智通财经APP获悉，招银国际发布研报称，将海尔智家(06690)目标价从36.41港元下调22%至28.45港元，维持“买入”评级。该行下调2025/26财年净利润预测6%，以反映海外销售增长超预期，以及并购及关税冲击毛利率。新目标价基于2025财年12倍预测市盈率。现价对应10倍市盈率，低于5年均值15倍，估值仍然具吸引力，但短期需警惕内地需求放缓及美国利润率压力。
报告指，集团2025财年第一季度业绩略超预期，销售额同比增长10%，超机构预期5%，净利润增长15%，超预期4%。集团维持2025财年高单位数销售增长指引及净利润增长超10%的目标，管理层对实现指引有信心，主因内地零售增长及补库存需求，加上海外(除美国外)强劲推动。但该行持保守观点，对第二季度展望稳健但需审慎，因为内地4月零售增速较3月及2025财年第一季度放缓;下半年高基数(政策刺激效应消退);美国市场可能受中墨进口关税影响，导致销售增速放缓及利润率承压。
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