研報掘金丨光大證券:維持海爾智家“買入”評級,國內和海外業務都實現逆勢增長
光大證券研報指出,海爾智家(600690.SH)收入實現逆勢增長,Q2歸母淨利率歷史新高。國內和海外業務都實現逆勢增長。分產品看,24年上半年冰箱/洗衣機/空調/廚電/水家電收入佔比30%/22%/21%/15%/6%,收入同比增速是1%/5%/4%/2%/6%。在南亞、東南亞、中東非等新興市場,公司深化供應鏈、網絡佈局,通過強化高端陣容提升價格指數,從而實現快速增長,上半年南亞、東南亞、中東非收入分別增長10%、12%、27%。海爾定位於全球大家電領軍品牌,數字化轉型降費增效,經營效率不斷提高。預計公司產品內外銷市佔率穩步提升、數字化變革持續降本增效,維持公司2024-2026 年歸母淨利潤至191、215、241 億元,現價對應PE 為12、11、10 倍,維持“買入”評級。
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