智通财经APP获悉，中金发布研报称，TCL电子(01070)彩电全球竞争力强、盈利持续改善，光伏业务有 望保持高增，上调2025/2026年盈利预测14%/16%至23.34亿/27.62亿港元。当前股价对应10.1x/8.6x 2025/2026年P/E。维持跑赢行业评级，基于盈利上调，该行上调目标价7.3%至11.8港元，对应 12.7x/10.8x 2025/2026年P/E。 中金主要观点如下： 1H25业绩略高于该行预期 公司公布1H25业绩：收入547.77亿港元，同比+20.4%;归母净利润10.9亿港元，同比+67.8%;经调整后归 母净利润10.6亿港元，同比+62.0%。公司业绩略高于该行预期，主要由于创新业务(尤其是光伏板块)收 入规模和利润持续高增，超过该行预期。 3)国补周期中品牌竞争呈现明显马太效应，TCL彩电作为市场龙头份额持续提升，1H25内销零售额份额 23.2%，同比+1.4ppt，公司全品类营销业务收入同比+1.1%。 公司自2H23以来核心业务全球规模和盈利持续提升，经营效率和竞争力不断增强 在海外市场，公司不仅寻求硬件领域的规模突破，在互联网业务部分持续推进TCL C ...

2025H1，公司钢丝绳及索具/建筑设计EPC/光伏业务分别实现营业收入2.99/0.02/7.55 亿元，分别同比增 长8.84%/下降66.61%/增长104. 98%；毛利率分别为17.13%/15.52%/-0.50%，分别同比-1.06/+42.21/+8.04pct。公司钢索事业部，在巩固 电梯用钢丝绳领域领先地位的基础上，重点聚焦起重用钢丝绳、海洋工程、高端装备制造、新能源基 建、智能物流、工业机器人等新兴领域的技术适配性和规模化应用，随着钢索板块营销策略的优化调 整，业绩实现逐步增长。光伏事业部，紧抓政策发展机遇，配合优秀的产品核心竞争力，2025 年上半 年光伏电池片销量同比显著提升，经营业绩实现较大改善。 盈利能力明显改善，费用率控制得当 2025H1 公司毛利率为4.61%，同比+1.76pct；销售/管理/研发/财务费用率为0.85%/2.85%/2.4%/1.39%， 同比-0.55/-3.17/-1.28/+0.13pct；归母净利率为0.29%，同比+2.2pct。2025 年第二季度公司毛利率为 4.57%，同比+2.53pct；销售/管理/研发/财务费用率为0.72%/2.1 ...

Summary of Key Points Core Viewpoint - Longi Green Energy's recent financial activities and announcements indicate a focus on supporting its subsidiaries and managing its convertible bonds effectively, while also highlighting the company's significant guarantee commitments. Group 1: Trading Information - On July 4, Longi Green Energy's stock closed at 15.57 RMB, with a slight increase of 0.19% and a turnover rate of 1.71% [1] - The trading volume was 1.294 million shares, resulting in a total transaction value of 2.029 billion RMB [1] - The net inflow of main funds was 76.41 million RMB, accounting for 3.77% of the total transaction value [4] Group 2: Company Announcements - Longi Green Energy announced an additional guarantee amounting to 739.79 million RMB, bringing the total guarantees provided to 24.072 billion RMB, which represents 39.53% of the company's latest audited net assets [1][4] - The guarantees include support for the "He Mei Village" distributed photovoltaic business, with no overdue guarantees reported [1] - The company has scheduled a buyback period for its "Long 22 Convertible Bonds" from July 8 to July 14, 2025, at a price of 100.60 RMB per bond, with the current market price exceeding this buyback price [2][4]

Group 1 - The company held a performance briefing for the fiscal year 2024 and the first quarter of 2025 on May 30, 2025, attended by key executives and independent directors [1] - The company reported a net profit of 22.5071 million yuan for the first quarter of 2025 [2] - The company aims to enhance its core competitiveness by innovating business combinations and developing solar energy and storage solutions [2][3] Group 2 - The decline in performance for the first quarter of 2025 was attributed to reduced water inflow affecting hydropower generation [2] - The company is taking measures to ensure stable power supply during the summer, including increasing energy storage capacity [2] - The company is actively exploring new profit growth points while focusing on its main businesses, including power generation, gas supply, and renewable energy development [2][3]