羣益證券:對美的集團大額回購有信心 維持買入評級
美的集團(000333.SZ)22日公佈,擬回購不低於4000萬股且不超過8000萬股的社會公眾股,回購價格不超過每股65元,預計回購金額不超過52億元。
羣益證券認為,本次回購,有利其公司在各方面的發展。以往公司在五年間實施過三次回購,回購規模分別為10億元、40億元、32億元,回購股份佔比分別為0.69%、1.43%、0.89%。而本次的回購規模將不超過52億元,預計回購股份佔比將達到1.14%,回購規模再次提升。
公司連續大額回購亦將有助顯現公司對長期發展的信心,而且持續的回購將會推動股價的回升。其次,去年及本次回購計畫的股份均用於股權激勵及員工持股計畫,將有利於公司股東與管理團隊利益的綁定,助力其長遠的發展。其三,公司目前資產負債率為63.4%,貨幣資金約為524億元,回購支出不會對公司經營和財務層面產生重大影響。
早前公司因肺炎疫情而停工,而目前已推動復工復產,通過包機包車等方式接送工廠員工安全返廠,員工返崗率持續提升,生產端有一定保證。不過,由於疫情對交通及線下零售終端的管控,線下銷售還需時日來恢復,公司短期加力線上管道銷售力度,預計將會對線下銷售端有一定彌補。從全年來看,羣益證券認為公司空調、冰箱、洗衣機等大家電產品需求較為剛性,在疫情過後需求相對會集中釋放,第一季的波動對全年的影響預計有限。
因此,羣益證券考慮到疫情對於短期家電消費的影響,小幅下調對公司的盈利預測,預計公司2019、2020、2021年可實現淨利潤為233.2億元、256億元、302.8億元,EPS分別為3.36元、3.77元、4.36元,市盈率為16倍、15倍、12倍,目前估值相對合理,並對其大額回購有信心,維持“買入”的投資建議。

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