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Dow Jones News
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EQS-News: TCL Multimedia Announces 2017 Q1 Results -2-

DJ EQS-News: TCL Multimedia Announces 2017 Q1 Results

Dow Jones received a payment from EQS/DGAP to publish this press release.

EQS-News / 26/04/2017 / 17:41 UTC+8 
 
*(For Immediate Release)* 
 
*TCL Multimedia Announces 2017 Q1 Results* 
 
** * * * * * 
Profit Attributable to Owners of the Parent Rose by 10.2% Year-on-year* 
 
*Operating Results in Overseas Markets Further Improved 
with its LCD TV Sales Volume up by 38.0% Year-on-year * 
 
*BUSINESS HIGHLIGHTS OF THE GROUP FOR FIRST QUARTER ENDED 31 MARCH 2017* 
 
*- *The Group sold 4.70 million sets of liquid-crystal-display ("LCD") TVs, 
up by 11.9% year-on-year. Sales volume of LCD TVs in the PRC market 
decreased by 7.7% year-on-year to 2.22 million sets, while sales volume of 
LCD TVs in the overseas markets grew by 38.0% year-on-year to 2.49 million 
sets. 
 
- The Group achieved a turnover of HK$8.48 billion, increased by 15.3% 
year-on-year. Gross profit dropped by 3.5% when compared with the same 
period of last year to HK$1.34 billion, and gross profit margin decreased 
from 18.8% of the same period of last year to 15.7%. Operating profit was 
HK$100 million, and net profit after tax was HK$77.52 million. Profit 
attributable to owners of the parent rose by 10.2% when compared with the 
same period of last year to HK$81.40 million. Basic earnings per share was 
HK4.92 cents. 
 
- With continued product mix enhancements, the proportion of high-end 
products (such as quantum dot, curved, 4K and large screen TVs, etc.) has 
been steadily increasing. Sales volume of smart TVs of the Group in the PRC 
market (excluding ODM business) amounted to 1.28 million sets, which 
accounted for 75.7% of the Group's LCD TV sales volume in the PRC market 
(excluding ODM business). Sales volume of 4K TVs in the PRC market 
(excluding ODM business) amounted to 680,000 sets, which accounted for 40.5% 
of the Group's LCD TV sales volume in the PRC market (excluding ODM 
business). Market share of curved TVs in the PRC market (excluding ODM 
business) was 34.8%, maintaining No.1 position among the domestic brands in 
the market (Source: China Market Monitor Co., Ltd. ("CMM")). 
 
- The accumulated number of TCL activated smart TV users of the Group 
totalled 19,087,187, and the daily average number of active users in March 
2017 was 8,613,932 (Source: Huan Technology Co., Ltd. ("Huan")). 
 
- The Group ranked No.3 in the global LCD TV market with a market share of 
9.0% in 2016 according to the latest IHS Technology and the Company's 
shipment data, and ranked No.3 in the PRC LCD TV market with a market share 
of 13.6% in the first quarter of 2017 according to CMM's report. 
 
- The Group held a product launch presentation of its new internet TV brand 
in Beijing, China on 29 March, and shared the grand debut of the new 
internet brand "FFALCON", charging ahead into the internet TV market. During 
the presentation, the Group also announced the in-depth collaborations with 
Tencent and Alibaba respectively, in order to enrich its content resources 
on TCL TVs. 
 
(26 April 2017, Hong Kong) - *TCL Multimedia Technology Holdings Limited 
*("TCL Multimedia" or "the Group", HKSE stock code: 01070) today announced 
its unaudited consolidated results for the first quarter ended 31 March 
2017. 
 
*Business Review of the Group for the First Quarter Ended 31 March 2017* 
Despite the negative impacts on the earnings of TV industry, the Group 
continuously optimised its product mix to boost the proportion of sales 
volume of its high-end products such as quantum dot, 4K, curved, and large 
screen TVs. Meanwhile, the Group also enhanced operational efficiency and 
strengthened cost control. Various measures of reducing costs have yielded 
results, partly offsetting the negative impact brought by the increase in 
cost. In the overseas markets, the Group has made significant breakthroughs 
and improvements in sales volume and earnings, thus the overall results have 
improved when compared to the same period of last year. 
 
In the first quarter of 2017, the Group achieved a turnover of HK$8.48 
billion, rose by 15.3% year-on-year. Gross profit dropped by 3.5% 
year-on-year to HK$1.34 billion, and gross profit margin went down from 
18.8% in the same period of last year to 15.7%. Expense ratio decreased from 
16.7% of the same period of last year to 14.2%. Operating profit was HK$100 
million, and net profit after tax was HK$77.52 million. Profit attributable 
to owners of the parent increased by 10.2% year-on-year to HK$81.40 million. 
Basic earnings per share was HK4.92 cents. 
 
