wen | bohucaijing  ningchengque

jinqi，tclhuaxing，zuoweitcljituanqixiadezhongyaozigongsi，zheiciquerenjiangyi108yiyuandejuzi，naxialgxianshizaiguangzhoude8.5daiyejingmianbanchanxianyijipeitaodemozugongchang，jinyibugongguqizaimianbanlingyudebuju。

huigutcldefazhanlicheng，caidianyewuyizhishiqixintouzhirou，hexinzhongdehexin。dansuizhekejirixinyueyi，dianshijizhujianshichong，quanqiuchuhuolianghexiaoshouliangzi2015nianqibianliannianxiahua，zhongguoshichangyebuliwai。jinnianshangbannian，zhengjichuhuolianggengshichuangxialexindi，xingshiburongleguan。

mianduizheiyikunjing，tclxuanzelezhongzuzijiu。qianjinian，tamenguoduanbolilebaokuodianshiji、kongdiaodengzaineidejiadianzhixiaoyewu，chengliletclshiye。tongshi，tcljiangzigongsihuaxingguangdiantuishangleqiantai，zheijiayuanbenzhuyingmianbanshengyideqiye，houlaigengmingweitclkeji。

rujin，tongguotclshiyeyutclkejiliangdazhuti，tcljiangyewubantujingjianerjujiaodihuafenzaizhinengzhongduan（dianshi）、bandaotixianshi（mianban）hexinnengyuanguangfuzheisantiaozhuhangdaoshang，zheisanzhezhijianxiangfuxiangcheng，gongtonggouchengletclzaixinshidaidezhanlvebuju。

weiletiaochu“caidiandawang”deguyouxingxiang，chengweizhenzhengdegaokejiqiye，tclzheijiniankeweishidongzuopinpin，bujinzanzhudianjingbisaituixiaogaoduanpingmu，haipinfandishougouhekuajiejinjunguangfuchanye，neime，zheiyixiliecaozuoxialai，tclshifouyijingdechangsuoyuan？

01 TCL重组转型：面板业务成色几何？

dianshijishichangdechixudimibingweirangtcltingxiabiangedejiaobu。zheijiacengjingyidianshijixiaoshouweizhudadeqiye，rujinyitongguozhongzuzhenggai，jiangzhongxinzhuanxianglemianbanyewu，bingjiezhuyixiliebinggoucelve，buduanhangshizishendehexinjishushili。

zaiquanqiudachicunlcdmianbanshichangzhong，jingdongfang、tclhuaxing、huike、qunchuangheyoudafenbieyi26.8%、20.9%、13.6%、10.0%、8.2%deshichangfene（anchuhuomianjijisuan）zhanjuqianwudeweizhi。

tclzhengshizaizheiyangdeshichangbeijingxia，zhankailetadeshougouxingdong。tclcicishougoudekaoliangyouer。qiyi，dangqianmianbanxingyezhengchuyushangshengzhouqi。huiguguoqu15nian，mianbanxingyejinglilesilunzhouqi，pingjunmeisandaosinianyilun。tcldecicishougou，qiahaoganshanglexinyilundemianbanzhangjiachao。

zi2020nianxiabannianqi，shouyiqingdengduozhongyinsuyingxiang，mianbanchanpinxuqiujizeng，jiageyilupansheng。jinguansuihoushichangyousuohuidiao，dan2023nianyichengweixingyeshangxingdeguaidian。jushidiaojigoudissyuce，weilaijinianlcdmianbankenenghuichuxianxinyilundegongjiduanque。yinci，zhuazhushijikuodachanneng，chengweitcldangxiadeshouyaorenwu。

qier，lcdzaidachicundianshipingmushangrengzhanjuzhudaodiwei，shichangfenebaochizai60%yishang，youqizaizhongdiduanshichang，lcddeyoushigengweixianzhu。tongshi，dianjingxianshipingshichangdepengbofazhanyeweilcdmianbantigonglexindezengzhangdian。2024nianshangbannian，zhongguodaludianjingxianshiqixianshangshichangxiaoliangjizeng30%，dadao269wantai，xiaoshoueyetongbizengzhang10%zhi33yiyuan。mianduiruciguangkuodeshichangqianjing，tclziranbuyuancuoguo。xunzhaochengshuchanxianchengweiqimibuchanpindezhongyaoshouduan，erlgdguangzhou8.5dailcdmianbanchangzechengweitcldezuijiamubiao。

