金吾财讯 | 中信建投发研报指，TCL电子(01070)发布2024年TCL电视全球出货量数据，Q4国内受益国补刺激销量稳健增长，海外受益渠道拓展销量持续高增，欧洲及新兴市场均表现优异。同时，公司大屏化+高端化策略成效显着，Q4大尺寸和MiniLED电视大幅增长，有望推动智屏业务利润率提升。该行看好公司的未来增长前景，一方面其在海外市场份额持续提升，未来智屏业务收入有望继续增长；另一方面其产品结构不断优化，有望推动经营利润率回升至疫前水平。该行指，TCL电子持续推进“中高端+大屏化”与“TCL+雷鸟”双品牌战略，不断提升国内外市场份额和扩大智屏业务规模，通过优化产品与渠道结构、本土化与降本增效推动盈利水平修复。该行预测2024-2026年公司实现归母净利润14.12/17.60/21.84亿港元，对应EPS为0.56/0.70/0.87港元，当前股价对应PE为12.18/9.77/7.87倍，维持“买入”评级。
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