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研報掘金丨華安證券:格力電器業績穩定增長,首予“買入”評級

華安證券研報指出,格力電器(000651.SZ)為國內空調頭部企業,業績穩定增長,股息估值優勢突出。首次覆蓋,給予“買入”評級。受益於渠道改革初顯成效,公司毛利率提升,毛銷差持續擴大;合同負債處於歷史高位,盡顯經營底氣。2024年3月國務院發佈《推動大規模設備更新和消費品以舊換新行動方案》,各地積極推出以舊換新補貼政策。覆盤過去三輪家電補貼均對家電消費起到較好提振效果,同時行業股價表現優於大盤。4月28日格力發佈公吿,擬投入30億元補貼以舊換新消費者,預計將進一步激發消費者換新需求,提升公司終端份額。

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