智通财经APP获悉，建银国际发布研报称，美的集团(00300)今年第三季业绩优于预期，海外及ToB业务强劲增长。受两项并购(中国东芝电梯、Arbonia Climate)完成推动，持续成为集团增长引擎。基于2026年14倍的市盈率，上调集团A股目标价4%，由85.6元人民币升至88.7元人民币。维持“跑赢大市”评级。该行预计，第四季随着以旧换新政策影响消退，美的集团收入增速将有所放缓，但节制的促销策略与有效的成本控制，仍将确保其第四季盈利能力。
展望2026年，自有品牌(OBM)渗透持续推动增长可见性提升。该行将美的集团今明两年盈测分别上调3%/2%，以反映更优的收入增长及利润率表现。鉴于美的集团在ToB业务的先发优势及海外业务的强大增长潜力，维持对其的正面看法。2025年前三季OBM收入同比增20%，占海外业务收入的45%，预计2026年该业务收入将增长约15%;业务线方面，在人工智能支持的能源及机器人解决方案应用扩大，以及对先进制造、数据中心等高增长行业关注度提升的推动下，ToB业务增速预计将高于ToC业务。
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