中金:維持TCL電子(1070.HK)“跑贏行業”評級 目標價5港元
中金公司發佈報告稱,維持TCL電子(1070.HK)2019/2020年EPS預測0.78/0.50港元,引入2021年EPS預測0.56港元。該行表示,維持其“跑贏行業”評級,目標價5.00港元,對應6x/10x2019/20e P/E,漲幅空間25%。公司當前股價對應5x/8x 2019/20e P/E。
該行稱,公司發佈彩電銷量:2019全年電視銷量同比升12%至3200萬台,TCL品牌電視銷量同比增長17%,其中海外市場品牌電視銷量同比升26%至1346萬台,內地市場品牌電視銷量同比升2%至718萬台。
該行還稱,2019年9月1日開始,美國對來自內地的電視徵收15%的關税。受此影響,美國客户在一二季度提前搶單,導致1H19公司對美出口大幅增長75%,2H19對美出口下滑,全年保持14%的增速。根據NPD數據,TCL 2019年前三季度在美國彩電零售市場零售量佔比16.5%,同比提升3.3ppt,排名第二。另外,2019年TCL在歐洲和新興市場的品牌電視銷量分別同比增長35%和41%,其中4Q19分別同比增長54%和57%,相比1-3Q19明顯提速。

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