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《大行報告》麥格理下調海爾智家(06690.HK)目標價至44.3元 評級「跑贏大市」
麥格理髮表研究報告指,由於需求疲軟和供應鏈中斷,將海爾智家(06690.HK)2022及2023財年每股盈利預測分別下調6%和8%,但仍維持「跑贏大市」評級,相信雖然未來兩個季度收入增長放緩,但增長趨勢預期於下半財年恢復。 該行預期,2021年第四季收入以人民幣計算,將錄得中單位數增幅,指出國內業務表現較海外業務優勝,期內北美零售需求放緩,加上芯片和運輸供應鏈中斷,導致海外業務增長放緩。 麥格理認爲,海爾將在商業B2B渠道尋求機會,以抵銷零售需求放緩的影響。另外,原材料壓力放緩,預期有助2022年利潤率回升。管理層重申透過數字化改善銷售及營銷投資計劃,同時製造等業務部門將持續節省運營支出。 麥格理將海爾智家的目標價下調約7%至44.3元,對應2022至2023財年預測混合市盈率約22.5倍。
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