换肤

TCL科技

i问董秘
企业号

000100

主营介绍

  • 主营业务:

    半导体显示、新能源光伏和半导体材料业务。

  • 产品类型:

    半导体显示器件、新能源光伏及半导体材料、电子产品分销

  • 产品名称:

    半导体显示器件 、 新能源光伏及半导体材料 、 电子产品分销

  • 经营范围:

    研究、开发、生产、销售:半导体、电子产品及通讯设备、新型光电、液晶显示器件,货物或技术进出口(国家禁止或涉及行政审批的货物和技术进出口除外),创业投资业务及创业投资咨询,为创业企业提供创业管理服务,参与发起创业投资机构与投资管理顾问机构,不动产租赁,提供信息系统服务,提供会务服务,提供电子计算机技术服务和电子产品技术开发服务,软件产品的开发及销售,专利转让,代理报关服务,提供顾问服务,支付结算。(依法须经批准的项目,经相关部门批准后方可开展经营活动)

运营业务数据

最新公告日期:2026-08-29 
业务名称 2026-06-30 2026-03-31 2025-12-31 2025-09-30 2025-06-30
新能源光伏业务营业收入同比增长率(%) 6.00 - - - -
新能源光伏业务营业收入(元) 112.70亿 - 227.30亿 - -
组件业务营业收入同比增长率(%) 47.00 - - - -
组件业务营业收入(元) 52.90亿 - - - -
半导体材料业务营业收入(元) 30.40亿 14.40亿 57.10亿 42.40亿 -
半导体材料业务12英寸产品营业收入(元) 16.50亿 - - - -
出货量:硅片(GW) 53.90 - - - -
TCL华星净利润(元) - 18.50亿 - - -
TCL华星营业收入(元) - 251.80亿 - 780.10亿 -
半导体材料业务营业收入同比增长率(%) - 8.50 21.70 28.70 -
茂佳科技营业收入(元) - 45.80亿 217.30亿 - -
产量:光伏硅片(片) - - 129.83亿 - -
产量:光伏组件(MW) - - 1.46万 - -
产量:模组及整机(台) - - 2387.00万 - -
产量:电力(度) - - 7.43亿 - -
销量:光伏硅片(片) - - 133.55亿 - -
销量:光伏组件(MW) - - 1.51万 - -
销量:半导体显示(平方米) - - 7006.00万 - -
销量:模组及整机(台) - - 2381.00万 - -
销量:电力(度) - - 7.43亿 - -
TCL华星半导体显示业务净利润(元) - - 80.10亿 - 43.20亿
TCL华星半导体显示业务净利润同比增长率(%) - - 44.40 - 74.00
TCL华星半导体显示业务营业收入(元) - - 1052.40亿 - 504.30亿
光伏材料板块营业收入(元) - - 122.40亿 - -
电池组件营业收入(元) - - 93.20亿 - -
电池组件营业收入同比增长率(%) - - 60.50 - -
茂佳科技营业收入同比增长率(%) - - 5.90 - -
TCL华星半导体显示业务营业收入同比增长率(%) - - 17.40 - 14.40
专利数量:申请专利:发明专利(件) - - 2582.00 - -
专利数量:申请专利:PCT专利(件) - - 433.00 - -
产量:半导体显示(平方米) - - 7306.00万 - -
销量:其他硅材料(百平方英寸) - - 1222.00万 - -
产量:其他硅材料(百平方英寸) - - 1246.00万 - -
TCL华星营业收入同比增长率(%) - - - 17.50 -
新能源光伏业务销售收入(元) - - - 160.10亿 -
TCL中环光伏业务晶体晶片营业收入(元) - - - - 57.70亿
TCL中环光伏业务电池组件营业收入(元) - - - - 38.50亿
TCL中环光伏业务营业收入(元) - - - - 98.70亿
TCL中环光伏业务营业收入同比增长率(%) - - - - -28.00
其他业务营业收入(元) - - - - 103.90亿
其他业务营业收入同比增长率(%) - - - - 16.00