The Group hosted a product launch presentation of its new internet brand in 
Beijing, China on 29 March. It not only unveiled its new flagship TV 
products, third generation high-end quantum dots XESS X2 and X3 series TV, 
C2 Theater TV and P3 golden curved TV, but also shared the grand debut of 
the new internet TV brand "FFALCON" and four of its new I series products. 
Additionally, in terms of content resources and sales channels, the Group 
has announced in-depth cooperations with Tencent and Alibaba respectively, 
to target the market of younger generation. The Group is committed to 
producing an exceptionally competitive smart TV. 
 
*The PRC Market* 
Affected by the 12.5% year-on-year decrease in the sales volume of TV 
industry in the first quarter of 2017, the Group's LCD TV sales volume 
decreased year-on-year by 7.7% to 2.22 million sets. With product mix 
improvement and the rise in the average selling price of LCD TVs, the 
Group's turnover of LCD TVs was only down by 2.8% year-on-year to HK$4.82 
billion.The panel prices have continued to hover at a high level, which has 
put pressure on overall gross profit margin. Nevertheless, the Group has 
proactively optimised its product mix, the gross profit margin of LCD TV 
(excluding ODM business) increased by 0.6 percentage point. 
 
With continued product mix optimisation, the proportion of mid-to-high-end 
products has been steadily increasing in the first quarter of 2017 (Data 
below excluded ODM business). 
 
- Smart TV sales volume amounted to 1.28 million sets, which accounted for 
75.7 % of the LCD TV sales volume in the first quarter of 2017, rising from 
63.7% in the first quarter in 2016; 
 
- 4K TV sales volume amounted to 680,000 sets, which accounted for 40.5% of 
the LCD TV sales volume in the first quarter of 2017, rising from 32.5% in 
the first quarter of 2016; 
 
- Market share of curved TVs was 34.8%, maintaining No.1 position among the 
domestic brands in the market (Source: CMM). Sales volume of curved TVs rose 
significantly by 84.9% year-on-year to 260,000 sets, which accounted for 
15.4% of the LCD TV sales volume in the first quarter of 2017, increasing 
from 6.5% in the first quarter of 2016; 
 
- Proportion of the sales volume of products with screen size of 55 inches 
and above increased from 24.9% in the first quarter of 2016 to 35.5% in the 
first quarter of 2017; 
 
- The average size of TVs sold increased from 43.8 inches in the same period 
of last year to 45.6 inches. 
 
*Overseas Markets* 
Benefiting from sales channels expansion and active development in new 
emerging markets, the Group's operating results in the overseas markets have 
continued to improve. In the first quarter of 2017, the Group's LCD TV sales 
volume increased by 38.0% year-on-year to 2.49 million sets, turnover was up 
by 52.1% year-on-year to HK$3.62 billion. As the panel prices have continued 
to hover at a high level, gross profit margin of LCD TVs dropped from 13.6% 
in the same period of last year to 11.2%. 
 
Performance in the overseas markets in the first quarter of 2017: 
 
- In the North American market, LCD TV sales volume surged by 241.2% 
year-on-year; 
 
- LCD TV sales volume in the emerging markets rose by 29.7% year-on-year; 
 
- LCD TV sales volume in the European market dropped by 43.8% year-on-year; 
 
- LCD TV sales volume of the strategic ODM business was up by 7.4% when 
compared with the same period of last year. 
 
The Group continued to accelerate its product mix transition towards 
high-end products such as large screen, smart, 4K and curved TVs, etc., 
enhancing it through CBUS (curved, big screen, 4K and smart) strategy 
(excluding ODM business): 
 
- The proportion of curved TV sales volume increased from 0.5% in the first 
quarter of 2016 to 1.9% in the first quarter of 2017; 
 
- The proportion of TV with screen size of 55 inches and above sales volume 
rose from 10.6% in the first quarter of 2016 to 14.8% in the first quarter 
of 2017; 
 
- The proportion of 4K TV sales volume increased from 4.6% in the first 
quarter of 2016 to 16.2% in the first quarter of 2017; 
 
- The proportion of smart TV sales volume up from 43.4% in the first quarter 
of 2016 to 77.2% in the first quarter of 2017. 
 
*Internet Business* 
While adhering to the development strategy of "double +" strategic 
transformation, the Group has actively built a TCL TV+ service ecosystem. 
TCL has also established in-depth cooperations with Tencent and Alibaba 
respectively, and introduced the new internet TV brand "FFALCON" in March 
2017. In terms of content resources, leveraging on the content advantages 
provided by Tencent Video and Youku under Alibaba, different models of the 
FFALCON series products possess abundant content. In addition, various 
parties will also share data in terms of artificial intelligence and cloud 
service so as to achieve resources sharing. In terms of channels, different 
models of the FFALCON series products will gain access to the online 
channels through respective collaborations with the two major e-commerce 
platforms, namely JD.com and Tmall. 
 
