金吾财讯 | 浙商证券表示，黑电行业的β来自于成本端面板周期的改善，以及国补对行业的拉动。该行指，TCL电子(01070)自身的α来自国内和海外全面发力，国内产品力领先，海外渠道突破，份额持续提升。市场认为黑电行业竞争格局较差，盈利波动大，投资价值低。但该行认为黑电行业在估值端和竞争格局上都得到了改善，且公司海外突围。估值端改善来自面板周期趋缓对黑电公司盈利稳定性的正向影响；同时，国内受益家电以旧换新国补，行业重回增长，大屏化驱动行业竞争格局改善。海外，公司通过数十年的布局，北美市场渠道突围、欧洲市场份额快速提升。该行预计TCL电子2024-2026年实现收入934亿、1092亿、1180亿港元，对应收入增速分别为18%、17%、8%；预计实现归母净利润13亿、17亿、20亿港元，对应增速分别为80%、27%、16%，给予公司25年11.6xPE值，维持“买入”评级。
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