金吾财讯 | 瑞银证券发研报指，海信家电(00921)(000921)在国内市场表现强劲，出口业务具有增长潜力。自8月份家电换新补贴政策实施以来，公司白色家电零售销售显著增长，10月份国内收入实现了两位数的增长。尽管“双11”购物节后零售销售有所回落，但渠道库存保持在仅一个月销量的低水平，预示着经销商补货将推动第四季度收入稳健增长。
瑞银证券进一步分析指出，海信家电的HVAC销售从第三季度开始逐季改善，尽管这一领域从补贴中受益有限，可能在第四季度继续面临压力。然而，公司预计2025年将通过渠道扩张、产品线丰富（包括单元式空调、冷水机组）以及海外市场拓展来驱动增长。在出口方面，尽管第四季度预期增速较前三季度的30%有所放缓，但预计仍将实现双位数增长，主要得益于新兴市场的强劲表现。此外，海信家电的出口业务盈利能力有望提升，目前洗衣机和冰箱的净利润率仅为1%，远低于行业平均水平。瑞银证券预计，通过优化产品组合和改善供应链管理，公司的出口业务盈利能力将得到增强。
该行综合考虑海信家电在国内市场的强劲表现和出口业务的积极前景，瑞银证券给予海信家电12个月“买入”评级，目标价定为人民币37元。
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