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研報掘金丨羣益證券(香港):美的集團業績符合預期,維持“買進”建議

羣益證券(香港)研報指出,美的集團(000333.SZ)前三季歸母淨利317.0億元,YOY+14.4%,Q3歸母淨利108.9億元,YOY+14.9%,公司業績符合預期。智能家電板塊內銷估計仍受承壓,尚未反映家電補貼政策的刺激,海外延續較快增長,新能源及工業技術伴隨電動車的銷售增長增速較快,而機器人業務受到工業企業投資壓力繼續疲弱。展望Q4,國家推動家電以舊換新政策將助力家電消費穩步增長,公司將持續受益,海外市場開拓也將助力海外收入增長,此外,2024員工持股計劃綁定團隊,助力盈利質量提升。目前估值合理,股息率預估4%以上,維持“買進”的投資建議。

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