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第一上海:TCL電子(1070.HK)主營業務盈利改善 創新業務發展可期 維持”買入“評級
格隆匯4月17日丨第一上海發研報指,TCL電子(1070.HK)2022年總收入713.5億港元,毛利同比增長4.6%至131.1億港元,整體毛利率同比提升1.7百分點至18.4%,歸母淨利潤及經調整歸母淨利潤分別為4.5億元及7億元(正增長 102.4%),擬派末期股息每股12.7港仙。此外,2022年中國市場銷量則逆勢增長21.3%至624萬台,銷售收入同比增14.8%至151.94億港元,且得益於產品結構優化升級,毛利率同比提升6.1個百分點至24.4%。 互聯網業務方面,2022年收入同比增長24.3%至23億港元。創新業務方面,2022年收入同比增長22.2%至104.4億港元,其中光伏業務自22年第二季度正式運營,快速起量,全年實現3.3億港元銷售收入及7.4億待確認的訂單收入。第一上海指,公司全球電視份額穩中向上,憑藉中高端品牌戰略,帶動利潤端持續修復。此外公司緊抓新興機遇,打造光伏、AR/XR等新的增長曲線,光伏等多元化業務規模上量可期,該行預測公司2023-2025年扣非淨利潤為 9.4/12.2/15.2億港元,給與未來12個月目標價5港元,對應 2023-2025年9/7/5倍預測市盈率,維持”買入“評級。
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