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研報掘金丨天風證券:美的集團盈利能力持續提升,維持“買入”評級
格隆匯 03-31 15:29
天風證券研報指出,美的集團(000333.SZ)24年歸母淨利潤385 億元,同比+14.3%;公司擬每10股派息35元,現金分紅總額267億元,對應分紅比例69.3%。推出25-27年股東回報規劃,在符合相關條件下每年實施兩次現金分紅。公司盈利能力持續提升、銷售費用投放延續。現金流穩步提升+蓄水池再擴充,業績留有餘力。美的集團在白電業務上龍頭優勢明顯,各業務條線發展邏輯清晰:1)家電業務,國內以舊換新政策有望拉動需求,發力COLMO+東芝雙高端品牌優化盈利,25年海外OBM業務佔比有望提升。2)ToB業務趨勢改善,各業務逐步突破並強化跨產品事業部橫向協同,有望伴隨規模擴張並逐步優化盈利能力。預計25-27年歸母淨利潤429/469/508億元,對應PE 13.7x/12.6x/11.6x,維持“買入”評級。
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