大行評級 | 中銀證券:TCL電子(1070.HK)智屏業務全球領先,首次覆蓋給予“買入”評級
格隆匯7月21日丨中銀證券發研報,首次覆蓋TCL電子(1070.HK)給予“買入”評級。該行稱,TCL電子智屏業務全球前三,看好公司海外市場長期競爭力,其中歐洲與新興市場成為海外新增長點,2021年歐洲銷售額同比增52%,新興市場銷售額同比增39%。而中小屏業務主要與歐美一線運營商長期深度合作,規模實現穩定增長,產品結構持續優化,並借力智屏全球公開渠道優勢在全球擴張。公司 2021業務總銷量達2531萬台,同比增長8%;收入達144億港元,同比增長30%。公司互聯網業務高速增長,並與海外巨頭聯合;2021年公司國內互聯網業務收入達15億港元,同比增長64%;毛利率 46%,利潤佔比近1/3,已成為公司重要利潤來源。另外,公司研發實力驅動多業務擴容與協同;如配合TCL中環的技術優勢,迅速打開光伏市場,以及開發探索新場景,建設智能家電生態。
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