研報掘金丨中金:海信視像國內市場彩電零售份額穩居TOP1,維持“跑贏行業”評級
中金公司研報指出,中國黑電行業的市場集中度正朝着白電格局演進,黑電上下游企業攻克日韓供應鏈壁壘,逐步重塑全球品牌競爭格局。海信視像(600060.SH)堅持全球化拓展,國內市場彩電零售份額穩居TOP1,海外市場彩電份額穩居TOP3。公司採用東芝、海信雙品牌運營。在北美市場,海信系品牌位列第二梯隊;在日本市場,東芝和海信合計份額34%,排名第一;在歐洲市場,海信銷量份額10%,排名前列。2024年受內銷Vidda調整及海外成本傳導影響,前三季度業績低於預期。目前負面因素逐步消除,預計2025年公司業績有望迎來改善。維持跑贏行業評級,考慮板塊估值回升及估值切換至2025年,上調目標價48%至26.6元。
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