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《大行》高盛:小米(01810.HK)進入中國冷氣機市場 美的(00300.HK)料最具韌性
高盛報告指,中國冷氣機市場仍在多方面具吸引力:市場高度整合及領導者有較高盈利率、供需平衡及領導者盈利核心策略。小米(01810.HK)與行業領導者的競爭,與行業價值鏈到供應鏈、製造至分銷網絡的整體效率相關。該行料競爭將強化行業效率及潛在的盈利池縮小。 該行預期美的(00300.HK)為最具韌性的生產商,利用其全球領先生產優勢及持續改善分銷效率作為槓桿,有潛力增加市佔。格力(000651.SZ)盈利料在同業中最受影響,考慮到公司依賴中國市場。該行料小米將在二線城市成為領先參與者,中期市佔率料升至約10%,受惠於其分銷網絡、產品生態圈及生產能力改善。市佔進一步增加將視其中高端產品及線下渠道的策略。 該行維持對美的、海爾智家(06690.HK)、海信家電(00921.HK)及小米的「買入」評級,對格力的評級由「買入」降為「中性」,基於需求減弱及競爭加劇導致增長前景轉差,但預測股息率7厘提供估值支持。 股份│投資評級│目標價 美的(00300.HK)│買入│93元->101元 海爾智家(06690.HK)│買入│31元->32元 海信家電(00921.HK)│買入│29元->28元 格力(000651.SZ)│買入->中性│53元人民幣->42元人民幣 小米(01810.HK)│買入│65元
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