文 | 降噪NoNoise

「buchuhai，jiuchuju。」

2024nianquanguolianghuiqijian，tclchuangshirenlidongshengdeyijugankai，zaixuduoxingyeyinfagongming。

jinliangnian，guoneibushaoxingyedoumianlinzhexiangsidetiaozhan：shichangzengzhangbianhuan，dajiazhinenghetongxingqujuan，zuihoubasuoyourenjuandedoukuaichuanbuguoqilai。cishihainengzenmeban？anzhaolidongshengdeguancha，ruobazaiguoneineijuanzhongxuexidebenlingnadaohaiwaiqujuan，zhongguoqiyehaishibijiaolihaide。

tabenrenyoudiqizuocipanduan。riqianfabudetcldianzi2024nianzhongqiyejibaogaoxianshi，duiquanqiuhuahezhonggaoduanzhuanxingdezhizhe，bujinweitcldianzidailaiyuanpaoyingxingyededafuzengzhang，yerangwaijiekandao，dianshixingyederenxingheshangshengkongjianyuanbiwomenxiangxiangdeyaogao。

huoxushishouciguwu，zheigekejijutouzaiyejifabuhuishangshifangxindexinhao——jiexialaiyaohencai「youmen」，tishengmaoli，jiasuchaochanyelianweixiaoquxiandeshangduanpansheng。

touzirenduicidangranxiwenlejian，danduiyuqiyezisheneryan，caiyoumenyiweizhejingzhengshengwei，zheiwuyibagaoletiaozhannandu。

01 拉升业绩的「三驾马车」 大屏、中高端、海外市场

congquanqiudianshishichanglaikan，2024nianshangbanniandeguanjiancizhuyaoyouliangge：yishizhubufusu，ershitoubupinpaijizhongdupansheng。

fanyingdaolongtouqiyetcldianzidecaibaozhong，shichuhuoliang、yingshou、jinglirunsangeguanjianzhibiaodedafuzengzhang。

2024nianshangbannian，tcldianzishixianyingshou454.94yigangyuan，tongbizengzhang30.3%；jingdiaozhengguimujinglirun6.54yigangyuan，tongbidafuzengzhang147.3%。fenyewulaikan，zhulibankuai——baokuodianshi、pingbanshouji、zhihuishangxianzaineidexianshiyewu，shourutongbizengzhang21.3%zhi301.35yigangyuan。zheizhuyaodeyiyudianshiyewudeqiangjingfusu。shangbanniantcldianshiliangjiaqisheng，quanqiuchuhuoliangda1,252wantai，tongbizengzhang9.2%，qiejunjiatongbitisheng12.8%。qizhongdierjidu，qichuhuoliangtongbizengfuda12.9%，huanbizengfuda14.3%。

xiaofeidianzixingyederendouzhidao，shuangweishuzengsuyiweizheshenme。2023nian，caidianquanqiuchuhuoliangtongbixiajiang2.1%，jinglilejinshinianlaidezuidigu。zhijinnianshangbannian，xingyezhongyuyinglaifusujixiang：jucounterpointshuju，erjiduquanqiudianshichuhuoliangtongbizengzhang3%，dadao5,600wantai。

▲图源：中信建投

xingyeshixiangeweishuzengsushishulaizhibuyi，zaicibeijingzhixia，tcldianzihainengpaochushuangweishuzengzhang，hennanbuyinqishichangguanzhu。danghenduorendanxindianshiyichengxiyangchanyedeshihou，xingyejutouzhenggongshenqiaodongxindexiangxiangkongjian。

zhiyuzengzhangcongheerlai，zonghecaibaohexingyeyanbaoxinxi，《jiangzaononoise》faxian「sanjiamache」：daping、zhonggaoduan、haiwaishichang——

shouzhiyudianshixingyezhengtixuqiuquhuan，baokuotcldianzizaineidetoubupinpai，douzaixiangzhonggaoduanshichangjuji。zhonggaoduanluodaochanpinshang，zhuyaoshigengdachicundexianshiping、genggaojiedexianshijishu。

