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研報掘金丨東方證券:維持老闆電器“買入”評級,目標價31.79元
格隆匯 12-04 16:51

東方證券研報指出,2024年三季度老闆電器(002508.SZ)營收同比下降11%,降幅較上半年有所擴大。展望後續,8月以來全國各地家電以舊換新政策持續加碼,帶動廚電行業景氣度回升,根據奧維雲網的統計數據,9月油煙機/燃氣灶/消毒櫃/洗碗機/嵌入式微蒸烤零售額同比分別增長43%/37%/15%/27%/25%,雙11期間零售額同比分別增長30%/33%/26%/32%/36%。公司當前在廚電行業的領先優勢穩固,根據奧維的統計數據,2024年1-9月公司煙機、灶具市佔率穩居第一,洗碗機、蒸烤一體機線下零售份額亦居於市場前列。作為廚電行業龍頭企業,公司有望率先享受景氣度恢復紅利,收入增速或逐步改善。根據可比公司給予公司2025年17倍市盈率估值,對應目標價31.79元,維持“買入”評級。

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