主营构成分析

报告期
报告期

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营业收入 X

单位(%) 单位(万元)
业务名称 营业收入(元) 收入比例 营业成本(元) 成本比例 主营利润(元) 利润比例 毛利率
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注:通常在中报、年报时披露 

主要客户及供应商

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前5大客户:共销售了621.66亿元,占营业收入的33.77%
  • 客户A
  • 客户B
  • 客户C
  • 客户D
  • 客户E
  • 其他
客户名称 销售额(元) 占比
客户A
230.91亿 12.55%
客户B
167.75亿 9.11%
客户C
140.60亿 7.64%
客户D
46.98亿 2.55%
客户E
35.42亿 1.92%
前5大供应商:共采购了251.73亿元,占总采购额的18.01%
  • 供应商A
  • 供应商B
  • 供应商C
  • 供应商D
  • 供应商E
  • 其他
供应商名称 采购额(元) 占比
供应商A
82.36亿 5.89%
供应商B
61.77亿 4.42%
供应商C
51.30亿 3.67%
供应商D
29.98亿 2.15%
供应商E
26.32亿 1.88%
前5大客户:共销售了568.91亿元,占营业收入的34.52%
  • 客户A
  • 客户B
  • 客户C
  • 客户D
  • 客户E
  • 其他
客户名称 销售额(元) 占比
客户A
214.01亿 12.98%
客户B
157.55亿 9.56%
客户C
115.54亿 7.01%
客户D
50.05亿 3.04%
客户E
31.76亿 1.93%
前5大供应商:共采购了237.79亿元,占总采购额的18.57%
  • 供应商A
  • 供应商B
  • 供应商C
  • 供应商D
  • 供应商E
  • 其他
供应商名称 采购额(元) 占比
供应商A
82.28亿 6.43%
供应商B
64.17亿 5.01%
供应商C
48.71亿 3.80%
供应商D
22.33亿 1.74%
供应商E
20.30亿 1.59%
前5大客户:共销售了513.61亿元,占营业收入的29.46%
  • 客户A
  • 客户B
  • 客户C
  • 客户D
  • 客户E
  • 其他
客户名称 销售额(元) 占比
客户A
175.95亿 10.09%
客户B
119.83亿 6.87%
客户C
100.05亿 5.74%
客户D
81.08亿 4.65%
客户E
36.69亿 2.10%
前5大供应商:共采购了289.00亿元,占总采购额的20.75%
  • 供应商A
  • 供应商B
  • 供应商C
  • 供应商D
  • 供应商E
  • 其他
供应商名称 采购额(元) 占比
供应商A
76.79亿 5.51%
供应商B
68.39亿 4.91%
供应商C
63.52亿 4.56%
供应商D
44.25亿 3.18%
供应商E
36.05亿 2.59%
前5大客户:共销售了500.92亿元,占营业收入的30.88%
  • 客户A
  • 客户B
  • 客户C
  • 客户D
  • 客户E
  • 其他
客户名称 销售额(元) 占比
客户A
140.81亿 8.68%
客户B
128.76亿 7.94%
客户C
106.12亿 6.54%
客户D
64.52亿 3.98%
客户E
60.71亿 3.74%
前5大供应商:共采购了371.77亿元,占总采购额的25.62%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
116.89亿 8.06%
第二名
72.16亿 4.97%
第三名
71.69亿 4.94%
第四名
63.22亿 4.36%
第五名
47.81亿 3.29%
前5大客户:共销售了570.64亿元,占营业收入的35.45%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
客户名称 销售额(元) 占比
第一名
184.22亿 11.44%
第二名
156.43亿 9.72%
第三名
117.53亿 7.30%
第四名
64.38亿 4.00%
第五名
48.07亿 2.99%
前5大供应商:共采购了286.06亿元,占总采购额的22.52%
  • 第一名
  • 第二名
  • 第三名
  • 第四名
  • 第五名
  • 其他
供应商名称 采购额(元) 占比
第一名
79.50亿 6.26%
第二名
65.05亿 5.12%
第三名
56.54亿 4.45%
第四名
43.97亿 3.46%
第五名
41.00亿 3.23%

