板塊異動 | 業績增速猛！小家電股集體大漲，JS環球生活漲超17%創新高
uSMART盈立智投4月1日消息，週四港股，小家電股集體爆發，截至14:45，JS環球生活盤中漲超17%，股價最高觸及24.9港元，創歷史新高；VESYNC盤中漲超12%，股價最高觸及14.68港元。綜合家電方面，海信家電盤中漲超9%，海爾智家盤中漲超6%
JS環球生活、VESYNC均交出了利潤增7倍的亮眼成績單，且歐美市場大幅增長超預期。
2020年業績方面
JS環球生活：2020年母公司擁有人應佔溢利同比增加718.1%至約3.4億美元，派末期息26.61港仙。
VESYNC：2020年歸母淨利大增758.8%至5472.3萬美元，擬派末期息每股12.74港仙。
海信家電：2020年收入人民幣483.93億元，同比增長29.21%；淨利15.79億元，同比下降11.97%。
海爾智家：2020年淨利潤88.77億元，同比增長8.17%，每10股派3.66元。
機構觀點
中金公司評JS環球生活：歐美市場大幅增長，SharkNinja利潤率創新高
中金公司發表研報稱，JS環球生活的業績高於預期，主要由於歐美市場盈利能力快速提升超過預期。2020年，JS環球生活大力拓展歐洲地區，Ninja產品首次落地英國，Shark初次進入法德市場，拉動歐洲收入同比+103%至4.51億美元，佔SN分部營收比重17%。目前，Shark品牌吸塵器在英國市場份額排名第一。
由於海外盈利能力提升，中金公司小幅上調2021/2022年調整後淨利潤2%/5%至4.52億美元/5.38億美元。當前股價對應2021/2022年調整後歸母淨利潤26.5倍/19.5倍市盈率。維持跑贏行業評級和27.45港元目標價，對應調整後歸母淨利潤34.7倍/25.5倍2021/2022年市盈率。
中金公司評VESYNC：歐美線上持續高增長，但毛利率有所回落
中金公司發表研報稱，VESYNC的業績略高於預期，主要由於歐美家電市場持續高景氣，2H20收入增長好於預期。
由於公司海外業務增長超過預期，中金公司上調2021/2022年淨利潤6%/10%至7,379萬美元/9,984萬美元。當前股價對應2021/2022年27.2倍/20.1倍市盈率。維持跑贏行業評級和18.53港元目標價，對應37.5倍2021年市盈率和27.7倍2022年市盈率。
風險
市場競爭風險；市場需求波動風險；人民幣匯率波動風險。
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