《大行報告》中金:受惠國企混改進展 海信家電(00921.HK)目標價上調至10.6元
海信家電(00921.HK)今天(29日)股價曾高見9.84元,大漲21.2%。現報9.59元,升18.1%。
中金發表研究報告指,青島政府批准《海信集團深化混合所有制改革實施方案》。公司控股股東海信電子控股擬通過增資擴股引入具有產業協同效應、能助力海信國際化發展的戰略投資者。
該行指,海信家電(00921.HK)在2019年8月被列入青島國企混改清單。是次青島國企混改深入程度不如格力國企混改,但有助於形成多元化的股權結構和市場化的公司治理結構。
5月以來,公司家電零售恢復正常,5月前4周的空調線上或線下零售額分別按年增加21%及減少10%;冰箱線上或線下零售額分別增加13%及10%。空調價格戰已見底,部分促銷機型價格已上調。隨著7月新能效標準推出、8月新冷年開盤,認為空調價格戰有望結束,帶來行業均價提升。該行預計,海信家用空調業務至今年第三季有望恢復正常,屆時市場將更加關注海信中央空調業務的價值。
該行維持2020至2021年度盈利預測不變,維持「跑贏行業」投資評級,目標價上調28.2%至10.6元。
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