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大行評級 | 中信證券:TCL電子(1070.HK)多元佈局打造第二曲線 維持“買入”評級

中信證券發研報指,面板價格自2021Q4持續下探,目前已處於五年來歷史底部,TCL電子(1070.HK)產品端結構升級提價順利,剪刀差背景下預計智屏主業利潤率有望迎來顯著修復。此外,公司積極拓展業務邊界,在智能連接、智能家居、全品類分銷及光伏業務等領域實現突破,有望打開遠期增長空間,給予公司目標價5.5港元,維持“買入”評級。

產品結構方面,公司持續中高端轉型升級並取得不錯的成果:一方面,2022Q1大尺寸智屏銷量在中國市場65吋及以上尺寸智屏銷量佔比達35.9%(同比+14.4pcts),其中75吋及以上智屏銷售量同比+125.8%,遠高於其他尺寸;另一方面,公司深耕Mini LED以及QLED新型顯示技術,產品結構升級帶動公司ASP提升明顯,2022H1TCL品牌線上、線下均價分別同比+12.4%/29.7%,高於同期行業均價的-10.9%/+15.8%。市場方面,公司海外市佔率持續提升,歐洲市場增長亮眼,2022Q1銷量同比+16.1%,公司已成功入駐歐洲主流渠道且在法國等地躋身前三,預計後續有望逐步將經驗和成果向英國、意大利、波蘭等地複製,從而驅動公司海外業務的持續增長。業務方面,公司創新業務多元佈局,有望打開第二增長曲線。其中光伏業務與TCL中環上下游協同,在手訂單充沛,全年業績確定性強;而全品類分銷業務完善智能物聯全品類佈局,2021年收入達63.7億元,同比+71%,業務爆發力較強。

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