Benefiting from strong demand for flat-panel televisions in China's rural market through a government subsidy scheme, China's largest television maker by shipments, TCL Multimedia Technology Ltd., swung to net profit last year and reported a 69% increase in its first-quarter net profit.

受益于中国政府家电下乡计划刺激下中国农村市场对平板电视机的强劲需求,中国发货量最大的电视生产商TCL多媒体科技控股有限公司(TCL Multimedia Technology Ltd.)去年扭亏为盈,一季度净利润实现了69%的增幅。

But growth has been slowing down this year due to intensifying competition. While first-quarter liquid-crystal-display TV shipments in China rose 56% from a year earlier to 1.19 million units at TCL Multimedia, it still missed its own target due to lower-than-expected market growth and its adjustment in product mix. Foreign brands such as Samsung, Sharp and LG Electronics have been expanding into China aggressively, which has also put pressure on the company.

但由于竞争加剧,今年的增长慢下了脚步。尽管TCL多媒体一季度在中国市场上的液晶电视发货量较上年同期增长了56%,达到119万台,但这依然没能完成公司既定的目标,原因在于市场增速低于预期以及公司对产品组合进行的调整。三星(Samsung)、夏普(Sharp)、LG电子(LG Electronics)等外资品牌在中国的大力扩张也加大了该公司的压力。

About half of TCL Multimedia's revenue still comes from producing cathode-ray tubes, but the company, which makes TVs under the TCL, ROWA, Thomson and RCA brands, is growing in flat-screen TVs. According to market research firm Display Search, TCL Multimedia was China's third-largest LCD TV maker, behind Hisense and Skyworth, in 2009.

TCL多媒体大约有一半收入仍来自阴极射线管的生产,但这家生产TCL、乐华、汤姆森和RCA品牌电视的公司在平板电视领域也取得了增长。据Display Search市场研究公司的数据,2009年时TCL多媒体是中国第三大液晶电视生产商,仅次于海信(Hisense)和创维(Skyworth)。

George Yuan, TCL Multimedia's 43-year old chief financial officer, says he is cautious about growth in the company's key market, China. Mr. Yuan, who was born in mainland China, previously served as financemanager at TCL Corp., the parent of TCL Multimedia. The parent focuses on making consumer electronics, handsets and home appliances. It also has investments in real estate and logistics.

TCL多媒体公司首席财务长,现年43岁的袁冰说,他对公司在其关键的中国市场上的增长持谨慎态度。出生在中国大陆的袁冰此前曾在TCL多媒体的母公司TCL集团股份有限公司(TCL Corp.)担任财务经理。TCL集团专注于生产消费类电子产品、手机和家用电器,在房地产和物流领域也有投资。

Lorraine Luk spoke with Mr. Yuan at TCL Multimedia's headquarters in Shenzhen recently to talk about the company's business outlook and its strategy in TVs. Edited excerpts:

本报记者Lorraine Luk近日在TCL多媒体位于深圳的总部采访了袁冰,双方聊到公司的业务前景及其在电视机领域的战略。以下为经过编辑的采访摘要:

WSJ: What's your view on the outlook for the TV market in China for the remainder of this year?


Mr. Yuan: Growth in China's TV market has more than doubled in the last two years. But we have seen the growth slowing down from the end of last year. The industry is overly optimistic about the government's subsidy program, which has led to inventory problems. The stimulus effect is fading as most customers in rural markets can't afford to buy more than one LCD TV set. I expect the company's gross profit margin this year to be lower than [the 12.3%] of last year because of falling average selling prices and rising competition.


WSJ: What is the company's target for LCD TV shipments this year?


Mr. Yuan: I set a conservativeshipment target for 2010 at the end of last year. But intensifying competition has further hurt our sales in the key China market.


We have just revised down our full-year shipment target by one million units to 8 million-8.5 million LCD TV sets because we have cut our shipment targets in China to 5 million-5.5 million from 6 million-6.5 million. Other markets are still on track to meet their shipment target.


WSJ: Which countries are driving growth for TCL Multimedia?


Mr. Yuan: There's continued replacement of bulky cathode-ray-tube TV sets in emerging markets such as India, Thailand, Mexico and Vietnam. We are also expanding into Latin America, where we have seen strong growth in markets such as Brazil and Argentina.


WSJ: Do you see any slowdown in demand because of the European debt crisis?


Mr. Yuan: We don't see any major impact so far because it is not a global crisis. To Europeans, an LCD TV is a necessity. [The company aims to ship 600,000-700,000 units to Europe this year, up from 550,000 units last year.]


WSJ: How does the company plan to grow? What is your market share target globally?


Mr. Yuan: We plan to focus our resources on the China market in the near term to minimizecurrency risks. Our top priority is to become the country's largest LCD TV maker by shipments by 2012. After achieving a dominant position in China, we will turn our eyes to Korean rivals, Samsung and LG Electronics. Our niche is, we know the China market well and our parent company TCL Corp. is giving us a lot in the way of vertical integration. By placing our assembly plants next to our parent's TV module plants, we can save packaging and transportation costs. In the second half of this year, the products we will focus on will be light-emitting-diode back-lit TVs and Web-connected TVs as demand for these new products is rising quickly.


