海爾智家 (06690.HK) 全球家電龍頭,捕捉物聯網時代 January 27, 2021 598

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKDHKD40.00

投資概要

海爾智家股份有限公司(下稱「公司」) 主要從事冰箱/冷櫃、洗衣機、空調、熱水器、
厨電、小家電等智能家電産品與智慧家庭場景解决方案的研發、生産和銷售,通過豐
富的産品、品牌、方案組合,創造全場景智能生活體驗,

公司於全球一直保持全品類的領先地位
公司採取全球多品牌策略,以七大家電品牌開展營運:海爾、卡薩帝、Leader、GE
Appliances、Candy、Fisher & Paykel 及 AQUA。公司在各個市場戰略性地部署品牌組
合,確保採取以用戶為中心、全球差異化多品牌營運的方式廣泛深入覆蓋各用戶群體。
公司於全球主要市場中結合部署自主發展的品牌(如海爾、卡薩帝及 Leader)及收購
的品牌(如 GE Appliances、Candy、Fisher & Paykel 及 AQUA),以便提升公司覆蓋
不同消費者群體的全球市場份額。

卡薩帝為高端品牌受惠消費升級趨勢
公司於 2006 年開始在中國市場建設高端品牌卡薩帝。卡薩帝品牌融合了公司在全球範
圍的技術實力、產品開發能力、製造工藝等優勢,及專屬營銷和差異化服務,逐漸贏
得中國高端市場用戶的信賴。根據中怡康,截至 2020 年 6 月 30 日止六個月,卡薩帝
品牌已在中國高端家電市場中佔據絕對領先地位,在高端市場製冷設備、洗衣設備、
空調市場的零售量排名第一。冰箱、空調、洗衣機的線下市場均價達到行業均價的大
約兩倍到三倍。根據公司資料,2020 年上半年,在零售價超過 1 萬元的中國冰箱市場,
卡薩帝線下零售量市場份額達到 38%;在零售價超過 1 萬 5 千元的中國空調市場,卡薩
帝線下零售量市場份額達到 28%;在零售價超過 1 萬元的中國洗衣機市場,卡薩帝線下
零售量更是佔據 68%的市場份額,穩居鰲頭。

行業領先的研發和技術實力
公司建立了領先的全球研發創新體系,公司在全球建立 10 大研發中心,形成了遍佈全
球的研發資源網絡。在此基礎上,公司自主搭建了海爾開放夥伴關係系統(HOPE 平
台),HOPE 平台匯聚了超過 13,000 名認證專家、超過 150,000 名用戶、超過 10,000
家合作企業等外部創新資源,使其可參與到他們以用戶為中心的迭代式研發流程中。
自成立以來,HOPE 平台支持海爾各個產品研發團隊創造了眾多富有創新性的暢銷產品。
根據價值分享機制,參與其中的認證專家等外部創新資源也可從中分享價值。

估值與投資建議
截止 1 月 22 日收市價,公司滾動市盈率為 39.58x,我們認為基於公司基本面良好,
公司是行業龍頭,受惠高行業景氣。我們給予公司 2022 年目標市盈率 25.0x。我們預
計公司 2020/2021/2022 年每股盈利為 0.83/1.01/1.35 人民幣,二十四個月目標價為
40.0 港元,對應 2020/2021/2022 每股盈利的市盈率為 41.1x/33.7x/25.0x。首次覆蓋
給予增持評級。(現價截至 1 月 22 日)(匯率:0.85 人民幣/港元)

風險因素
1)公司銷量不及預期
2)疫情再次爆發沖擊生產銷售
3)全球經濟發展不及預期

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About the author

Profile photo of Parker Chan

Parker Chan
Analyst
Research

陳柏嘉先生本科畢業於香港浸會大學工商管理學(應用經濟系)。陳先生曾於「四大」會計師事務所擔任審計員及於香港某基金公司擔任買方分析員,擅長財務分析及基本面分析。陳先生現為輝立証券持牌分析師,主要覆蓋通信以及科技硬件行業。 Parker Chan holds Bachelor’s Degree in Business Administration (Applied Economics) from Hong Kong Baptist University. Before joining Phillip Securities , Parker worked at one of the “Big Four” accounting firm as an auditor and worked as a buy-side analyst in a fund house in Hong Kong. He is familiar with financial and fundamental analysis. Parker is now a licensed research analyst at Phillip Securities and covers telecommunication / technology hardware sectors.

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