研報掘金丨天風證券:美的集團T0B業務啟動第二引擎,維持“買入”評級
天風證券研報指出,美的集團(000333.SZ)在白電業務上龍頭優勢明顯,各業務條線發展邏輯清晰:1)家電業務,國內發力COLMO+東芝雙高端品牌優化盈利,海外維持OEM優勢並大力建設自有品牌銷售網點;2) T0B業務啟動第二引擎,各業務逐步突破並強化跨產品事業部橫向協同,有望伴隨規模擴張並逐步優化盈利能力。公司持續打磨ToC+ToB領域核心競爭力,蓄力長遠發展。預計24-26年歸母淨利潤374/411/450億元,對應PE12.0x/11.0x/10.0x,維持“買入”評級。
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