《大行报告》高盛升海信家电(00921.HK)目标价至16元 维持「买入」评级
高盛发表研究报告,指海信家电(00921.HK)与格力(000651.SZ)同属冷气机市场强劲增长的主要受惠者。海信日立增长持续快过行业均值,利用在发展商及商业渠道的优势,即使在疫情爆发时仍从同业赢得市占。报告称,以往分体式冷气机拖累收入增长及利润率,该行料随着行业强劲增长及加价,收入将恢复增长,利润率将复苏。
报告调整海信家电2020至2024财年每股盈测,由降12.4%至升17.5%不等,以反映成本上涨及在可变制冷剂流量(VRF)市场增长加快。该行料海信家电去年收入升30.4%,纯利则跌27%;今年则分别升13.3%及3.6%。目标价由12元上调至16元,维持「买入」评级。
高盛预期海信日立未来两至三季仍持续受惠海外市场需求,海信家电明显有潜力获重大估值重评,因海信日立对总纯利占较大比重;未来白色家电盈利能力正常化;以及潜在并购Sanden,或可进军快速增长的电动车冷气市场。
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