10月28日，招商证券发布TCL电子点评报告，认为TCL电子Q3销售表现亮眼，特别是Mini LED产品销售持续超预期，给予TCL电子“强烈推荐”评级。

dianpingbaogaozhichu，tcldianshihaiwaishichangchuhuoliangzengfuhuanbikuoda，jiegoushengjiqushiyanxu。tcldianzisanjiduxiaoliangshujuxianshi，qiansanjidugongsihaiwaishichangzhengtichuhuoliangtongbizengzhang15.2%，zengfuhuanbishangbanniande10.4%jinyibukuoda。

分区域来看，1）欧洲市场，TCL品牌电视前三季度出货量同比增长35.5%，延续二季度以来的高增趋势，在法国、瑞典、波兰位列前二，在西班牙、希腊、捷克等国家位列前三；2）北美市场，受益于渠道切换、中高端战略及精准营销策略，公司Q3出货量同比增长27.5%，快速扭转前期下滑趋势；3）新兴市场，qiansanjiduchuhuoliangtongbizengzhang6.0%，qizhonglameijizhongdongfeishichangzaiqudaotuozhandedaidongxiachuhuoliangfenbietongbizengzhang12.1%/22.7%。

与此同时，海外市场结构升级趋势延续。1）大尺寸，前三季度65+/75+吋电视海外出货量分别同比增长29.3%/85.9%，均高于整体增幅，大尺寸化趋势延续。招商证券推测，增长原因主要受欧洲高端市场及北美Bestbuy渠道快速拓展带动。2）Mini LED，qiansanjiduhaiwaichuhuoliangtongbizengzhang145%，mini ledyichengweizhongguopinpaihaiwaiqudaotuozhanhegaoduanhuadezhongyaozhuashou。

guoneishichangfangmian，jinnianyilaiguoneicaidianshichangchengxiantoubujizhong+dachangfupaidejingzhengqushi，tcldianziyituo“tcl+leiniao”shuangpinpaizhanlve，zaixuqiuzhengtichengyadedahuanjingxiachuhuoliangnishizengzhang，qiansanjidutcldianshiguoneishichangzhengtichuhuoliangtongbizengzhang5.3%，qizhongleiniaopinpaichuhuoliangtongbidafuzengzhang46.6%。

fenjiegoukan，mini ledchengweijinniancaidianxingyejishushengjizhuliu，zaigongjiduandedalituidong、xuqiuduanderenzhitishengyijiguojiabutiezhulixia，shentoulvchixuchaoshichangyuqi。juaoweiyunwangqudaojianceshuju，2024nianshiyiqijianmini leddianshixianshangshichangxiaoliang/xiaoeshentoulvfenbiegaoda27.4%/28.9%，erquniantongqifenbiejinyou2.5%/7.2%。

zhaoshangzhengquanrenwei，tclzuoweiguoneimini ledjishudeyinlingzhe，zaicilunjishubiangezhongchongfenshouyi，qiansanjiduguoneimini leddianshichuhuoliangtongbizengzhang181.1%，chuhuoliangzhanbitongbidafutisheng6.9pctzhi11.0%。

zongshang，zhaoshangzhengquanyujitcldianzi2024-2026nianguimujinglirunfenbiewei14/17/21yigangyuan，tongbifenbiezengzhang82%/25%/25%，duiyingpefenbiewei10.7bei/8.6bei/6.9bei。