研報掘金丨國泰君安:維持美的集團“增持”評級,目標價90.72元
國泰君安研報指出,美的集團(000333.SZ)盈利能力持續改善。2024Q4國補支持下,美的品牌作為龍頭,份額快速提升,核心品類中,空調結構改善顯著,均價改善最為明顯,同比+6%,冰洗均價相對平穩,分別-6%/-1%,同時成本端無較大波動,預計公司毛利率環比將有提升。費用端,由於國補期間,官方宣傳力度較大,一定程度幫助上市公司節省營銷費用,銷售費用率預計同比有小幅優化。考慮到以舊換新拉動零售,消化庫存,公司實際出貨表現或低於零售端增幅,同時Q4小家電、B端業務仍有壓力,因此下調24Q4以及小幅下調2025~26年盈利預測,參考白電可比公司估值,給予龍頭增長確定性溢價,維持目標價90.72元,維持“增持”評級。
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