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研報掘金丨華西證券:維持TCL科技“買入”評級,長期價值凸顯

華西證券研報指出,TCL科技員工持股計劃與少數股權過戶,長期價值凸顯。股權激勵包含6名高管,覆蓋3600人,總資金不超過8億元。本期持股計劃設置業績考覈,2025年營收不低於2729.2億元或歸母淨利潤不低於29.6億元。通過持股計劃,建立健全的中高層管理人員及優秀核心員工“風險共擔、利益共享”機制,增強公司凝聚力與發展活力,充分激發員工使命感與責任感,持續鞏固公司所處行業地位,並進一步完善薪酬激勵體系,通過長期激勵與股權,實現長期共同利益與可持續發展,實現公司與員工價值共享。面板行業受益於按需定產整體面板價格保持穩定,疊加多條產線收購,保證顯示業績穩定持續釋放,TCL中環2024年受行業週期波動影響,有望在2025年持續改善,維持盈利預測。持續看好顯示行業長期競爭格局改善和產業鏈戰略價值的提升,維持公司“買入”評級。

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