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研報掘金丨光大證券:維持海爾智家“買入”評級,目標價35.54元
格隆匯 03-03 15:14
光大證券研報指出,美國總統宣佈3月4日將正式對墨西哥加徵25%的關税,海爾智家(600690.SH)在美國銷售中約有20-30%的產品供應來自墨西哥工廠。目前墨西哥高級官員在美積極遊説,以求就邊境、藥品等問題與美達成協議,不排除雙方將達成壓哨協議的可能性。如果關税如期落地,公司可以進行產能轉移以及向下順價,其短期的一次性衝擊可控。關税風險基本price-in。公司股價自24年10月高點回落18%左右,期間伴隨Trump勝選全過程,相應的關税風險多數已計入價格。海爾通過數字化轉型降費增效,經營效率不斷提高。考慮到以舊換新政策拉動中高端家電消費、北美家電行業的量價有望回升,上調公司2024-2026年歸母淨利潤至192、222、250億元(較前次上調0.5%、3.3%、3.7%),目標價35.54元,維持“買入”評級。
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