董事会经营评述

  一、报告期内公司从事的主要业务  今年以来,国际地缘冲突升级,上游能源价格大幅上涨,通胀呈现再度抬头的趋势。在此背景下,全球经济增长动能有所减弱,宏观环境不确定性显著上升。面对外部环境挑战,公司聚焦半导体显示、新能源光伏和半导体材料三大核心业务,持续强化高科技、重资产、长周期的经营壁垒,锚定领先战略,追求可持续的高质量发展。  报告期内,公司实现营业收入886.5亿元,同比增长3.6%;归属于上市公司股东净利润38.1亿元,同比增长102.2%;实现经营现金流176.2亿元。截至报告期末,公司资产负债率65.0%,较上一报告期末增加0.8个百分点;期末现金和现金等价物222.2亿元。  二... 查看全部▼

  一、报告期内公司从事的主要业务
  今年以来,国际地缘冲突升级,上游能源价格大幅上涨,通胀呈现再度抬头的趋势。在此背景下,全球经济增长动能有所减弱,宏观环境不确定性显著上升。面对外部环境挑战,公司聚焦半导体显示、新能源光伏和半导体材料三大核心业务,持续强化高科技、重资产、长周期的经营壁垒,锚定领先战略,追求可持续的高质量发展。
  报告期内,公司实现营业收入886.5亿元,同比增长3.6%;归属于上市公司股东净利润38.1亿元,同比增长102.2%;实现经营现金流176.2亿元。截至报告期末,公司资产负债率65.0%,较上一报告期末增加0.8个百分点;期末现金和现金等价物222.2亿元。
  二、报告期内公司主营业务的经营情况
  公司深耕高科技、重资产、长周期的先进制造产业,聚焦半导体显示、新能源光伏和半导体材料三大核心业务,持续推进技术创新与产业升级,致力实现全球领先的战略目标。
  (一)半导体显示业务
  1、TCL华星
  行业发展及经营情况
  2026年上半年,全球半导体显示产业总体稳健运行。受地缘政治冲突、原材料及存储价格上涨等因素影响,消费电子终端需求阶段性承压,智能手机、笔记本电脑等产品出货量有所下降。与此同时,电视大尺寸化、车载多屏化以及高端显示渗透,持续支撑显示面板面积需求。根据第三方机构预测,2026年全球显示面板出货面积总体接近持平,其中电视和车载面板面积需求预计分别增长约2%和6%,行业呈现出“数量承压、面积稳定、结构升级”的发展格局。
  LCD行业延续按需生产策略,海外低效产能加快退出;电视大尺寸化、高端化以及商显、车载等应用拓展,持续拉动面积需求增长;凭借成熟的产业生态、显著的成本优势和持续迭代能力,LCD在大尺寸领域的主流地位进一步巩固。OLED加速向笔记本、平板、显示器及车载等中尺寸领域渗透。MiniLED加快普及,MicroLED持续推进产业化探索。随着供应格局持续优化、应用场景不断拓展和新技术加快产业化,行业竞争由产能扩张转向以技术创新、产品价值、运营效率和现金流质量为核心的综合实力较量。
  报告期内,面对存储价格上涨、终端需求分化等外部压力,公司以“按需生产、结构优化、效率提升”为主线坚持价值经营。TCL华星实现营业收入502.7亿元,净利润39.0亿元,归属于TCL科技股东的净利润32.8亿元,同比增长24.8%。前期完成对深圳华星半导体少数股权的收购,提升公司对t6、t7核心资产的权益比例,增厚优质资产对上市公司股东的利润贡献。公司收购t9少数股权项目顺利推进,已于近期完成股权交割,此举将进一步提升t9优质资产对于上市公司股东的利润贡献。
  (1)LCD业务稳健领跑,IT与车载业务较快增长
  公司依托覆盖大、中、小尺寸的产线组合,持续优化产品和客户结构。大尺寸领域,把握电视大尺寸化、高端化趋势,报告期内电视面板平均出货尺寸达55.3英寸,高出行业平均水平2.9英寸;通过多产线协同、制造提效与供应链精细化管理,进一步增强LCD业务盈利能力。