WSJ: Is the company interested in acquisitions or joint ventures?


Mr. Yuan: We have no plans to acquire a TV module company as the cost would be huge. What we may do is to strengthen our cooperation with our parent in the supply chain.


WSJ: Many companies in China are faced with rising labor costs. How will it affect the company's profitability?


Mr. Yuan: We raised wages for our workers in China by 10%-15% early this year because of the market conditions. But it won't have much impact on our profitability as labor costs account for less than 5% of our total production costs.


  • scheme [ski:m] 移动到这儿单词发声 n.计划;阴谋,诡计 (初中英语单词)
  • competition [,kɔmpi´tiʃən] 移动到这儿单词发声 n.比赛;竞争 (初中英语单词)
  • pressure [´preʃə] 移动到这儿单词发声 n.压榨 vt.对...施压力 (初中英语单词)
  • research [ri´sə:tʃ] 移动到这儿单词发声 n.&vi.调查;探究;研究 (初中英语单词)
  • financial [fi´nænʃəl] 移动到这儿单词发声 a.金融的,财政的 (初中英语单词)
  • finance [´fainæns] 移动到这儿单词发声 n.财政;金融 vt.资助 (初中英语单词)
  • manager [´mænidʒə] 移动到这儿单词发声 n.经理;管理人;干事 (初中英语单词)
  • estate [i´steit] 移动到这儿单词发声 n.财产;庄园;等级 (初中英语单词)
  • headquarters [´hed,kwɔ:təz] 移动到这儿单词发声 n.总部(署),司令部 (初中英语单词)
  • program [´prəugræm] 移动到这儿单词发声 n.说明v.为...安排节目 (初中英语单词)
  • mexico [´meksikəu] 移动到这儿单词发声 n.墨西哥 (初中英语单词)
  • european [juərə´pi:ən] 移动到这儿单词发声 a.欧洲的 n.欧洲人 (初中英语单词)
  • assembly [ə´sembli] 移动到这儿单词发声 n.集会;装配;与会者 (初中英语单词)
  • transportation [,trænspɔ:´teiʃən] 移动到这儿单词发声 n.运输;运送;运费 (初中英语单词)
  • acquire [ə´kwaiə] 移动到这儿单词发声 vt.求得,获得,学得 (初中英语单词)
  • strengthen [´streŋθən, ´strenθən] 移动到这儿单词发声 vt.加强 vi.变强 (初中英语单词)
  • cooperation [kəu,ɔpə´reiʃən] 移动到这儿单词发声 n.合作;协作 (初中英语单词)
  • affect [ə´fekt] 移动到这儿单词发声 vt.影响;感动;假装 (初中英语单词)
  • account [ə´kaunt] 移动到这儿单词发声 vi.说明 vt.认为 n.帐目 (初中英语单词)
  • adjustment [ə´dʒʌstmənt] 移动到这儿单词发声 n.调整;适应;调解 (高中英语单词)
  • revenue [´revinju:] 移动到这儿单词发声 n.税收;收入 (高中英语单词)
  • previously [´pri:viəsli] 移动到这儿单词发声 ad.预先;以前 (高中英语单词)
  • consumer [kən´sju:mə] 移动到这儿单词发声 n.消费者;用户 (高中英语单词)
  • remainder [ri´meində] 移动到这儿单词发声 n.剩余物;残余部分 (高中英语单词)
  • margin [´mɑ:dʒin] 移动到这儿单词发声 n.边缘;空白;余地 (高中英语单词)
  • conservative [kən´sə:vətiv] 移动到这儿单词发声 a.保守的 n.保守者 (高中英语单词)
  • brazil [brə´zil] 移动到这儿单词发声 n.巴西 (高中英语单词)
  • crisis [´kraisis] 移动到这儿单词发声 n.转折点;危机 (高中英语单词)
  • currency [´kʌrənsi] 移动到这儿单词发声 n.通货;通用;货币 (高中英语单词)
  • cautious [´kɔ:ʃəs] 移动到这儿单词发声 a.小心的;谨慎的 (英语四级单词)
  • mainland [´meinlənd] 移动到这儿单词发声 n.大陆;本土 (英语四级单词)
  • outlook [´autluk] 移动到这儿单词发声 n.眺望;景色;展望 (英语四级单词)
  • stimulus [´stimjuləs] 移动到这儿单词发声 n.刺激(物);促进因素 (英语四级单词)
  • shipment [´ʃipmənt] 移动到这儿单词发声 n.装运;载货量 (英语四级单词)
  • dominant [´dɔminənt] 移动到这儿单词发声 a.统治的;占优势的 (英语四级单词)
  • vertical [´və:tikəl] 移动到这儿单词发声 a.垂直的 n.垂直线 (英语四级单词)
  • strategy [´strætidʒi] 移动到这儿单词发声 n.兵法;战略 (英语六级单词)
  • impact [´impækt] 移动到这儿单词发声 n.影响,作用;冲击 (英语六级单词)
  • minimize [´minimaiz] 移动到这儿单词发声 vt.将...减至最小量 (英语六级单词)