大和：维持海尔智家(06690)“买入”评级 目标价上调至33港元
大和发布报告称，考虑到中国及海外市场的宏观挑战，决定将海尔智家(06690)2024年至2025年的每股盈测下调3%至4%。考虑毛利率扩张，该行将海尔智家H股目标价由30港元上调至33港元，维持“买入”评级。
该行指出，海尔智家仍然是该行于内地家电领域的首选。公司管理层早前表示，今年首季内地市场的营业利润率有望改善，目标是今年可同比增长0.5至1个百分点。主要得益于产品结构升级，尤其是高端品牌卡萨帝(Casarte)营业收入增长带动;数位化带来的效率提升;透过市占扩大达至非核心产品类别规模效益;以及原材料成本效益等因素。
至于海外市场方面，公司管理层亦重申整体营运利润率为7%的中期目标，睇齐各营运市场的行业领袖。当中欧洲市场将实现收支平衡，并有机会达0.5%至1%的营业利润率;美国市场高端化趋势持续，高端品牌的强劲收入增长或会抵消大众市场的疲软表现;至于澳洲市场2023年产品配置失衡将于今年得到修正，并推动表现复苏。
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