  中尺寸领域,随着t9产能进一步释放并与t11加强产能协同,高迁移率氧化物等高端产品出货快速增长,带动t9净利润同比增加超2倍。电竞显示器面板份额保持全球第一,推出全球首款原生1080P1000Hz显示器产品,在消费电竞市场领先的基础上,进一步进入专业电竞序列,并成为2026年穿越火线职业联赛(CFPL)官方合作显示屏。氧化物技术实现从常规氧化物到高迁移率30再到超高迁移率50的阶梯式突破,并在主流平板终端实现规模化应用,技术与产品优势带动市场份额逆势提升。笔记本面板实现头部客户顺利出货以及快速增长,第二季度笔记本面板市场排名由全球第四升至第二,平板面板市场份额保持全球第二,笔记本等中尺寸面板突破标志着TCL华星成功开辟显示业务第二增长极,全尺寸应用版图进一步完善,综合性显示龙头地位持续强化。
  车载业务延续高速增长态势,成为公司中尺寸业务增长最快的细分赛道。LTPS车载面板出货面积份额自2025年四季度以来稳居全球第一,2026年上半年出货量同比增长超过50%。公司持续拓展后排屏、扶手屏及P-HUD等高价值应用,加快由单一显示产品供应向智能座舱整体显示解决方案升级,并创新发布“安全驾驶三联屏”解决方案,推动座舱安全由被动防护向主动感知与协同交互延伸。得益于紧抓国内车企出口增长的市场机遇,以及积极拓展国际知名车企客户并取得突破性进展,车载业务客户结构与区域结构持续优化,营收同比增长46%,全球客户经营与服务能力进一步增强。
  (2)FMMOLED阶段性承压,经营质量逐季改善
  受存储价格上涨及手机终端需求走弱等因素影响,FMMOLED业务阶段性承压,亏损加大。公司聚焦折叠、LTPO、PLP、防窥及Tandem等高附加值技术,积极拓展平板、穿戴和车载等多元化应用,同时推进材料国产化、良率提升和成本下降。第二季度OLED业务营业利润率环比改善,经营质量逐季提升。
  公司已实现折叠产品向品牌客户的量产交付,形成从技术开发、客户验证到规模量产的完整能力。未来,公司将把握折叠产品的市场机遇,持续扩大品牌客户和量产项目覆盖。同时,围绕屏体结构、支撑材料、铰链适配和膜层设计等持续推进关键技术迭代升级,进一步改善折痕、可靠性及显示画质,持续提升产品竞争力和市场份额。
  (3)印刷OLED与MLED商业化有序推进
  公司与MSI联合推出首款面向主流消费市场的印刷OLED桌面显示产品,标志着印刷OLED商业化由专业显示向消费电子市场拓展。目前,相关产品良率和成本已达到成熟量产标准,公司正与多家头部终端品牌推进显示器、笔记本等IT类印刷OLED产品验证,全部按照市场主流技术规格推进,产品成熟度与商业化验证结果已经能够满足头部客户的量产要求。依托t12产线,已有IT电竞产品实现量产出货,年内多个项目将陆续进入量产阶段,客户覆盖范围稳步扩大,为t8规模量产奠定基础。广州t8项目于2026年5月8日提前完成主体封顶,预计于2027年Q4实现量产。未来,t8将发挥规模化制造优势,重点面向主流消费电子产品;t12将聚焦差异化、高附加值产品,形成分工协同的产能布局。
  MLED方面,公司完成福建兆元光电股权交割并将其更名为福州华兆光电,上游LED芯片技术与产能整合初见成效,经营实现显著改善。7月,公司设立深圳市华兆星光技术有限公司,加快先进LED芯片及封装产能建设,进一步完善“芯片-封装-模组”垂直一体化布局。苏州COB直显一期已实现满产,二期核心设备于5月开始搬入,8月量产。未来,公司将持续推进MiniLED背光与直显产品升级,加强上下游技术、产能与客户协同,提升成本竞争力与市场表现。
  (4)AI深度赋能经营体系,新业务取得多点突破
  公司深入推进“AI向实”,依托“一湖一模三平台”五星AI架构,将AI融入材料研发、产品设计、工艺优化、质量管理、供应链和经营决策,推动研发由经验驱动向数据与模型驱动升级,制造由自动化、数字化向智能化演进。
