交银国际发表报告，指海尔智家(06690.HK) 2024年业绩表现符合预期。展望今年。面对北美关税风险，公司已采取产品组合优化、产能调整及供应商谈判(供应商承担50%关税)等措施，确保2025年北美盈利不受拖累。内销方面，公司目标2025年卡萨帝收入增长22%。全年来看，目标实现中高个位数(力争双位数)/双位数的收入增长和利润增长。
交银国际维持海尔智家“买入”评级。2025年第一季度整体表现优于管理层全年目标。微调2025及2026年盈利预测，以反映较高的利息费用支出。基于15倍2025年市盈率，目标价下调至36.52元。(ad/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-07 12:25。)
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