《大行报告》麦格理微降海尔智家(06690.HK)目标价至41.3元 评级「跑赢大市」
麦格理发表研究报告,料海尔智家(06690.HK)未来数年毛利率有进一步改善空间,并引述管理层指维持对今年乐观展望,相信公司目前正在内地与海外推行高端化的策略,降明年收入及纯利预测各1%,目标价相应微降1%至41.3元,相当於明年预测市盈率22.5倍,重申「跑赢大市」评级。
该行引述管理层估算,指原材料成本自去年11月起上升,对毛利率有约4个百分点影响。为纾缓压力,公司自去年12月起提价,特别是冷气与雪柜方面;并扩大中至高端产品供应,以改善产品组合等。报告料公司开支比率进一步改善,由於数码化,自去年末季起,内地销售及市场推广团队缩小23%。公司正持续数码转型,料今年有更大改善空间。
麦格理又指出,管理层中至长期目标经营利润率约8%,料由产品/服务进一步高端化,海外市场运作在地化,以及内地市场持续优化及数码化所推动。
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