《大行报告》高盛首予海尔智家(06690.HK)「中性」评级 目标价31元
高盛发表研究报告,首予海尔智家(06690.HK)H股「中性」评级,指海尔电器私有化带来的短期协同效应已反映在股价,目标价31元。该行料其去年收入及纯利分别升5.8%及1.2%,今年料升12.5%及53.1%(撇除海尔电器私有化影响料11.6%)。
报告称,相较同业美的(000333.SZ)及格力(000651.SZ),海尔智家主要分别,在於具冷气机及洗衣机行业领导地位;卡萨帝(Casarte)品牌快速扩张,成为内地高端领导品牌,去年销售逾90亿元人民币;及在海外市场扩张上有领导地位。去年该行料海尔智家有约50%收入来自海外市场,大部分是品牌销售。另海尔收购的海外品牌通用家电(GE Appliances)及意大利Candy,亦属欧美领先品牌。
高盛表示,由於产品及地域组合不同,及由於过往企业结构复杂致经营效率较低,海尔盈利能力历史上逊於美的及格力。随着海尔电器私有化完成,高盛料海尔智家将改善资本结构及优化人员成本,以提升效率。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.