中金:提高TCL電子目標價21%
12月2日,中金報告表示,美國“黑色星期五”線上促銷,電視等品類最暢銷;TCL電子具有產業鏈一體化優勢,有望持續在全球市場提升份額,維持跑贏行業評級。維持TCL電子跑贏行業評級和7.58港元目標價,對應21%的上行空間。
12月2日港股早盤,TCL電子大漲逾6%。
據全美零售商聯合會(National Retail Federation)12日1日發佈美國黑色星期五銷售報告,數據顯示今年黑五美國在線購物人數超過1億,創下歷史新高。
第三季度,TCL電視銷量維持高增速,穩居全球第三。受疫情刺激疊加低基數因素,海外市場單三季度銷量552萬臺(+81.3%),收入84.8億港元(+71.5%),全球銷量市佔率第三(+2.7pcts)。受產品結構調整的影響,毛利率同比增長1.3pcts至17.3%。國內方面,公司及時調整渠道策略,行業銷量下滑11%的情況下,單三季度銷量172萬臺(同比-3.9%);高端產品佔比提升,收入34.4億港元(+20.9%),銷額市佔率(13.4%)居國內第二。由於面板漲價、線上佔比提高等因素影響,毛利率同比下滑1.6pcts至22.7%。
中信證券也認爲,電視作爲公司王牌業務,受疫情刺激、渠道調整、產品結構優化等多因素影響,海內/外電視收入+21/+72%,全球市佔率穩居第三;互聯網業務迎來爆發式增長,雷鳥運營效率提高,ARPU同比+37%,收入+79%。隨着TCL通訊業務並表,公司逐步打造智能生態圈,覆蓋硬件+內容業務,向互聯網公司轉型。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.