《大行報告》高盛首予海爾智家(06690.HK)「中性」評級 目標價31元
高盛發表研究報告,首予海爾智家(06690.HK)H股「中性」評級,指海爾電器私有化帶來的短期協同效應已反映在股價,目標價31元。該行料其去年收入及純利分別升5.8%及1.2%,今年料升12.5%及53.1%(撇除海爾電器私有化影響料11.6%)。
報告稱,相較同業美的(000333.SZ)及格力(000651.SZ),海爾智家主要分別,在於具冷氣機及洗衣機行業領導地位;卡薩帝(Casarte)品牌快速擴張,成為內地高端領導品牌,去年銷售逾90億元人民幣;及在海外市場擴張上有領導地位。去年該行料海爾智家有約50%收入來自海外市場,大部分是品牌銷售。另海爾收購的海外品牌通用家電(GE Appliances)及意大利Candy,亦屬歐美領先品牌。
高盛表示,由於產品及地域組合不同,及由於過往企業結構複雜致經營效率較低,海爾盈利能力歷史上遜於美的及格力。隨著海爾電器私有化完成,高盛料海爾智家將改善資本結構及優化人員成本,以提升效率。
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