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《大行報告》匯豐研究下調海爾智家(06690.HK)目標價至43.3元 評級「買入」
匯豐研究發表研究報告指,在市場情況惡化下海爾智家(06690.HK)去年實現符合預期的利潤增長,當中內地業務增長強於預期,認爲雖然市場存在不確定性,但相信通過市場份額增長及效率提升,可達成其利潤增長目標。 報告指出,去年下半年中國需求放緩、投入成本上升,加上全球供應鏈中斷,行業挑戰重重,但海爾智家仍達到全年純利目標,全年中國家電銷售增長21%,超出管理層15%的增長目標。 考慮到需求不確定性,匯豐研究將今年收入增長預測從12.8%略微下調至10.4%,維持全年淨利潤率預測爲5.8%,料淨利潤增長 22%;2022至2024年淨利潤年複合增長率估計達到14.7%,維持「買入」評級,相信 公司能夠保持較同業更快的利潤增長速度,基於市場變化及預測下調,將目標價由43.9元降至43.3元。
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