《大行報告》匯豐首予海爾智家(06690.HK)「買入」評級 目標價44.5元
匯豐研究發表報告,首予海爾智家(06690.HK)「買入」評級,目標價44.5元。報告稱,去件12月海爾電器完成私有化,集團所有產品及服務現集中在一個全球平台,該行料可精簡營運。即使考慮新冠疫情影響,初始跡象亦令人鼓舞。公司收入增長加快,由去年上半年的按年跌1.6%,改善至第三季按年增16.9%;受惠利潤率改善,第三季核心純利按年升43.3%,扭轉去年上半年按年跌44%勢頭。
報告稱,海爾智家屬全球家電行業領導企業,內地及海外收入各佔半。公司正擴大內地及海外市佔,料2020至2022年間收入年均複合增長達12.9%,高於行業均值。單一全球平台料加快公司落實物聯網策略。
此外,至2022年,集團整合業務料可降低銷售及行政開支佔比,提振利潤率。長期而言,管理層希望銷售及行政開支佔比可與同業美的集團(000333.SZ)相若。2019年,海爾智家稅息前利潤率4.5%,低於美的的9.2%。2020至2022年間,匯豐料集團純利年均複合增長達31.3%,純利率由2020年的4.1%改善至2022年的5.6%。
報告料海爾智家2020至2022年每股盈利分別1.33、1.36及1.67元人民幣。
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