263574000.0000 |
| 2008 | 25773322000.0000 | 4107217000.0000 | -132416000.0000 | -268245000.0000 | 12616968000.0000 | 9203862000.0000 | 3413106000.0000 |
| 2009 | 30342550000.0000 | 4923602000.0000 | 571419000.0000 | 396523000.0000 | 14921161000.0000 | 11208696000.0000 | 3712465000.0000 |
| 2010 | 26948627000.0000 | 3765065000.0000 | -835244000.0000 | -983161000.0000 | 18500653000.0000 | 15250996000.0000 | 3249657000.0000 |
| 2011 | 32932363000.0000 | 5288935000.0000 | 612889000.0000 | 452600000.0000 | 24131861000.0000 | 20479176000.0000 | 3652685000.0000 |
| 2012 | 36025004000.0000 | 6144917000.0000 | 883496000.0000 | 910916000.0000 | 28019739000.0000 | 23027894000.0000 | 4991845000.0000 |
| 2013 | 39494703000.0000 | 5414039000.0000 | 33026000.0000 | -48075000.0000 | 22155505000.0000 | 17673124000.0000 | 4482381000.0000 |
| 2014 | 33526265000.0000 | 5503038000.0000 | 393459000.0000 | 234499000.0000 | 21482316000.0000 | 16876138000.0000 | 4606178000.0000 |
| 2015 | 34016833000.0000 | 5753022000.0000 | 37179000.0000 | 25811000.0000 | 18178191000.0000 | 13769461000.0000 | 4408730000.0000 |
| 2016 | 33361250000.0000 | 5815783000.0000 | 201206000.0000 | 182764000.0000 | 20309390000.0000 | 13753045000.0000 | 6556345000.0000 |
| 2017 | 40822357000.0000 | 6301244000.0000 | 933164000.0000 | 814639000.0000 | 26063346000.0000 | 18366829000.0000 | 7696517000.0000 |
| 2018 | 45581970000.0000 | 6952157000.0000 | 1258212000.0000 | 1040819000.0000 | 28302910000.0000 | 18426974000.0000 | 9875936000.0000 |
| 2019 | 46991139000.0000 | 8170064000.0000 | 2528371000.0000 | 2283416000.0000 | 33332087000.0000 | 21391189000.0000 | 11940898000.0000 |
| 2020 | 57749404000.0000 | 10126199000.0000 | 2214175000.0000 | 3599442000.0000 | 52336259000.0000 | 35601382000.0000 | 16734877000.0000 |
| 2021 | 74846888000.0000 | 12534309000.0000 | 1447766000.0000 | 1183999000.0000 | 59534337000.0000 | 41161673000.0000 | 18372664000.0000 |
| 2022 | 71351415000.0000 | 13111583000.0000 | 835528000.0000 | 446975000.0000 | 55108941000.0000 | 38227840000.0000 | 16881101000.0000 |
| 2023 | 78986064000.0000 | 14755695000.0000 | 1148184000.0000 | 743633000.0000 | 64776450000.0000 | 47470364000.0000 | 17306086000.0000 |
| 2024 | 99322325000.0000 | 15553985000.0000 | 2514523000.0000 | 1759366000.0000 | 76367404000.0000 | 58690986000.0000 | 17676418000.0000 |
盈利能力分析
| 类别\年份 | 销售毛利率 （%) |
主营利润率 （%) |
总资产利润率 （%) |
净资产收益率 （%) |
存货周转率 | 应收账款周转率 （次) |
总资产周转率 （次) |
| 1999 | 14.69 | 8.9600 | 11.58 | 23.9500 | 2.24 | -- | 1.24 |
| 2000 | 19.83 | 5.4800 | 8.49 | 16.6700 | 2.70 | -- | 1.58 |
| 2001 | 17.88 | 2.6200 | 5.48 | 9.9500 | 3.87 | -- | 1.66 |
| 2002 | 17.97 | 2.3000 | 8.39 | 16.0900 | 3.88 | -- | 1.56 |
| 2003 | 16.35 | 2.6100 | 8.46 | 15.5800 | 5.19 | -- | 1.75 |
| 2004 | 17.09 | 1.3200 | 2.47 | 10.5400 | 4.65 | -- | 1.51 |
| 2005 | 16.80 | -1.8100 | -3.19 | -15.0100 | 5.88 | -- | 1.79 |
| 2006 | 15.40 | -8.2700 | -19.45 | -155.9700 | 7.70 | -- | 2.35 |
| 2007 | 16.75 | -0.9300 | -1.87 | -12.1400 | 5.49 | -- | 1.98 |
| 2008 | 15.94 | -0.5000 | -1.05 | -8.1600 | 7.08 | -- | 2.04 |
| 2009 | 16.23 | 1.8900 | 3.83 | 10.9500 | 5.17 | -- | 2.03 |
| 2010 | 13.97 | -3.0600 | -4.51 | -31.2700 | 4.71 | -- | 1.46 |
| 2011 | 16.06 | 1.8000 | 2.54 | 12.8100 | 6.43 | -- | 1.36 |
| 2012 | 17.06 | 2.4900 | 3.15 | 19.1200 | 4.44 | -- | 1.29 |
| 2013 | 13.71 | 0.1700 | 0.15 | -1.1000 | 6.85 | -- | 1.78 |
| 2014 | 16.41 | 1.2700 | 1.83 | 5.2500 | 6.91 | -- | 1.56 |
