研報掘金丨長江證券:維持海爾智家“買入”評級,認爲公司業績彈性潛力較大
長江證券研報指出,2019年以來,海爾智家盈利水平已逐步進入改善通道。展望後續,內銷端,卡薩帝在國內高端市場已具備領先優勢,有望帶動公司產品結構持續優化;外銷端,公司對海外業務進行組織變革,並對低效產能採取優化措施,爲經營與生產效率提升奠定基礎。在此基礎上,公司積極利用AI工具深化數字變革,數字庫存與數字營銷自上線以來已取得初步成效。基於此,認爲公司業績彈性潛力較大,同時在國補助力與新興市場滲透率提升邏輯下規模端有望延續較好增長,預計2025-2027年公司歸母淨利潤分別爲210.34、238.07和262.07億元,對應PE分別爲11.4、10.1和9.2倍,維持“買入”評級。
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