研報掘金丨銀河證券:維持美的集團“推薦”評級,高分紅率將推動公司估值提升
銀河證券研報指出,美的集團2025Q1營業收入1278億元,同比+20.5%;歸母淨利潤124億元,同比+38.0%,當時超市場預期。預計由於出口受美國關稅政策負面影響,家電行業2025Q2整體收入增速將環比放緩。公司也將受此影響,但整體還將保持較好增速。預計公司2025Q2營業收入增速+7~9%,歸母淨利潤增速+10~15%。考慮公司在家電業務中的競爭力和工業業務中的成長性,預計即使未來幾個季度家電行業景氣度下行,公司依然有能力保持穩健增長。考慮到公司2024年分紅率已經提升至69%,即使維持穩定,當前估值對應的2025年分紅收益率高達5.5%,維持公司盈利預測,預計25/26/27年歸母淨利潤增速分別爲14.6%/11.5%/11.0%,對應PE 12.5x/11.2x/10.1x。認爲隨着無風險利率下行,公司的高分紅率將推動公司估值提升,維持“推薦”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.