研報掘金丨國信證券:維持美的集團“優於大市”評級,目標價81.82元-93.25元
國信證券研報指出,美的集團(000333.SZ)持續變革成就全球家電龍頭。美的在多元化發展中,形成全球領先的經驗和能力。內部構建起先進的治理和激勵機制,管理層具備前瞻的戰略佈局和對外部環境的快速應變,各事業部的執行力和經營活力充足,並搭建起多級研發體系、集成供應鏈管理體系和覆蓋全球的渠道網絡,智能生產工廠遍佈全球。相信公司在家電內外銷及2B業務上均有望實現持續發展,綜合文中測算,預計公司中遠期收入展望存在50%-115%的潛力空間,其中海外OBM和2B業務均存在翻倍增長的可能,是公司未來增長的主引擎。通過多角度估值,預計合理估值81.82-93.25元,較目前股價有11%-26%溢價,維持“優於大市”評級。
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