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研報掘金丨中金:格力電器擬再次註銷股份,重新認知公司收益率
格隆匯 08-05 15:29
中金公司研報指出,格力電器(000651.SZ)擬再次註銷股份,重新認知公司收益率。維持跑贏行業評級和50.64元目標價不變。考慮註銷股票帶來的收益相當於提升了分紅率,公司股東過去三年分紅和股票註銷實現的年均分紅收益率相當於達到8.9%1。本次註銷股份佔註銷前總股本的0.5%,考慮到公司分紅承諾最低為2元/股,測算2024年度股東實際分紅收益率最低達到5.5%。另外,認為以舊換新政策有望帶動空調更新需求提升。2023年公司海外業務收入僅佔12%,以內銷收入為主;空調業務收入佔比74%,認為公司有望優先受益以舊換新政策。
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