金吾财讯 | 华安证券发研报指，TCL电子(01070)发布2024H2业绩预告，24H2：经调整归母净利润6.5~10.5亿港元(+19%~+93%)。24年：经调整归母净利润13~17亿港元(+62%~+112%)。H2经调整归母净利润中值(同比+56%)再超预期，全年净调整归母净利润中值15亿(同比+87%)高出股权激励目标1.8亿，预告下限即可达24年目标。该行表示，以中值计算，H2经调整归母净利润同比+56%，该行预计H2毛/净利率皆有提升大幅好转(H1毛利率同比-1.6pct)，主因包括：1)受益MiniLED/大屏化趋势和内销国补升级，产品结构显着改善；2)成本压力大幅缓解，参考洛图数据H2面板价格75寸同比-3%，而H1面板价格+17%涨幅较高；3)公司自身费用率有效下行。该行续指，H2利润再超预期给予市场惊喜，24年电视内外销份额皆有提升，全年量增+15%大幅跑赢全球电视量增+1.8%，且产品结构改善ASP明显上行，中小尺寸减亏费率优化贡献弹性，积极接入DeepSeek和Google Gemini拥抱AI。维持“买入”评级。
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