金吾财讯 | 华泰证券发研报指，首次覆盖TCL电子(01070)，TCL为全球电视龙头，且已经形成全球化布局和较成功的出海范式。公司背靠TCL大产业集团，在“品牌引领价值，全球效率经营，科技驱动，活力至上”的战略导向下，正进入经营质量改善收获期。结合公司在显示产业垂直一体化能力的构建、海外渠道拓展和品牌营销的综合实力提升，该行看好公司继续占领全球中高端电视份额，进而提升海外电视业务盈利能力。叠加持续的对内经营优化，公司长期盈利能力提升有看点，有望能持续兑现股权激励净利增长目标。
该行预计公司2024-2026年归母净利分别为12.3/16.1/19.3亿港元，同比+65%/+31%/+20%，对应EPS为0.49/0.64/0.77港元。Wind可比公司25年一致预期PE为10x，考虑到海外品牌业务表现突出，经营改善逻辑有望延续，给予公司25年12倍目标PE，对应目标价7.68港元，“买入”评级。
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