  新业务取得多点突破,专显业务保持较快增长。投影仪LTPS产品份额位居行业前二;完成湖南创科光电并购,推进LCOS投影及3D打印光机技术开发;电子纸形成国内中大尺寸与越南小尺寸双基地布局。启动车载调光玻璃项目建设,计划下半年产出样品。XR产品已实现头部客户稳定出货,硅基LED技术开发及量产线建设方案加快推进。
  (5)折旧下行与资本开支有序收敛,提升盈利与现金流质量
  随着部分成熟产线陆续进入折旧下行周期,预计自2026年起公司整体折旧费用呈现阶梯式下降,有利于释放存量资产利润贡献、提升资产回报。未来,公司资本开支强度总体呈下降趋势,将审慎安排新增资本开支,强化投资回报与资本效率管理。经营性现金流保持稳健,叠加资本开支有序收敛,将持续提升公司自由现金流质量。
  未来发展展望
  公司把握AI重塑智能终端、先进制造与算力基础设施的历史机遇,以半导体显示为基本盘,协同推动显示技术升级、经营体系重构和同源能力延伸,加快从全球领先的显示企业向AI时代核心人机交互界面与先进制造平台跃迁。
  一是重新定义显示价值。面向AI时代各类新型智能终端,公司将推动显示由信息呈现载体向感知与交互的智能界面演进。针对AI终端在低功耗、多任务并行和多窗口交互方面的需求,持续提升可变刷新、分区驱动、高画质、低功耗、多形态和系统集成能力,推动产品向“面板与AI场景深度适配”升级,不断拓展显示应用边界,提升单屏价值和客户黏性。
  二是构建跨技术周期的产品组合。公司在大尺寸LCD坚持按需生产,持续推动大尺寸化和高端化升级,巩固盈利与现金流基本盘;中尺寸作为重要增长引擎,加速向IT、车载和专显等高价值领域渗透,扩大市场覆盖与业务规模;FMMOLED着力改善客户、产品和成本结构,提升高端产品占比和经营质量;印刷OLED与MLED加快客户验证、量产导入和规模化商业应用。公司发挥HVA、HFS和印刷OLED等多技术路线优势,为不同产品定位和使用场景提供差异化解决方案,推动公司由LCD单项领先迈向多技术路线全面领先。
  三是以AI重构先进制造体系。公司将推动数据、模型和智能体贯穿经营全链条,积极探索“AI原生工厂”和“AI原生组织”建设路径。公司自2023年起自研并迭代星智X-Intelligence大模型聚焦显示垂直场景,在相关自动化评测和行业专家评测中,其垂域理解与深度推理能力表现均超过Gemini3.1Pro、GPT-5.5high等国外主流通用大模型,处于全球显示领域领先水平。研发端构建研产销一体化协同,提升“一次做对”能力;制造端推进产线自主感知、自我诊断与智能决策;运营端推动模型由被动执行向主动洞察演进,提升全场景预测与决策能力。公司将同步加强模型可靠性、工业数据闭环、智能体工程能力和领域专家协同机制建设,构筑面向智能时代的核心竞争力。
  四是以同源根技术打开第二增长空间。公司依托大尺寸玻璃基板处理、薄膜沉积、光刻、蚀刻、自动化搬运及智能制造等同源技术能力,推进玻璃基封装关键工艺验证。目前,公司已组建专业团队,围绕TGV填铜、多膜层结构应力管控、玻璃基板深加工等关键工艺难点,与目标客户开展技术交流和联合攻关,计划于2026年下半年展示相关样品,并启动中试研发平台筹建。未来,公司将协同推进上游玻璃材料适配以及通孔、电镀、CMP研磨等关键设备验证,围绕功能性、可靠性、量产良率和成本开展商业化验证。同时,积极探索高速光互联与光电融合机会,强化钙钛矿技术储备,围绕具身智能的视觉、感知与交互需求开展技术开发和头部客户验证,形成“成熟业务创造价值、成长业务改善结构、前瞻业务打开空间”的梯次布局。
  公司将围绕技术验证、客户导入、量产良率和投资回报设立关键里程碑,根据验证结果分阶段投入、动态调整,在守住主业经营与财务安全底线的基础上,优化业务组合,积极培育长期增长动能。
  2、茂佳科技
