研報掘金丨銀河證券:維持格力電器“推薦”評級,盈利能力相比困難時期已改善
銀河證券研報指出,格力電器(000651.SZ)在傳統的商業環境中,公司與經銷商利益共同體下的壓庫存模式是公司的競爭優勢之一。公司經受渠道改革陣痛,期間渠道大力去庫存。格力渠道扁平化已取得一些效果,包括降低一級經銷商加價率,取消二級經銷商,加強與京東合作等。2025-2026年隨着渠道徹底扁平化,渠道利潤部分迴流上市公司,有望保持10%的增速。考慮到公司偏低的估值水平,未來較高的分紅收益率(考慮分紅與股權註銷)水平,公司的盈利能力相比困難時期已改善,維持“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.