研報掘金丨中金:TCL電子盈利能力持續改善 目標價升至11港元
中金公司發表報告指,TCL電子(1070.HK)公佈首季電視出貨數據,該公司全球出貨量651萬臺,同比上升11.4%。其中,Mini LED TV全球出貨量55萬臺,同比升2.3倍,佔比達到8.4%;中高端量子點TV全球出貨量133萬臺,同比升74.9%,佔比達到20.4%。高端化、大屏化戰略推進,疊加國家補貼拉動,公司全球TV銷售額同比升22.3%,銷售均價同比升9.8%,產品競爭力持續提升。報告指,2024年以來,TCL電子彩電全球競爭持續提升,內部經營提效,盈利能力不斷改善。2025年4月,公司推出新一輪股權激勵,擴大激勵覆蓋範圍並上修了業績考覈目標,在全球貿易環境波動中重塑長期增長信心。中金認爲公司正處於經營改善拐點,中長期有望實現規模、盈利雙重突破。中金維持TCL電子今明兩年20.45億及23.77億元盈利預測不變,維持“跑贏行業”評級,由於盈利改善帶動估值中樞上移,上調目標價10%至11港元,相當於預測市盈率13.6及11.7倍。
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