《大行報告》大和升海爾智家(06690.HK)評級至「買入」 目標價維持34.4元
大和發表研究報告指,海爾智家(06690.HK)於青島舉行投資者日,管理層介紹其3層品牌策略,包括高端、場景與生態,並給投資者展視其物聯網業務的可見性。隨着7月至今的銷售改善,管理層重申對下半年表現有信心。
該行指,高端化將持續帶動增長,預期「卡薩帝」2021至25年收入年複合增長可有25%;同時,處於投資期的冷氣、廚房應用盈利能力有進一步改善空間,經營溢利維持在高單位數。海外市場方面,管理層料在2021至25年收入有穩定增長,經營溢利可增至7%(現時4%)。公司未來計劃增加其他產品的市佔率。
該行升公司評級,由「跑贏大市」升至「買入」,目標價維持在34.4元。
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