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《大行報告》摩通下調海爾智家(06690.HK)目標價至37元 評級「增持」
摩根大通發表研究報告指,海爾智家(06690.HK)去年盈利達到130億元人民幣,基本符合市場預期,認爲渠道升級戰略有助海爾業務擴張,相信公司現時重新聚焦於線下渠道發展,將透過與業務夥伴合作及深入滲透到更多社區,推動規模較小的產品類別增長,助提高利潤率。 該行又指,公司正計劃進行新一輪股票回購,涉及15億至30億元人民幣,管理層對今年展望持積極態度,預期卡薩帝品牌將維持超過25%強勁增長;雖然大宗商品成本壓力上升,但預期毛利率仍可能持平;而美國市場需求依然穩固,。 摩通認爲,海爾規模不斷擴大,加上全球業務發展所產生的協同效應,料利潤率將持續改善,維持「增持」 評級,目標價由40元下調至37元,以反映市場情緒疲軟。展望2022年,摩通預計海爾收入可增長 11%,盈利料增長18%,毛利率按年持平。
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