研報掘金丨長江證券:維持美的集團“買入”評級,認爲公司增長前景可期
長江證券研報指出,美的集團把握持續深化全球佈局,確定性增長的白電龍頭公司現已構建起高中低端全覆蓋的海外自主品牌矩陣,且近年持續深化全球本地化運營體系,渠道與生產能力均有顯著增強,有望帶動公司海外份額實現進一步提升。據我們測算,當全球各地區家電市場完全成熟,行業僅由更新需求驅動時,公司白電產品全球長期穩態年銷量較2024年均有翻倍以上的空間,其中外銷或成爲公司持續增長的主要動力。當前,在公司外銷業務高增長有望延續的基礎上,家電內需還存在國補政策的有力拉動。基於此,認爲公司增長前景可期,預計2025-2027年公司歸母淨利潤分別爲425.88、467.66 和520.91億元,對應PE 分別爲13.61、12.39 和11.13 倍,維持“買入”評級。
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