金吾财讯 | 招商证券研报指，TCL电子(01070)上半年收入达547.77亿港元，同比增长20.4%；主要系创新业务，特别是光伏业务的翻倍增长，及显示业务的稳健增长共同驱动。公司25H1归母净利润同比增长67.8%至10.90亿港元，经调整归母净利润同比增长62.0%至10.60亿港元。利润增长远超收入增长，主要得益于显示业务中高端转型成效显著，产品结构优化带动毛利提升，同时公司整体费用率同比下降1.0pct至11.5%。该机构指，公司短期业绩高增，受益于内销国补政策红利外销关税不确定性落地，中长期看好全球高端市场份额持续提升及全球供应链布局优势，以及创新业务扩张和费用效率优化。该机构预计公司2025/2026年分别实现归母净利润23/28亿港元，对应当前股价PE约8.6x及7.1x，维持“强烈推荐”投资评级。
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