| 2015 | 16.91 | 0.2900 | 0.20 | 0.6000 | 8.61 | -- | 1.87 |
| 2016 | 17.43 | 0.6100 | 0.99 | 2.8300 | 6.33 | -- | 1.64 |
| 2017 | 15.44 | 2.0100 | 3.58 | 10.6800 | 6.82 | -- | 1.57 |
| 2018 | 15.25 | 2.6000 | 4.45 | 10.5400 | 5.53 | -- | 1.61 |
| 2019 | 17.39 | 5.3000 | 7.59 | 19.7100 | 7.19 | -- | 1.41 |
| 2020 | 17.53 | 3.9400 | 4.23 | 22.2700 | 4.75 | -- | 1.10 |
| 2021 | 16.75 | 1.7400 | 2.43 | 6.5900 | 4.60 | -- | 1.26 |
| 2022 | 18.38 | 1.0500 | 1.52 | 2.7100 | 5.92 | -- | 1.29 |
| 2023 | 18.68 | 1.3400 | 1.77 | 4.4500 | 5.35 | -- | 1.22 |
| 2024 | 15.66 | 2.4200 | 3.29 | 10.2300 | 5.48 | -- | 1.30 |
偿债能力分析
| 类别\年份 | 资产负债率 （%) |
股东权益比率 （%) |
流动比率 | 速动比率 |
| 1999 | 56.92 | 43.08 | 1.68 | 0.77 |
| 2000 | 52.26 | 47.74 | 1.65 | 0.74 |
| 2001 | 48.57 | 51.43 | 1.56 | 0.83 |
| 2002 | 53.45 | 46.55 | 1.52 | 0.76 |
| 2003 | 51.32 | 48.68 | 1.52 | 0.88 |
| 2004 | 74.25 | 25.75 | 1.33 | 0.88 |
| 2005 | 77.42 | 22.58 | 1.01 | 0.67 |
| 2006 | 86.37 | 13.63 | 0.91 | 0.60 |
| 2007 | 79.00 | 21.00 | 1.13 | 0.70 |
| 2008 | 72.95 | 27.05 | 1.17 | 0.84 |
| 2009 | 75.12 | 24.88 | 1.19 | 0.74 |
| 2010 | 82.43 | 17.57 | 1.11 | 0.78 |
| 2011 | 84.86 | 15.14 | 1.13 | 0.91 |
| 2012 | 82.18 | 17.82 | 1.10 | 0.81 |
| 2013 | 79.77 | 20.23 | 1.15 | 0.85 |
| 2014 | 78.56 | 21.44 | 1.14 | 0.88 |
| 2015 | 75.75 | 24.25 | 1.21 | 0.95 |
| 2016 | 67.72 | 32.28 | 1.27 | 0.95 |
| 2017 | 70.47 | 29.53 | 1.24 | 0.96 |
| 2018 | 65.11 | 34.89 | 1.31 | 0.93 |
| 2019 | 64.18 | 35.82 | 1.31 | 1.05 |
| 2020 | 68.02 | 31.98 | 1.22 | 0.93 |
| 2021 | 69.14 | 30.86 | 1.20 | 0.86 |
| 2022 | 69.37 | 30.63 | 1.19 | 0.92 |
| 2023 | 73.28 | 26.72 | 1.18 | 0.91 |
| 2024 | 76.85 | 23.15 | 1.13 | 0.86 |
成本费用分析
| 类别\年份 | 销售成本 （港元) |
销售费用 （港元) |
管理费用 （港元) |
财务费用 （港元) |
| 1999 | 5253400000.0000 | -- | 152889000.0000 | 65467000.0000 |
| 2000 | 6870267000.0000 | -- | 217755000.0000 | 43029000.0000 |
| 2001 | 7891035000.0000 | -- | 386322000.0000 | 24185000.0000 |
| 2002 | 9997175000.0000 | -- | 504325000.0000 | 12159000.0000 |
| 2003 | 12671516000.0000 | -- | 609512000.0000 | 32929000.0000 |
| 2004 | 21225303000.0000 | -- | 1138536000.0000 | 65715000.0000 |
| 2005 | 27040234000.0000 | -- | 1687789000.0000 | 162239000.0000 |
| 2006 | 24690655000.0000 | -- | 2213980000.0000 | 245622000.0000 |
| 2007 | 17727588000.0000 | -- | 1010861000.0000 | 269613000.0000 |
| 2008 | 21666105000.0000 | -- | 1087078000.0000 | 224839000.0000 |
| 2009 | 25418948000.0000 | -- | 1120129000.0000 | 127323000.0000 |
| 2010 | 23183562000.0000 | -- | 916440000.0000 | 233185000.0000 |
| 2011 | 27643428000.0000 | -- | 1140465000.0000 | 289411000.0000 |
| 2012 | 29880087000.0000 | -- | 1286601000.0000 | 274782000.0000 |
| 2013 | 34080664000.0000 | -- | 1485494000.0000 | 185966000.0000 |
| 2014 | 28023227000.0000 | -- | 1396840000.0000 | 196000000.0000 |
| 2015 | 28263811000.0000 | -- | 1911930000.0000 | 185692000.0000 |
| 2016 | 27545467000.0000 | -- | 1767213000.0000 | 93102000.0000 |
| 2017 | 34521113000.0000 | -- | 1913533000.0000 | 229175000.0000 |
| 2018 | 38629813000.0000 | -- | 2044840000.0000 | 97728000.0000 |
| 2019 | 38821075000.0000 | -- | 2512338000.0000 | 138155000.0000 |
| 2020 | 47623205000.0000 | -- | 4207707000.0000 | 250095000.0000 |
| 2021 | 62312579000.0000 | -- | 6703200000.0000 | 400860000.0000 |
| 2022 | 58239832000.0000 | -- | 6959926000.0000 | 668671000.0000 |
| 2023 | 65312286000.0000 | -- | 6339953000.0000 | 885497000.0000 |
| 2024 | 83768340000.0000 | -- | 6480157000.0000 | 786914000.0000 |