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《大行》里昂升海爾智家(06690.HK)目標價至30元 評級「跑贏大市」
阿思達克 07-25 11:38
里昂發表研究報告指,海爾智家(06690.HK)(600690.SH)次季的美國零售家電銷售降幅較首季小,相信這個市場的最終需求已經開始穩定。考慮到關稅不確定的情況下,美國或會持續進口家電,預計海爾智家的本地生產GE品牌將在六個月內,隨著庫存正常化而獲得市場份額。另外,美國金屬關稅有助於收窄海爾智家本地工廠的效率劣勢,而公司擴大美國產能應可長期受惠需求回升。 該行預計海爾智家第二季的收入將按年增長7%,主要受惠於10%的國內增長和4%的海外增長,又相信由於政府補貼影響減弱,集團在下半年將面臨更多挑戰,將集團2025至27年度的淨利潤預測上調8%至10%。該行維持對其「跑贏大市」評級,考慮到近期的併購影響,將其港股目標價由27元上調至30元,並將A股目標價由29元人民幣升至32元人民幣。
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