研報掘金丨海通證券:TCL科技盈利拐點在即,首予“優於大市”評級
海通證券研報指出,行業暖風已現,TCL科技(000100.SH)盈利拐點在即。該行認爲:1、半導體顯示行業從投資驅動的高速增長期步入成熟期,新開產線的產能釋放帶來的週期波動大幅平抑。同時隨大陸企業全球佔比及行業集中度進一步提升,行業供給格局顯著改善,龍頭控產能力與定價權不斷優化,馬太效應進一步凸顯。TCL 華星作爲面板龍頭有望持續收益,維持穩中求進的理想盈利水平。2、新能源光伏行業持續磨底,產業整合和落後產能出清趨勢已現。TCL中環作爲具備領先優勢的先進產能,有望以相對競爭力穿越週期,降本增效與國際化並行,從而實現盈利修復。考慮到公司重資產特性和可比公司估值水平,給予25年PB估值區間1.8-2.0X,對應合理價值區間5.28-5.87元,首次覆蓋給予“優於大市”評級。
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