  茂佳科技是一家拥有全球工业布局的科技制造企业,专注于电视机、显示器及商显等智能显示终端产品研发设计、生产制造的ODM代工业务,是全球最大的电视机代工企业。报告期内,实现营收94.8亿元。其中,TV代工业务出货量持续15个季度位居全球第一;显示器代工业务出货量同比增长7%,位列全球第五;商显业务出货量同比增长37%,为公司业绩增长注入新动能。
  (二)新能源光伏业务
  公司新能源光伏业务坚定夯实晶体晶片竞争力、引领一体化战略进入新阶段、加速BC电池生态构建和专利运营、持续推进全球化发展四项重点工作,以核心竞争力穿越产业周期。报告期内,新能源光伏业务实现销售收入112.7亿元,同比增长6.0%,较2025年上半年减亏29.6%。
  光伏材料业务坚持按需生产,持续优化供应链体系,通过工艺改进、能耗和人效管控等方式推进降本增效。报告期内,公司硅片出货量53.9GW,市占率行业第一,EBITDA较上年同期改善2.9亿元。基于长期技术积累和产业链协同能力,公司以差异化和高端化增强晶体晶片的竞争优势。同时,公司把握海外需求增长的机会,积极拓展印度、土耳其等区域客户,海外出货量和收入大幅增长,推动公司经营质量改善及盈利修复。
  报告期内,公司组件业务出货量同比逆势增长29%,实现营业收入52.9亿元,同比增长约47%,产品均价和毛利同比有所改善。电池组件业务持续优化产品和客户结构,高溢价产品出货占比和海外市场销量均有提升。围绕高功率、高效率、高可靠性和多场景化应用需求,公司形成半片、多分片等高效产品布局,实现BC及半片新品等高效产品出货占比超过15%;海外业务把握重点区域市场机会,在欧洲、中东、澳新、东南亚等市场出货大幅增长。
  一道新能源科技股份有限公司自第三季度起纳入公司合并报表范围,公司电池和组件环节产能分别为20GW和50GW,通过整合研发、制造、销售、供应链及运营管理体系,充分发挥双方协同优势,公司综合竞争力将进一步提升。为满足BC产品需求的持续增长,基于已有的技术和核心专利沉淀,以及工艺和客户积累,公司正在加速推进全部电池产能和50%组件产能的BC技改,预计于三季度陆续投产并进入产能爬坡阶段。同时积极拓展国内外高价值细分市场,有望持续提升市场份额和利润水平。
  (三)半导体材料业务
  公司半导体材料业务以中环领先为运营主体。报告期内,中环领先坚持“国内领先,全球追赶”的战略,围绕先进制程逻辑芯片、先进存储芯片和高端功率芯片等应用需求,持续推进相关半导体硅片产品的研发、客户认证及批量导入,不断优化产品和客户结构。报告期内,中环领先实现出货量689MSI,同比增长17%,其中12英寸和8英寸及以下出货量占比分别为57.8%和42.2%,重点客户认证和导入按计划推进;实现营业收入30.4亿元,其中12英寸产品收入16.5亿元。当期净利润-0.86亿元,经营规模和盈利能力国内同行业领先。
  AI及算力需求爆发式增长,带动逻辑芯片和存储芯片需求提升,并对相关功率芯片需求形成一定拉动;叠加国产替代进程加速,半导体行业进入上行周期,带动半导体硅片市场量价齐增。为把握市场发展机遇,中环领先投建“集成电路用半导体大硅片深圳项目”,加快推进12英寸硅片产能建设,重点提升逻辑及存储用半导体硅片产能。结合宜兴和徐州现有生产基地规划,中环领先12英寸硅片规划总产能提升至210万片/月,进一步完善区域产能布局,提升重点客户的配套服务能力。中环领先将持续推进先进技术和工艺研发,深化与国内外重点客户合作,加快释放新增产能、缓解交付压力,以技术、效率和品质构建差异化竞争优势。
  (四)其他业务
  报告期内,天津普林电路、翰林汇业务经营情况良好,公司金融和投资业务持续贡献收益。
  面对严峻复杂的外部环境,公司将秉持“战略引领,创新驱动,先进制造,全球经营”的发展理念,把握先进制造产业升级和全球能源结构转型的历史性机遇,实现可持续的高质量发展,迈向全球领先。

