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《大行報告》麥格理升海爾智家(06690.HK)目標價至46.7元 評級「跑贏大市」
阿思達克 09-21 13:19
麥格理發展報告,指海爾智家(06690.HK)透過高端化,料其毛利有進一步改善空間,上調2021至2022財年盈測介乎5.3%至7.9%,目標價相應由41.3元升至46.7元,相當於明後兩年綜合預測市盈率22.5倍,評級「跑贏大市」。 報告稱,海爾智家透過數碼化經營提升效率,中國高端化策略仍是重心。另公司爭取成為各個海外細分市場的領導品牌。上半年海外收入按年升23.5%,管理層希望複製中國的成功模式至海外,透過捕捉需求升級,進一步擴大特定市場市佔。報告稱,公司正面對原材料及運費成本上升,但料提價及持續組合調整可抵銷成本壓力。該行料公司海外業務至2025年經營溢利率逾7%,高於今年上半年的5.7%,受惠下半年起進一步提升效能。 麥格理補充,在高基數下,海爾智家下半年收入增長料放緩至7%,透過成本減省及經營效率提升,料公司可以達成股權激勵計劃所意味的2021財年123.8億元人民幣溢利目標。
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