The user numbers of various internet businesses have shown rapid growth. The 
Group's internet business in the first quarter of 2017 recorded an increase 
of 316% year-on-year in the turnover to approximately RMB15.74 million. As 
of March 2017, the accumulated number of TCL activated smart TV users 
totalled 19,087,187, the daily average number of active users in March 2017 
was 8,613,932 (Source: Huan). 
 
- Video-on-demand business totalled 18.21 million users, increasing by 60.0% 

(MORE TO FOLLOW) Dow Jones Newswires

April 26, 2017 05:42 ET (09:42 GMT)

when compared with the first quarter of 2016; 
 
- Paid business totalled 240,000 users, increasing by 566.7% when compared 
with the first quarter of 2016; 
 
- Average spending time of users on TV reached 4.9 hours, representing an 
enhancement in user loyalty. 
 
*Outlook* 
*Mr. BO Lianming, Chief Executive Officer of TCL Multimedia* said, "Looking 
forward, we will persist in adhering to the overall operation strategy of 
"efficiency is basis, structure is core, profit is goal" for 2017 and 
continue to strengthen the establishment of principal competencies of the 
enterprise and promote strategic transformation of twin drivers of "double 
+" and internationalisation. Meanwhile, we will also strive to improve 
operational efficiency and further implement stringent cost control 
measures, thus reinforcing the core brand competitiveness, improving 
profitability and achieving sustainable development. By gradually 
establishing and anchoring our multi-faceted internet-based capabilities, we 
will actively build a comprehensive ecosystem for smart TVs to provide users 
with an exquisite experience with smart products and services, thereby 
delivering greater enterprise value and returns to shareholders." 
 
The Group's sales volume of LCD TVs by regions and the number of TCL smart 
TV users during the period under review were as follows: 
 
                               2017          2016 *Change* 
                      First Quarter First Quarter 
                      _('000 sets)_ _('000 sets)_ 
*LCD TVs*                   *4,702*         4,203    11.9% 
Total 
- PRC market                *2,216*         2,401   (7.7%) 
- Overseas markets          *2,486*         1,802    38.0% 
*Of which: Smart TVs*       *3,089*         2,079    48.6% 
*4K TVs*                    *1,099*           745    47.6% 
         *Accumulated                       *2017  2016 
          total as of                       First First 
             31 March *March March          Quart Quart 
                2017*  2017*  2016 *Change*   er*    er *Change* 
*Number  *19,087,187* *403,7 345,1    17.0% *1,79 1,574    14.1% 
of TCL                   08*    52          7,753  ,993 
activate                                        * 
d smart 
TV users 
(1)* 
 
*Daily          *N/A* *8,613 5,762    49.5% *N/A*   N/A      N/A 
average                ,932*  ,014 
number 
of 
active 
users(2) 
* 
 
_Notes:_ 
 
(1) Number of TCL activated smart TV users refers to the number of users who 
use the internet TV web service for more than once 
(2) Daily average number of active users refers to the number of unrepeated 
individual users who visit within 7 days 
 
*About TCL Multimedia* 
Headquartered in China, TCL Multimedia Technology Holdings Limited (HKSE 
stock code: 01070) is one of the leading players in the global TV industry, 
engaged in the research and development, manufacturing and distribution of 
consumer electronic products. Through a new product-and-user-oriented 
business model that focuses primarily on a "double +" strategy which 
includes "intelligence + internet" and "products + services" as the main 
direction, it strives to build a comprehensive ecosystem for smart TVs that 
provides users with an exquisite experience with its smart products and 
services. The Group ranked No.3 in the global LCD TV market with a market 
share of 9.0% in 2016 according to the latest IHS Technology and the 
Company's shipment data, and ranked No.3 in the PRC LCD TV market with a 
market share of 13.6% in the first quarter of 2017 according to CMM's 
report. The Group is included in the eligible shares list of the 
Shenzhen-Hong Kong Stock Connect. For more information, please visit its 
website: http://multimedia.tcl.com. 
 
Document: http://n.eqs.com/c/fncls.ssp?u=CHITVWDJBE [1] 
Document title: 2017Q1_Press Release_Eng_20170426_Final 
 
26/04/2017 Dissemination of a Financial Press Release, transmitted by EQS 
Group. 
The issuer is solely responsible for the content of this announcement. 
 
Media archive at www.todayir.com 
 
1: http://public-cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=1adb71d1bd5ace4253cc01bd59bec75c&application_id=567649&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

April 26, 2017 05:42 ET (09:42 GMT)

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