tcldianzizhijieshouyiyu「dapingzhanlve」：2024nianshangbannian，gaigongsi75yingcunjiyishangdianshiquanqiuchuhuoliangtongbizengzhang34.5%，chuhuoliangzhanbitisheng2.3gebaifendianzhi11.8%，quanqiupingjunchicuncong49.9yingcuntishengzhi51.7yingcun，qizhongzhongguoshichangdepingjunchicungengdazhi61.7yingcun。congquanqiushichangqushilaikan，55yingcunyijingchengweichuhuoliang「zhengfu」zengzhangdefenjiedian。juluotukejishuju，jinnianyijidu，quanqiu55yingcunjiyishangchicunmianbanchuhuoliangquanxianzougao，55yingcunyixiamianbanzequanxianweisuo。yi40yingcunyixiadianshiweili，counterpointshujuxianshi，jinnianerjidu，gaichicunchuhuoliangtongbixiajiangle7%。

「dachicunhuadejinchengshizaitaikuaile。」tcldianziceozhangshaoyongqunianjieshou21shijijingjibaodaocaifangshicengpanduan，2024nianxiabannianmianbanxingyechannenglaman，cainengmanzushichangxuqiu。

keyiyujian，zhongxiaochicundianshizhujianrangchudeshichangfene，jiangjixuchenggaodapingdianshidezengzhangkongjian。

erzaixianshijishushang，mini ledzhengchengweishangbannianzengsuzuikuaideyileixifenchanpin，quanqiumini led tvxingyechuhuoliangguimotongbizengzhangle74.3%。zuoweimini ledjishudexianxingzhe，tcl mini leddianshiyeyincichidaolegengduohongli——2024nianshangbanniangaipinleiquanqiuchuhuoliangtongbizengzhang122.4%，yuanchaoxingyedapan；haiwaishichangbiaoxianyouweiliangyan，chuhuoliangtongbidazeng124.7%。

haiwaishichangduitclyiyizhongda。2024nianshangbannian，tcldachicunxianshiyewuhaiwaiyingshoushizhongguoshichangyingshoudeliangbei，ershouxingyeneixuchixuxiajiangyingxiang，guoneidianshixingyelingshouliangtongbixiajiangle10.7%，haiwaibujudezhongyaoxinggengjiatuxian。

anquyulaifen，tcldianshidehaiwaifalidiangeyoujiangjiu：beimeishichangchuyudiaozhengqudaohechanpinjiegoujieduan，mudeshidarugengduogaoduanqudao、pushegengduozhonggaoduansku，suoyizhengtichuhuoguimobiaoxianpingwen；zaiouzhoujilameizhongdongfeidengxinxingshichangzeshijiadatouru，yicihuanqugaozengzhang。

zuidianxingdeshiouzhoushichang，tongguojiadaduiouzhoutopqudaodetouru——top50qudaoyijinru48jia，yijizaitiyudanianduitiyusaishidejingzhunyingxiao，tcldianshishangbannianouzhouchuhuoliangtongbizengjia40.1%，lingshouliangshizhanlvzaifaguo、ruidian、bolanpaimingqianer。

xinxingshichangfangmian，tcldianshizailameijizhongdongfeishichangchuhuoliangfenbietongbishangsheng11.6%ji25.4%。shishishangbuzhishitcl，baokuojiadian、xinnengyuanqiche、shouji、kuajingdianshangdengxingyezheiliangniandoukaishijiadaduixinxingshichangdebuju。xinxingshichangzhengzaishangshengdewangshengxiaofeili、renkouzengzhanghongliduiyuchuhaiqiyeeryan，yiweizhegengdadezengzhangqianli，zhidegengduoqiyeguanzhuheyanjiu。

duoniandequanqiuhuabujuchixuweitcldailaizhengfankui。congshijianweidulaikan，tcldianshiquanqiuchuhuoliangshizhanlvyijingcong2016niande5.8%laidao2024nianshangbanniande13.3%，yueshengzhiquanqiuqianer，ersanxing、lgdeshichangfenezejunchuxianlebutongchengduxiajiang。dianshixingyeyifangmianchengxiantoubupinpaishizhanlvcixiaobizhangqushi，lingyifangmianpinpaideshizhanlvyegengjiajizhonghua。juomdiashuju，2024nianshangbanniantoubuqiansipinpaidequanqiuchuhuoliangshizhanlvzongjiyichaoguowucheng，yiweizhequanqiuyibanyishangdianshichuhuojunlaizitoubupinpai。

