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大行評級丨中信證券:TCL電子(1070.HK)盈利改善逐步兑現,佈局光伏探索第二曲線
格隆匯9月14日丨中信證券9月7日發佈TCL電子(1070.HK)2022年中報點評研報稱,公司2022H1收入336.8億港元,同比-3.6%;扣非歸母淨利潤2.8億港元,同比+4.9%;若剔除2021年上半年出售晶晨半導體部分權益的一次性收益以及股份支付費用影響,公司經調整扣非歸母淨利潤同比增長19.1%。中信證券稱,大尺寸顯示業務收入2022年上半年雖受消費端需求低迷影響,收入承壓,但公司中高端突破成效顯著,全球化渠道佈局加速,經營質量大幅提升。公司積極拓展業務邊界,在光伏業務領域實現突破,在手訂單充沛,有望打開遠期增長空間。預計公司2022-2024年EPS分別為0.49/0.60/0.72港元,採用分部估值法,給予公司目標價5.5港元,維持“買入”評級。
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