大行評級丨里昂:首予美的“跑贏大市”評級及H股目標價86港元
里昂發表研究報告指,認爲美的集團在中國生產會更有效率優勢,集團應該加強對新興市場的出口,而非轉移生產地。該行預計集團2025至26年的海外銷售增長介乎9至10%。報告提到,集團依賴向後整合來生產關鍵組件,令其相比起其他競爭者可擁有價格優勢,同時亦可建立企業客戶。向後整合帶來的的效率優勢,令集團可抵消貿易不確定性帶來的挑戰。該行首予該股“跑贏大市”評級,H股目標價86港元,A股目標價85元。
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