juxi，gaichangzhuyaochanpinweidianshijishangxiandachicunyejingmianbanchanpin，shejiyuechannengwei180qianpiandaban；qimozugongchanglgdgzdeyuechannenggengshigaoda230wantai。jiadianchanyefenxishiliubuchenrenwei，cixiangshougouyouwangzhulitclzaichannenghechanliangshangzhuishangjingdongfang。

raner，binggouzhilubingfeitantu。lcdshichangsuiranguangkuo，danjingzhengyeyichangjilie，gechangshanglcdmianbanshichangshoujiayidudiyuxianjinchengben，qiyeyinglikongjianbeiyanzhongyasuo。erdiyuanzhengzhiyinsuyeshichangyingxianghaiwaixuqiu，jiqiyejingyingdailaiyingxiang。

zheixieyinsudouduitcldeyejizaochengleyali。2024nianzhongbaoxianshi，gongsizhengtiyingyelirunkuisun5.65yiyuan，tongbixiajiang124.43%；jinglirunkuisun4.68yiyuan，tongbixiajiang119.58%。

gengweishenyuandeyingxiangzaiyu，mianbanxingyedejingzhengluojizhengzaifashengshenkebianhua。sanxing、lgdengrihanchangshangyizhubutuichulcdchannengdejingzheng，zhuanxiangtouzixinjishuruoleddeshengchanxian。erzhongguodaluchangshangrutcl、jingdongfangzezaizheichang“zhongjinhantui”detaishizhongzhanlutoujiao。

suirantclzailcdjishuzhongrengzhanjuzhongyaodiwei，qiegengduoyazhuzaigaijinxingdelcdjishu——mini ledshang，danzaioledzheigeqianyanjishulingyu，qichanxianbujuxiangduiluohou。muqian，tcljinyouwuhant4yitiaoshengchanamoledmianbandechanxian，qiechannengshangweidabiao。

xiangbizhixia，jingdongfangzaioledlingyudebujugengweilingxian。2024nian9yue，jingdongfangzaichengdougaoxinqujuxingleguoneishoutiaodi8.6daiamoledshengchanxiandequanmianfengdingyishi。gaichanxianzongtouzigaoda630yiyuan，shejichannengmeiyue3.2wanpianbolijiban，jiangzhuanzhuyushengchangaoduanchukongoledxianshiping。

zheiyiduibibujinrangrenxiangqiershiduonianqiandeqingjing。dangshi，tcljituanrurizhongtian，yingshouyuanchaojingdongfang。raner，zaijishuluxiandexuanzeshang，tclyazhuledenglizifangxiangdetangmuxun，erjingdongfangzegenjinleyejingfangxiangdehanguoxiandaixianshi。

zuizhong，yejingjishudahuoquansheng，jingdongfangyejieciyiyifanchaotcl。rujin，jingdongfangshizhiyida1634yiyuan，shitclkeji831yiyuandeliangbei。

rujin，tclhejingdongfangsihuyoulaidaoleyigeguanjianjiedian。duanqilaikan，suizhegedajutoudetuichangyijitcldeshougouxingdong，zailcdjiqixiangguanjishulingyu，tclqueshiyongyoujueduidehuayuquan。danzhangyuanlaikan，lcdchanxianshengjigaizaodenanduburongxiaoqu。ruguoyaoshixianoledhuoqitajishuqudaixianyoudelcdchanxian，suoxutouzijiangshiyigetianwenshuzi，jieshilishikenenghuizhongyan。