  二、核心竞争力分析
  自1981年创立以来,TCL不断穿越周期,通过持续探索、变革、转型,始终挺立潮头、敢为人先,成长为具备全球竞争力的高科技产业集团。
  战略领先:领先战略目标及清晰战略发展理念
  2018年TCL进行历史上最重要的一次战略转型,从多元化转向专业化经营,战略聚焦高科技、资本密集、长周期的科技产业。2020年7月摘牌中环电子,正式进军新能源光伏及半导体材料领域。TCL科技已形成以半导体显示、新能源光伏、半导体材料为核心的业务架构。公司业务战略发展逻辑一致,业务发展周期互补、管理协同优势明显,竞争优势突出。
  当前公司以领先目标为牵引,落实“战略引领、创新驱动、先进制造、全球经营”发展理念,强化公司核心竞争力建设,重视组织能力建设,以明确的战略目标、领先的核心竞争力、卓越高效的管理体系应对外部环境不确定性变化。
  规模领先:领先市场地位,全面业务布局
  TCL华星作为全球半导体显示龙头企业,国内显示领域自主建线先锋,截至报告期末已累计投资超3000亿元,目前已布局12条高世代面板线(其中t8在建)、7座模组工厂,覆盖全球主要客户。公司通过自建并购产线建立全球大尺寸面板的领先地位。2026年上半年电视面板出货市占率全球第二,98吋以上TV面板出货市占率全球第一。公司自建面向高附加值IT、商显等中尺寸产品的t9产线,实现全尺寸战略布局,2026年上半年MNT面板市占率全球第二,在电竞MNT、LTPS笔电等细分品类市占率全球第一,战略业务MLED直显实现规模量产交付。TCL华星积极布局高性能、全场景应用显示解决方案,加强产业链生态建设,从大尺寸龙头拓展到全尺寸,从面板逐步拓展到显示解决方案,一路穿越多个行业周期,从“跟跑者”、“并跑者”、再到“领跑者”,实现公司高质量发展。
  TCL中环以硅片业务为基础,向下游电池组件、储能等业务延展,逐步建立行业领先竞争力。在光伏硅片,公司持续发挥智能制造、技术、产品优势,满足客户差异化需求,2026年上半年硅片全球综合市占率保持全球第一,G12硅片市占率全球第一,总单晶产能全球第一。在光伏电池组件,公司依托硅片的智能制造及技术优势,加强电池组件技术创新及研发投入,为客户提供更优质产品及解决方案,同时2026年7月完成对一道新能源并购,实现电池组件在产品技术、客户渠道、制造能力等全面升级。国内光伏行业进入深度调整期,TCL中环将持续加快海外业务拓展及工业布局,提升产品力构建差异化优势,以更强的竞争优势应对行业变化。
  中环领先坚持“国内领先,全球追赶”战略,成为境内规模最大、产品门类最齐全、技术最先进的半导体材料企业之一,已覆盖国内外重点客户,2026年上半年半导体硅片收入国内第一。公司持续推进12英寸大硅片产能提升,产销规模同比高速增长,2026上半年12英寸大硅片收入国内第一。公司将持续丰富产品与客户结构,以技术领先、效率提升、品质卓越为战略支点,打造差异化竞争壁垒。
  技术和和生态领先:加强技术创新开展广泛合作,构筑技术先发优势
  公司依托TCL华星、TCL中环布局半导体显示、新能源光伏、半导体材料等领域核心技术,与上下游生态企业广泛开展技术合作,构建全球产业与技术生态联盟,在下一代显示技术、G12及N型光伏材料、BC电池等逐步建立技术领先优势。公司累计申请专利数超8万余件,推动或参与行业300余项标准建立,高科技属性持续增强。公司在量子点显示技术已申请3200余件专利,位列全球第二,实现下一代显示关键技术自主可控。TCL科技在全球建有32个研发中心,获认证和认定9个国家级企业开放式创新平台、33个省级创新平台资质。
  效率和成本领先:以领先于行业的效率、效益优势穿越周期
  基于规模和技术优势,TCL科技通过持续的管理变革、数字化建设及AI应用,实现效率、效益保持行业领先。TCL华星通过双子星工厂聚合效应充分发挥高效的产线布局和产能扩展,通过管理变革加强端到端协同提升整体运营效率降低成本,通过AI赋能及持续数字化投入实现性能、质量、效率、效益不断提升,建立领先行业的管理竞争优势。
  新能源光伏行业仍面临全球需求、政策变化等诸多不确定性,TCL中环通过系列管理变革打通端到端业务流程,逐步构建全球化运营能力及解决方案能力,通过AI赋能及智能制造建设进一步提升产品性能质量,保持领先于行业的效率及成本优势,支撑公司平稳应对行业深度调整,成为全球领先的新能源光伏解决方案企业。
  此外,公司重视双碳及ESG体系建设,以2030年碳达峰为目标建设组织开展工厂、产品、供应链开展专项减碳工作。
  企业文化引领:以“变革、创新、当责、卓越”核心价值观,引领公司实现领先目标2020年公司发布了《全球领先之道》企业文化,提出了“领先科技,和合共生”使命,并以“变革、创新、当责、卓越”为核心价值观牵引每个TCL人敢于拥抱变化突破自我,以积极探索创新精神不断推动业务优化和升级,以当责和追求卓越精神为客户提供更加优质的产品和服务。在面对外部日益复杂多变的经营环境,TCL人将继续秉承“全球领先之道”的精神和文化,勇立潮头,不畏艰难,共同推动公司业务发展不断跨越,实现全球领先。

