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中金:小家電行業需求有望延續復甦態勢,重點關注盈利能力改善公司
中金公司發文稱,家電以舊換新政策帶動及低基數效應下,預計今年小家電行業需求有望延續復甦態勢。在此背景下,行業競爭緩解、公司聚焦高質量發展,行業均價進一步修復,同時平臺降費減輕公司壓力,綜合影響下,預計小家電公司盈利能力或將明顯改善。公司層面重點關注盈利能力改善。需求溫和復甦的背景下,價格戰緩解&自身提結構保證毛利率穩定,平臺降費&自身控費降低費用率,最終帶來公司盈利能力修復。小家電公司前期基數較低,行業及自身共振帶來業績拐點,預計利潤端改善將好於收入端。
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