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《大行報告》麥格理微降海爾智家(06690.HK)目標價至41.3元 評級「跑贏大市」
阿思達克 04-01 10:27
麥格理發表研究報告,料海爾智家(06690.HK)未來數年毛利率有進一步改善空間,並引述管理層指維持對今年樂觀展望,相信公司目前正在內地與海外推行高端化的策略,降明年收入及純利預測各1%,目標價相應微降1%至41.3元,相當於明年預測市盈率22.5倍,重申「跑贏大市」評級。

該行引述管理層估算,指原材料成本自去年11月起上升,對毛利率有約4個百分點影響。為紓緩壓力,公司自去年12月起提價,特別是冷氣與雪櫃方面;並擴大中至高端產品供應,以改善產品組合等。報告料公司開支比率進一步改善,由於數碼化,自去年末季起,內地銷售及市場推廣團隊縮小23%。公司正持續數碼轉型,料今年有更大改善空間。

麥格理又指出,管理層中至長期目標經營利潤率約8%,料由產品/服務進一步高端化,海外市場運作在地化,以及內地市場持續優化及數碼化所推動。

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