瑞銀:成本下跌或令內地家電全年毛利率最多升2.3個百分點
瑞銀投資銀行全球研究部表示,受大宗商品價格回落、房地產銷售回暖及人民幣貶值等多項正面因素推動,中國家電及傢俱板塊估值已自5月的低點大幅反彈。
該行認為,成本壓力緩解帶來的利潤率擴張是主要觸發因素,今年第二季開始多種成本下行,有望令家電各子品類的全年毛利率提升1.5至2.3個百分點,白色家電將從大宗商品價格回落中獲益最大。
報告又指,踏入第二季,預計空調得益於提價和結構優化,或將錄得中低個位數收入增長,毛利率自第一季進一步回升;在產品推新提速的推動下,掃地機器人有望實現約30%收入增長。
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