TCL電子(01070.HK)：海外業務勢頭造好，Q2收入及利潤增速恢復顯著，維持“優於大市”評級
機構：海通證券
評級：優於大市
TCL電子發佈20H1業績報告。20H1持續經營業務實現收入172.77億港元，同比下滑3.1%；實現扣非歸母淨利潤4.55億港元，同比-6.8%。20H1公司整體毛利率同比提升1.4pct達20.5%，其中海外市場區域結構改善下，毛利率同比提升2.2pct至17.3%，國內市場在促銷影響下毛利率同比降低1.1pct至23.5%。20Q2公司實現收入102.77億港元，同比增長36.6%；實現扣非歸母淨利潤4.17億港元，同比增長48.9%。公司於2020年6月底發佈公告出售代工業務，重組通訊業務，因此單Q2剔除代工業務來看，實現扣非歸母淨利潤4.24億港元，同比增長116.3%。二季度公司持續經營業務快速增長，收入及利潤增速恢復顯著。公司中期派息達每股9.70港仙，扣非後派息率達45%。
海外佔電視業務收入比重達71%，增長勢頭造好。20Q2公司海外電視機業務的收入達60.5億港元，同比增長42.5%。出貨量達420萬台，同比增長40.4%。其中北美市場二季度出貨量同比增長68.5%，新興市場同比增長5%，歐洲市場同比增長55%。據公司半年報援引GfK，TCL在20H1海外品牌電視銷量在全球19個國家位列前五，市佔率同比提升1.7pct。以20Q2數據來看，公司海外電視業務收入佔電視業務總收入比重已經達到71%，海外市場成為公司電視業績發展的重要驅動力。我們認為，海外市場的成長空間一方面源於電視業務的繼續發力：公司在新興市場有望參考北美市場的拓展經驗，複製北美市場的成功案例，後續繼續實現快速增長，延續海外市場優勢。另一方面源於通訊並表後在海外市場的渠道與品牌上將產生更多經營協同，繼續拓展海外收入空間。
國內電視業務量增價降，市佔率提升。20Q2國內市場電視業務收入達25億港元，同比下降2.7%；出貨量達161萬台，同比增長13.1%。國內線上銷售量佔比已提升至54.1%，據公司半年報援引中怡康全渠道數據，國內市場銷售額市佔率20H1同比提升1.5pct至13.3%，排名第二。
互聯網業務增長強勁，有望打開利潤空間。20Q2雷鳥為主的國內市場互聯網收入達2.5億港元，同比增長87.5%。海外互聯網業務收入達1.2億港元，同比增長20.2%。國內方面，雷鳥會員業務收入同比上升69.7%，增值業務
收入同比上升169.3%,廣告業務收入同比上升27.4%；上半年雷鳥ARPU達23.9港元，同比上升28.8%。海外方面，20Q2公司與Google開始在北美地區展開合作，全面覆蓋海外的主要市場；同時與Roku的合作從美國延展至全球。我們認為，未來隨着互聯網服務合作方的增加及覆蓋面的拓寬，互聯網部分收入及利潤貢獻將繼續快速增長。
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