dianshichuhuoliangdetizhen，yedaidonglegaomaolidehulianwangyewudezengzhang。shangbannian，tcldianzihulianwangshouru12.12yigangyuan，tongbizengzhang8.9%，maolilvchaoguo50%。qizhong，zaihaiwaitongguoshengjitcl channelneirongjichengyingyongpingtai，yijiyugoogle、rokuhenetflixdengjutoushenruhezuo，gaibankuaibianxiannenglichixuzengqiang，shangbannianhaiwaihulianwangyewushourutongbizengzhangchao50%。

02唯一需要关注的事

suiranjieduanxingchengjiyouyuxingye，tcldianzisihubingmeiyousongyikouqi。

zaizhongqiyejifabuhuishang，tcldianzidongshihuizhuxidujuanzhiyan：「womenhezijixiangbiyougaishan，danhebiaogan（qiye）xiangbihaiyouhendachaju，biaomingwomenweilaihaiyoujinbukongjian。」

zheilide「biaogan」buyanziming，zhengshizhongguojiadianjutoudouxiangyaoganchaodesanxing。duonianlai，zheijiahanguoqiyezhanjuzhequanqiudianshixiaoliangguanjundebaozuo。

zaihuidaxianchangjigoutouzizhe、touxingrenshitiwenshi，dujuanduociqiangdiao，jiexialaigongsizuizhongyaoderenwushiquanlitishengmaolie，dakaishangshengkongjian，「zheishigongsiweiyixuyaoguanzhudeshixiang。」

zaiguoqujinian，zibenshichangduiheidiandeguanzhudubugao，yigeyuanyinshidianshiqiyerongyishoudaomianbanchengbenhejingzhengjiajudeyingxiang。tcldianzizhixingdongshijiancfopengpanyezaiyejihuishangtidao，shangbanniantcl tvdejunjiatongbitishengle12.8%，danshangyoumianban（32cun~75cun）depingjunjiagezhangfuzai17%~33%，yejiushishuo，chengbenzhangfushidayushoujiazhangfu。

zheiqishiyecemianshuoming，zhongguojiadianpinpaideshichangyijiaquanhepinpaizhimingduyoudaijinyibutigao。pinpailirutongzhanshengdiqiuyinlide「taoyisudu」，nengjinliangjiangdimianbanchengbenhexingyejiagezhanduiyijiaqiyedechongji。

congguanlicengbiaotailaikan，jixuzhonggaoduancelve、tishengpinpailiyeshitcldeyingduicelve：yaotongguojiyixianpinpaijingzheng，yishinengnachuhaochanpin，ershiyouzugoudezhongduanqudaozhanxian。

zaichanpinshang，mini ledhedapingdianshirengshitcldianzidezhugongfangxiang。zaozai2016nian，tcldianzibianqianzhanxingdiqidonglemini ledjishudeyanfagongzuo，bingzai2019nianlvxiantuichuquanqiushoutaikeliangchandemini led 8kdianshi。cihou，tclbuduantuichenchuxinmini ledchanpin，ermini ledjishudelingxianyechengweitcldianshizhisuoyinenggouzaishichangsuoxiangpimidezhongyaozhicheng。

yiqijinnianshangbannianfabudeqijianchanpinx11h lingyao qd-mini leddianshiweili，zheishiquanqiubaicunjiliangchanjixingzhongweiyiyikuanwanjifenqu demini led dianshi，beiyejiechengweixin「jiwang」。x11hsuodazaidetcl quanyuguangyunkongzhijishu，zaifaguangxinpian、toujingjishu、beiguangxiangyingsuanfa、od（hunguangjuli）yijipingmu，zheiwudayingxiangguangyundeguanjianyaosujunzuodaojizhi，jiejueledianshixingyeduonianlaideguangyunnanti。

zhiyuhaiwaizhongduanqudaobujushang，tclpinpaiquanqiuhuayijingzouguo25nianlicheng，muqianjibenfugailequanqiu90%yishangdetopjiqudao，jiexialaiyoudaitupodeshijiamazaizhonggaoduanqudaomendianshoumaigengduotcldezhonggaoduanchanpin。

