研報掘金丨招商證券:維持格力電器“強烈推薦”評級,以舊換新消費刺激拉動邊際改善確定性強
招商證券研報指出,格力電器(000651.SZ)渠道變革重塑格局,全品類突破破圈增長。2025年格力發佈董明珠健康家戰略,加速全品類突破意圖明顯,公司24年成立冰洗事業部,25年加速新一輪門店擴張,通過話題度極高的個人IP帶動渠道營銷轉化效果顯著,首都店3月13日-18日累計線上銷售160萬、線下銷售660萬。AI+產品力釋放,暖通空調戰略升級。考慮到2024年四季度國補效果超預期且在2025年延續,上調2024-2026年歸母淨利潤預期至分別309億元、339億元、366億元,分別增長6%、10%及8%,對應2025年估值僅7.5倍,公司過往自由現金流好、高分紅特質在當下彌足珍貴,以舊換新消費刺激拉動邊際改善確定性強,維持“強烈推薦”投資評級。
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