交银国际:降海尔智家目标价至36.52港元 维持买入评级

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  交银国际发布研报称,维持海尔智家(06690)“买入”评级。2025年第一季度整体表现优于管理层全年目标。该行微调2025/26年盈利预测以反映较高的利息费用支出,基于2025年15倍市盈率,下调该股目标价至36.52港元。

  报告指,公司2024年业绩表现符合预期,收入及净利润同比增长9.4%及17%,全年净利润率6.8%,同比提升0.4个百分点,分红率提升至48%。展望2025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。

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