2500億家電巨頭豪氣分紅，擬每10股派20元，Q1業績實現雙位數增長
今日，家電龍頭格力電器發佈了2024年和今年一季度的業績。
特朗普關税衝擊以來，A股內需相關個股升勢不錯，格力電器的股價也有所走高，4月8日以來累計升超4%。
截至上週五，格力電器最新報45.22元/股，總市值為2533億元。
大手筆分紅
今年一季度，格力電器的營收、淨利潤均實現雙位數增長。
期間營收416.39億元，同比增長13.78%；歸母淨利潤為59.04億元，同比增長26.29%；扣非淨利潤為57.17億元，同比增長26.34%。
去年全年，格力電器實現營收1900.38億元，同比下降7.31%；歸母淨利潤為321.85億元，同比增長10.91%；扣非淨利潤為301億元，同比增長9.19%。
以此計算，去年四季度的營收為426.22億元，同比下滑13.38%；歸母淨利潤為102.24億元，同比增長14.55%；扣非淨利潤為89.37億元，同比增長7.02%。
具體來看，消費電器業務2024年實現營收1485.6億元，同比下降4.29%。
工業製品及綠色能源業務營收172.46億元，同比微增0.8%。智能裝備業務營收4.24億元，同比下降36.68%。
其他主營業務營收34.85億元，同比增長122.29%。其他業務營收194.48億元，同比下降33.88%。
同時，國內主營業務營收同比下滑5.45%，出海營收小幅增長13.25%。
近年來，格力電器的業績持續增長。
2020年以來，格力電器分別實現淨利潤221.75億元、230.64億元、245.07億元、290.17億元。
隨着業績的增長，格力電器的分紅也越來越大手筆，最新擬向全體股東每10股派發現金股利20元，共計派發現金股利111.7億元。
加上之前中期派發的55.85億元，格力電器2024年累計現金分紅167.55億元，佔當期歸母淨利潤的比例為52.06%。
關注國補後續效果
2025年，以舊換新仍是拉動家電內需增長的關鍵，隨着各地國補的落地，家電銷量有望實現快速增長。
數據顯示，今年以來，消費品以舊換新帶動銷售額超7200億。截至4月24日24時，全國12類家電以舊換新4746.6萬台。
對此，招商證券指出，考慮到2024年四季度國補效果超預期且在2025年延續，上調2025-2026年歸母淨利潤預期至339億元、366億元，分別增長10%、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”評級。
光大證券認為，格力電器防禦屬性強勁，連續出現的經營變化激勵業績提升，比如核心經銷商增持、董事會換屆、渠道數字化等，維持公司2025-2026年歸母淨利潤為329億元、364億元，對應PE是8、7倍，維持“買入”評級，維持目標價54.1元。
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