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野村:海爾電器(1169.HK)受惠於較高毛利率及派息 維持“買入”評級
格隆匯 03-27 13:39

野村發表研究報告指,海爾電器(1169.HK)將得益於渠道服務增長加快、毛利率上升及提高派息,維持其“買入”評級及目標價23.5港元不變。野村已調低海爾電器2020年收入預測11%,但提高毛利率預計預測至21.5%,因此純利預測亦被調低。

報告指,海爾電器2019年純利約73億元人民幣,扣除出售物流業務的非現金收益後,經常性純利為41億元人民幣,按年升12.7%,符合野村預期。受產品線卡薩帝帶動,以及終止攤薄毛利的物流服務,公司毛利率得以提升。去年下半年受空調及電視機第四季的收入上升帶動,管道服務表現亦較佳,惟因智能產品轉化導致基礎建設投資上升,令營運費用增加。另外,公司派息率亦由2018年的24.3%提高至2019年的30%。

報告又指,雖然海爾的復工率達90%,但三月門店人流及消費仍然落後30%至50%,預期將於第二季復甦,但可能會有價格戰。報告預測,由於低庫存及更專注於高檔產品,海爾很可能會專注於產品質素及附加服務,而不參與價格戰。

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