金吾财讯 | 招商证券发研报指，TCL电子(01070)2024年预计可实现扣非归母净利润13~17亿港元，同比增长62%~112%，业绩表现超市场预期。该行表示，2024年国内MiniLED电视在产业链大力推进+国补助力下渗透率表现持续超预期，据洛图科技数据，2024年销量渗透率达11.6%，同比提升9.1pct，考虑到目前头部品牌加速完善MiniLED产品线布局，且二三线品牌也逐步加大投入力度，该行认为行业渗透率将延续高增，2026年渗透率有望达到40%(具体测算详见前期报告《MINILED行业专题系列之一：显示技术变革，风起青萍之末》)。同时，考虑到MiniLED电视竞争格局优于行业整体，且产品结构(尺寸带)更高，该行认为MiniLED渗透率的加速提升有效助力公司盈利改善。考虑到公司盈利表现在海外份额增长+国内MiniLED超预期下加速改善，该行上调公司2024-2026年归母净利润至15.1亿港元、19.1亿港元及23.4亿港元，对应PE分别为11.0x、8.7x及7.1x，维持“强烈推荐”投资评级。
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