研報掘金丨光大證券:維持海爾智家“買入”評級,目標價35.54元
光大證券研報指出,持續極端高溫強化空調剛需屬性,25年6月爲歐洲有記錄以來最熱的6月,7月以來意大利、希臘、土耳其多個城市連續多日日間氣溫超42℃。海爾在歐洲的市場地位依託於“三位一體”出海戰略,即本土化研發(意大利、德國研發中心)、本土化製造(意大利、波蘭、羅馬尼亞、土耳其工廠)、本土化營銷(進入本地連鎖渠道,知名賽事營銷)。以俄羅斯市場爲例,海爾推出可在-20℃超低溫環境下制熱的空調,滿足當地極寒需求。服務方面,海爾在俄羅斯120多個城市開設了196個服務中心,在城市半徑50-100公里範圍內提供服務。海爾智家定位於全球大家電領軍品牌,25年空調經營明顯向上,數字化轉型提質增效,經營效率不斷提高,全球產銷研佈局繼續推進。維持公司2025-2027年歸母淨利潤預測爲215/243/273億元,現價對應PE 爲11、10、9倍,維持“買入”評級,維持目標價35.54元。
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