02 多元化之路不好走

tclzaimianbanyewuzhiwai，lingyidayinrenzhumudejudongbianshikuajiejinjunguangfuye。zuoweiduoyuanfazhanzhanlvedeguanjianyihuan，guangfuchanyechengweitclzhongdianbujudelingyu。2020nian，tclkejihaozhi125yiyuan，chenggongshougouzhonghuanjituan100%deguquan，mubiaozhizhizhonghuangufenqixiadeguangfu、bandaotiyewu。

raner，congcaibaoshujulaikan，tclzhonghuandeyejiquebujinrurenyi。2024nianshangbannian，qiyingyeshouruwei162.13yiyuan，tongbixiajiangle53.54%；jinglirungengshikuisunle30.64yiyuan，tongbixiajiangfudugaoda167.53%。

zaidangqianguangfuyepubianrenweijingguichanyelirunweibodehuanjingxia，xuduoqiyexuanzebujiedijiadan、jiangdikaigonglvyibaozhulirun。dantclzhonghuanquefanqidaoerxingzhi，pingjiegengdideshengchanchengben，tongguogaokaigonglvjinyibuyadiguipianjiage，yiqiangzhangengduoshichangfene。

jieguo，jinnianshangbannian，tclzhonghuansuiranduohuile6%deshichangfene，shichangfeneshengzhi30%，danyouyuguipiandingjiaguodi，kuisunchaoguole30yiyuan。mianduizheiyikunjing，tclzhonghuanzai2024nianxiabannianxuanzegensuilingyiguangfuguipianlongtoulongjilvnengdebufa，shangdiaoguipianbaojia，shituzouchuxingyedijiajingzhengdenitan。

raner，yujiageshangdiaotongshichuanchude，shiguangfuquanneibeichengwei“neimenghuan”“ningxiahuan”“yixinghuan”deguipianchangdafucaiyuandechuanwen，zheixieguipianchangxianranyijingzhichibuzhu。

gengyouyisideshi，jinguanxingyechuyuxiaxingzhouqi，dantclzhonghuanduiguojishichangdetoururengzaijiada。qunian，tclzhonghuanzengzichengweinengyuangongsimaxeondezuidagudong，chigubiliguoban。

ciwai，tclhaiyizhijiaotarulezhinengjiaju。jingguoyixilieyunzuo，tclchenggongnadaoaomabingxiangdekongzhiquan，bingjiangqigengmingwei“tclzhijia”，jiqilekongdiao、bingxiang、xiyijidengyewu，zhijieduibiaohaierzhijia。

raner，muqiandetclzhinengjiajugengxiangyigechongmankejigandeyingxiaomaidian，xiangyaozougaoduanxianluhaixuyaoyouzhenzhengkangdadedicengxitongzhichi，fouzenanyizaishichangzhongtuoyingerchu。erqiegaocengbiandongyejitclzhijiadailaileyidingdebuquedingxing，10yuechu，tclzhijiadongshizhanghudianqianyicizhi。

zaishichangdimishi，tclzhonghuanrengjinxingledaliangtouzi，zheiwuyijiazhonglegongsidecaiwufudan。muqian，tclkejidezichanfuzhailvwei63.84%，jiaojingdongfanggaochu11gebaifendian，zhengzaibijin70%decaiwuhongxian。ciwai，tclkejishangyou105yiyuandeshangyu“pa”zaizhangshang，zheixieshangyuzhuyaoweiguowangyijiashougousuoxingcheng。

jinnianlai，tclkejidezichanjianzhisunshichixukuoda，cong2021nianzhi2023nian，zaidao2024nianshangbannian，tclkejijitidecunhuodiejiasunshifenbiedadao19.24yiyuan、30.84yiyuan、36.48yiyuanhe19.98yiyuan。

tclhuaxingbencishougouyemianlinjudayali。juxi，jiaoyijichugoumaijiakuanhejiwei108yiyuan，niyixianjinfangshizhifu，zijinlaiyuanweitclhuaxingdeziyouhuozichouzijin。caiwuyalikeweijuda，ruguomeiyouwaibuzhuzishuxue，tclhuaxingwanchengbencishougouhoudezichanfuzhaishibijinyibutigao。