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创维集团(0751.HK):担忧国内电视业务的盈利能力,下调至“中性“评级,目标价至2.33港元
格隆汇 09-17 11:40

机构:国泰君安

评级:中性

目标价:2.33港元

创维2019年上半年录得股东净利人民币181百万元,同比下降19.2%,差于市场预期。总收入同比倒退0.7%至人民币12,230百万元,其中国内电视销售同比下降10.4%,海外电视销售同比下滑24.0%。毛利率同比提升2.4个百分点至19.7%,主要由于海外电视销售和机顶盒销售的毛利率提升所致。由于促销和实行新的激励计划,销售和分销费用率同比提升1.1个百分点至10.7%,拖累经营利润率。

预期充满挑战的国内彩电市场将在2019年下半年持续。2019年上半年,由于互联网品牌发起的价格竞争,中国彩电平均销售价格录得高单位数下降。然而,总销量仍然录得下跌。2019年下半年,我们并不认为局面会得到缓解,价格竞争很可能持续。在挑战的环境下,创维2019年上半年国内电视业务录得分部业绩亏损,我们担忧其下半年的盈利能力。

下调投资评级至“中性”,并下调目标价至2.33港元。新目标价分别对应12.0倍2019年市盈率以及6.8倍2020年市盈率。主要上行风险包括价格战的缓解和公司利润率上升,下行风险包括更激烈的竞争以及低于预期的电视销量。

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