「weilaiwomenyongyuzhanshiqudaoshangdefeiyongyidinghuishangsheng。」zaiyejihuishang，dujuantiqianjitouzirendaleyufangzhen。tcldianzixiwangtongguojinrugengduodehaiwaiqudao，shoumaigengduodegaoduanchanpin，congerxingchenggengdadepinpaixiaoyingheguimoxiaoying，laishixianmaoliedetisheng。

henmingxian，zaixingyeyinglaifusudedaqushixia，tcldianzizhunbeicaixiayoumen，zhudongkaishixinyilunde「papo」。

mianduishichangbianhua，youhuayewujiegou、tigaoyinglinengliyeshizhongshigudonghuibaodebiranxuanze。2017nianyilai，tcldianziyizhijianchigaopaixizhengce，2023nianpaixilvgengshigaoda50.0%。ruguoshuopaixilvdaibiaochengyi，boqugenggaodelirunzongezedaibiaonengli。

03新趋势：更高阶的全球化

yejizengzhangyuanfeizhongguoqiyequanqiuhuadequanmao。

9yue6ri，2024niandeguobolinguojidianzixiaofeipinzhanlanhui（ifa）kaimu。zaizheichangyijingzouguo100nian、kanchengshiyibunongsuoderenleikejifazhanshidezhanlanhuishang，quanqiudingjixiaofeidianzipinpaimeiniandouhuitongchangjingji。

lianxu14nianliangxiangifadetcl，jinnianbaolanlejin3,000pingfangmidechangguanmianji，chuanglishixingao。

daping+zhonggaoduandianshiyiranshicicizhanshidezhongdian，daibiaotclgaoduanhuaxiongxinde 115cun x955 max he x11h qd-mini led dianshi，xiyinlezhongduoguowaicanzhanguanzhongdezhuzu。

zaidingjishenghuishangdechanpinzhanshi，liantongzaiquanqiugaoduanlingshouqudaodetuozhan，zaiaoyunhui、meizhoubeidengdingjitiyusaishishangdeyingxiaozhanshiyiqi，gouchengzhongguoqiyetishengpinpaiyingxianglide「sanlian」dongzuo。

bujinruci，zuoweidiyidaizouxiangquanqiuhuadezhongguoqiye，yitcl、haierdengweidaibiaodejiadianjutouzhisuoyiyouyongqijuandaohaiwai，bingqienengzaidongdangdediyuanzhengzhi、shunxiwanbiandeguojixingshizhongzhanwenjiaogen，pingjiedebuzhishiguoneidezhizaoyeyoushi，haiyougongyinglianquanqiuhua、jingyingbendihua、rencaibujuquanqiuhuaderenzhishengji。

zhixiangbashangpinmaidaohaiwaidemoshihennanchixu，zhongguoqiyequanqiuhuabudanshiquhaiwaizhuanqian，haiyaoduidangdishehuijingjiyousuogongxian。rutclmuqianyijingzaiyuenan、bolan、moxige、baxidengdishelizhizaojidi，qiehenduochanyelianpeitaoqiyeyegenzhequdaodangdi。

bujinruci，suizhegongsiyouzhongguozhongxinzhujianzhuanhuaweiquanqiuduozhongxinyunying，gequyufenhaiyaozaidangdizhaomurencai，rencaibendihuayeshiquanqiuhuadeyingyouyaoyi。yitclyuenanjidiweili，muqian6gejinglizhong，qizhong3geshizhongfang，3geshiyuenanren。jinglijiyixiadezhuguancengjidabufenshidangdiren，bilizai60%dao70%zhijian。

yonglidongshengdehuashuo，「zhiyouzhagendangdi，jingzhenglicaishizhashide。」

huoxuzhiyouzheiyang，juanxianghaiwaidezhongguoqiyecainengweizhongguozhizaoye「duonayidian」。