金吾财讯 | 天风证券研报指，TCL电子(01070)计划向860名管理层及业务骨干授予9149.79万股附带业绩兑现条件的奖励股份，其中，董事会主席杜娟占比1.5%，CEO张少勇1%，CFO彭攀1%，25/26/27年分别解锁40%/30%/30%。本次授予与公司关键业绩指标（即经调整归属于母公司所有者净利润增长比率）挂钩，紧密绑定TCL电子管理层及核心骨干人员个人利益与公司中长期业绩表现，并向市场传达对公司全球业务高质量可持续增长的信心与诚心。该行指，近期外部贸易环境的扰动造成对股价的过激反应，公司及集团持续完善全球化产业布局，从输出产品转变为与当地共建工业能力布局，有望实现适宜的产销调配和稳健应对，且结合业绩解锁目标对应当前动态市盈率水平较低。TCL电子为全球彩电行业领先企业，持续修炼中高端+全球化运营能力带动TV业务份额稳步扩张，同时在主航道之外夯实光伏、全品类营销、互联网业务等增长动能。该行预计25-27年公司经调整归母净利润分别为23.4/28.2/32.6亿港元（前值20.4/24.6/28.7亿港元，结合本次股份激励计划上调利润预期），对应8.9x/7.4x/6.4x，维持“买入”评级。
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