  三、公司面临的风险和应对措施
  1、宏观政治经济的风险
  全球经济增长动能分化明显,地缘政治冲突不断,贸易保护主义持续升温,区域化特征日益明显。同时全球汇率及金融市场仍存在较大波动,企业海外经营面临较大风险。在此背景下,公司将持续关注宏观政策变化,并建立风险预警机制,充分识别关税及汇率等风险制定预案。以领先目标为牵引,聚焦主业经营、坚持技术创新驱动、提升自身竞争力、提高商业价值回报,有效应对宏观经济的波动。
  2、行业景气波动的风险
  2026年面板价格仍存在波动,光伏行业内卷状态依然持续,虽有调整但尚未明显改善。公司将密切关注行业供需关系变化,合理配置产能,加大研发投入,不断提高产品的科技含量,扩大规模与效益优势构建竞争高壁垒,加强护城河。
  3、全球供应链波动风险
  受地缘政治、AI需求爆发挤压,全球供应链稳定性面临挑战,主要原材料价格持续上涨,对交付稳定性及价格带来一定挑战。同时在大环境影响及价格挤压下,一些中小型供应商收缩及关停,带来一定交付风险。为保证全球供应链的安全,公司将继续坚定全球化战略,深化本地供应链建设,持续打造更强风险应对能力。同时通过战略合作、战略库存等方式保证供应商稳定,建立上游供应风险监测预警机制,以及时识别有效应对。
  4、知识产权及合规风险
  伴随公司业务规模持续扩大和技术布局持续拓展,专利纠纷时有发生,知识产权风险日渐明显。公司将继续保持高比例的研发投入,通过“自研+生态合作”不断完善关键技术和产品专利布局。同时持续健全知识产权管理保护机制,加强风险专利调查,增强专利风险预警,全面提升知识产权风险应对能力。
  此外,海外市场合规体系重要度日益提升。公司将加强合规管理建设,建立符合全球主流国家出口管制要求的合规体系。完善合规流程制度,加强员工合规培训,增强合规意识和文化,并与当地合作伙伴紧密沟通,降低潜在合规风险。 收起▲

产品价格

数据截至(20260902)
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20260902,4.89,1895.00,-2.2,0,20260902
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