研報掘金丨申萬宏源研究:美的集團盈利能力持續提升,首予“買入”評級
申萬宏源研究指出,美的集團收入業績穩健增長,盈利能力持續提升。2011-2024 年公司營業總收入CAGR 爲9%,歸母淨利潤CAGR 爲20%,收入、利潤保持穩步增長態勢。分區域看,國內市場方面,2024 年公司國內收入2381 億元,同比+8%。所選取的可比公司對應2025年PE爲13倍,公司2025年PE爲13倍。考慮到公司是全球領先的科技企業,且業務佈局廣泛,同時公司治理優秀、經營質量優異,可以給到一定估值溢價,該行給到公司2025年16 倍PE,對應當前市值有27%上漲空間,首次覆蓋給予“買入”評級。
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