研報掘金丨開源證券:美的集團盈利能力穩步提升,維持“買入”評級
開源證券研報指出,美的集團(000333.SZ)24年歸母淨利潤385.4億(+14.3%),2024Q4歸母淨利潤68.4億(+13.9%)。Q4盈利能力繼續保持穩健提升,費率端持續優化2024Q4毛利率25.2%(-3.6pct),2024Q4期間費用率18.3%(-2.2pct),其中銷售/管理/研發/財務費用率同比分別-3.2/-0.4/-0.2/+1.6pct,毛銷差同比-0.5pct,預計主系銷售返利增加所致。2024年公司分紅比例69.3%,同時推出50-100億元回購計劃和13.3億元員工持股計劃,考覈目標爲2025-2027年ROE不低於18%,2028年不低於17.5%,彰顯發展信心。公司C端業務較快增長,盈利能力穩步提升,維持“買入”評級。
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