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研報掘金丨中信建投:維持海爾智家“買入”評級,建議關注公司修復機會
格隆匯 04-09 15:24

中信建投證券研報指出,近期美國“對等關稅”政策引發市場波動,認爲海爾智家(600690.SH)依託前瞻性的自主品牌建設+海外產能佈局,在貿易衝突期更爲受益。目前公司在美墨產能可覆蓋在美80%左右需求,憑藉相對成本優勢可贏得更爲積極的競爭位置。通過逐步轉移剩餘產能、提高本土自採率和與供應商分攤關稅成本等策略,公司可進一步降低外部風險和成本壓力。收購以來穩步升級的GE品牌聲譽也可助力海爾順勢提價而維持平穩的盈利水平。另一方面,家電國補政策有望邁向長週期,卡薩帝高端品牌受益彈性更爲顯著。目前海爾PE估值處於歷史較低位置,綜合考慮業績增長確定性與分紅率提升預期,建議關注公司修復機會。維持“買入”評級。

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