大行評級 | 中金:TCL電子(1070.HK) 盈利彈性體現,光伏、AR成為新勢力,上調目標價46%至6.7港元
格隆匯8月22日丨中金髮研報指,TCL電子2022財年上半年扣非歸母淨利潤2.57億港元,同比增4.9%。剔除2021財年上半年公司投資收益7.41億港元,公司22年上半年可比口徑業績符合該行預期。受益於面板價格下降及產品結構改善,上半年公司電視業務毛利率同比增2.6ppt至18.7%,其中中國、海外毛利率分別增1.8ppt、2.6ppt。上半年公司整體毛利率同比增1.3ppt至17.2%。該行長期看好互聯網及創新業務優化利潤結構。公司分佈式光伏業務快速起量,該業務於2022財年二季度正式運營,上半年即實現收入1.72億港元。此外,公司於4月發佈的雷鳥XR眼鏡在618期間位列京東智能眼鏡品類銷售額第一;而在CES 2022展示業內首款雙目全綵Micro LED全息光波導AR眼鏡預計近期有望上市。中金維持TCL 電子跑贏行業評級,由於市場預期面板價格下降、公司利潤空間提升,且公司光伏業務快速起量、成長性強,帶動估值上行,該行上調目標價46%至6.7港元,較當前股價有28.1%的上行空間。
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