Loading…
Chinese maker of LCD display panels and semiconductor/photovoltaic materials; consumer electronics sold via a separately listed TCL Electronics.
Chinese maker of LCD display panels and semiconductor/photovoltaic materials; consumer electronics sold via a separately listed TCL Electronics.
Sells display panels by the square meter of glass, so earnings depend on factory utilisation and panel prices, which swing hard. A second cycle runs beside it through TCL Zhonghuan, the solar silicon-wafer maker it controls. The group started as the TV maker TCL, and the consumer-electronics business was moved out of this listed company in 2019.
In one line: China's AU Optronics for panels.
Moat: narrow (scale, installed base). One of the largest LCD panel makers by capacity, but panels are a cyclical, commoditized business.
Headquarters: Shenzhen, China · Founded: 1981 · Employees: 71,419
Size TCL Technology (000100.SZ) is a China Information Technology company (Telecommunications Equipment) with a market value of $15.0B, the 155th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.57 on 6 Nov 2026.
Performance Over six months the shares gained 7.0%, against -29.6% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 20 in its peer set.
Growth Revenue grew 5.1% over the last twelve months (peer median +14.0%); the operating margin is 0.3% (peer median 7.3%).
Valuation It trades at 13.1× forward earnings against a peer median of 21.7× (3rd cheapest of 19).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥187B | CN¥184B | CN¥165B | CN¥174B | CN¥167B |
| Revenue growth | — | +11% | -5% | +5% | — |
| Gross profit | CN¥44.6B | CN¥17.6B | CN¥13.7B | CN¥19.9B | CN¥10.9B |
| EBITDA | n/a | CN¥34.1B | CN¥28.7B | CN¥30.2B | CN¥19.5B |
| Net income | CN¥6.59B | CN¥4.52B | CN¥1.56B | CN¥2.21B | CN¥261M |
| Free cash flow | CN¥17.4B | CN¥31.1B | CN¥9.20B | -CN¥2.07B | -CN¥21.2B |
| Capital expenditure | CN¥21.7B | CN¥16.3B | CN¥23.7B | CN¥29.6B | CN¥40.8B |
| Total debt | CN¥169B | CN¥175B | CN¥184B | CN¥175B | CN¥164B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TCL Technology 000100.SZ | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% |
| BOE Technology 000725.SZ | $25.3B | +9% | -4% | 2% | 21.4× | -3.9% |
| AUO 2409.TW | $6.02B | +49% | -1% | -2% | n/a | n/a |
| Innolux 3481.TW | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% |
| LG Display Co., Ltd Sponsored ADR LPL | $2.72B | -42% | -10% | 2% | 10.8× | -8.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000100.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -5.3% | 6th highest of 20 |
| 6-month return | +7.0% | -29.6% | 3rd highest of 20 |
| Distance from 52-week high | -27.0% | -46.3% | 5th highest of 20 |
| Revenue growth (TTM) | +5.1% | +14.0% | 7th lowest of 20 |
| Operating margin | 0.3% | 7.3% | 2nd lowest of 20 |
| Forward P/E | 13.1× | 21.7× | 3rd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | -4.7% | 17.4% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +19.1% | +6.6% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -23.7 pp | +11.6 pp | 2nd least demanding of 13 |
| ROIC minus cost of capital | +1.5 pp | -1.8 pp | 8th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TCL Technology 000100.SZ | China | $15.0B | +7% | +5% | 0% | 13.1× | -4.7% | +19.1% |
| Huaqin 603296.SS | China | $12.7B | -13% | +28% | 2% | 17.1× | n/a | n/a |
| ZTE 000063.SZ | China | $19.0B | -23% | +14% | 1% | 24.2× | 19.0% | +5.6% |
| ZTE 0763.HK | Hong Kong | $19.0B | -27% | +20% | 1% | 14.6× | 17.5% | +4.9% |
| Shenzhen Transsion 688036.SS | China | $11.6B | +13% | -1% | 5% | 21.8× | n/a | n/a |
| Accton Technology 2345.TW | Taiwan | $21.6B | -49% | +82% | 14% | 12.5× | 4.5% | +35.4% |
| China Spacesat 600118.SS | China | $9.75B | -46% | +6% | 1% | 531.4× | n/a | n/a |
| ViaSat VSAT | United States | $8.81B | -9% | +1% | 2% | n/a | 42.8% | +15.5% |
| Yealink Network Technology 300628.SZ | China | $7.50B | +8% | +17% | 46% | 16.2× | 4.3% | +17.0% |
| Zhejiang Dahua Technology 002236.SZ | China | $7.04B | -21% | +7% | 7% | 12.3× | n/a | n/a |
| Ciena CIEN | United States | $34.5B | -56% | +33% | 14% | 23.4× | 29.0% | +6.2% |
| Telefonaktiebolaget LM Ericsson ERIC-A.ST | Sweden | $34.9B | -9% | -4% | 14% | 17.3× | -8.7% | +0.4% |
| Ubiquiti UI | United States | $35.9B | -30% | +27% | 36% | 33.5× | 22.2% | +11.5% |
| Shenzhen Sunway Communication 300136.SZ | China | $6.14B | -54% | +2% | 9% | 47.1× | 30.6% | +6.9% |
| Fiberhome Telecommunication Technologies 600498.SS | China | $5.50B | -42% | +16% | 1% | 21.5× | 12.8% | +3.4% |
| Nokia NOKIA.HE | Finland | $44.3B | -37% | +4% | 14% | 19.2× | 17.4% | -1.9% |
| Jiang Su Etern 600105.SS | China | $4.82B | -48% | +49% | 12% | 24.4× | n/a | n/a |
| QuantumCTek 688027.SS | China | $4.60B | -48% | -19% | -33% | 4,259.0× | n/a | n/a |
| Hangzhou Hikvision Digital Technology 002415.SZ | China | $49.1B | -3% | +8% | 19% | 17.5× | 2.6% | +7.8% |
| Ohb OHB.DE | Germany | $4.45B | -61% | +18% | 5% | 60.7× | n/a | n/a |