研報掘金|國泰君安:維持TCL電子“增持”評級 目標價4.5港元
國泰君安證券發佈研報,考慮到TCL電子的光伏業務發展前景較為廣闊,參考同行業給予公司23年15xPE,目標價為4.5港元,維持“增持”評級。研報指出,公司發佈23年中報業績,營業收入349.16億港元,同比+3.7%;歸母淨利潤2.64億港元,同比+5.7%;扣非歸母淨利潤2.62億港元,同比+1.0%。其中,彩電業務增長明顯,大屏化和高端化推動公司毛利率提升,彩電內銷營收為69.0億港元,同比+9.2%;外銷營收為141.4億港元,同比+6.0%。內銷彩電毛利率為22.2%,同比持平;外銷彩電毛利率為17.8%,同比+0.8p.p。創新業務增速較快,主要由光伏業務和全品類營銷業務推動。創新業務營收86.9億港元,同比+65.21%,其中光伏業務16.9億港元,同比+878.5%。公司光伏業務分為户用分佈式和工商業分佈式,主營光伏電站的開發、建設和運維,發展前景廣闊,預計23年裝機量將達到GW規模。此外,公司賬上現金較為充裕,具備較強抗風險能力。23年H1存貨、應收賬款和應付賬款的週轉天數分別為69.64、75.43和122.84,同比減少13天、增加6天和增加6天。
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