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研报掘金丨光大证券:维持格力电器“买入”评级,股息率超7%彰显价值底蕴
Ge Long Hui· 2025-09-28 05:20
光大证券日前研报指出,格力电器2025年股息率已超过7%,历史经验预示底部特征。按照25 年盈利预 测330 亿元以及52%现金分红率假设,当前公司的预期股息率是7.7%。25Q3线上价格竞争缓和,利于公 司收回线上市场份额。公司出海东南亚进程加速。公司深耕市场十年,东南亚市场自主品牌出口份额从 30%提升到80%。在当前低利率市场环境下,此类兼具收益性与安全性的高股息资产价值属性强劲。基 于公司强劲的股息保护能力、业绩确定性及资产稀缺性,维持2025-2027年归母净利润预测330/358/382 亿元,维持"买入"评级,维持目标价54.10元。 ...
阅峰 | 光大研究热门研报阅读榜 20250921-20250927
光大证券研究· 2025-09-28 02:22
Group 1 - The brain-computer interface (BCI) industry is projected to reach USD 7.63 billion by 2029, driven by policy support and demand from medical conditions such as stroke and ALS [4] - The industry is entering a "policy-research-application" closed loop, with a clearer commercialization path [4] - Recommended companies in the BCI sector include Xiangyu Medical, Weisi Medical, Chengyitong, Mailande, Aipeng Medical, and Sanbo Neurosurgery [4] Group 2 - Mengke Pharmaceutical plans to issue 164 million shares at a price of 6.3 CNY per share, raising up to 1.033 billion CNY, which will make Haiqing Pharmaceutical the controlling shareholder [9] - The projected net profit for Mengke Pharmaceutical from 2025 to 2027 is estimated to be -241 million, -190 million, and -99 million CNY respectively, maintaining a "buy" rating [9] Group 3 - The cobalt export quota system in the Democratic Republic of the Congo (DRC) is expected to lead to a significant reduction in cobalt supply, positively impacting cobalt prices [13] - The DRC accounted for 76.3% of global cobalt production in 2024, and the supply constraints are likely to benefit companies like Huayou Cobalt and Luoyang Molybdenum [13] Group 4 - China Railway Assembly reported stable revenue growth and improved cash flow in H1 2025, with a projected net profit of 2 million, 44 million, and 68 million CNY for 2025 to 2027 [16] - The company maintains an "overweight" rating based on its financial performance [16] Group 5 - The dividend yield of Midea Group has exceeded 7%, indicating a potential bottoming out, with a projected profit of 33 billion CNY for 2025 and a 52% cash dividend rate [18] - The company maintains a "buy" rating with a target price of 54.10 CNY [18] Group 6 - The real estate market in Shanghai is experiencing increased transaction volumes due to favorable policies, with a 62.5% increase in daily average transactions post-policy implementation [29] - The top three companies in Shanghai's new home transaction value from January to August 2025 are Poly Developments, China Merchants Shekou, and China Resources Land [29] Group 7 - PetroChina has signed a USD 359 million contract with Total for the design, procurement, supply, construction, and commissioning of a project in Iraq, with projected net profits of 909 million, 1.099 billion, and 1.315 billion CNY from 2025 to 2027 [33] - The company maintains an "overweight" rating for both its A-shares and H-shares [33]
家电周报:海尔泰国春武里空调工业园正式投产,海信泰国智能制造工业园开工-20250927
Shenwan Hongyuan Securities· 2025-09-27 08:44
行 业 及 产 业 家用电器 行 业 研 究 / 行 业 点 评 相关研究 - 证券分析师 刘正 A0230518100001 liuzheng@swsresearch.co m 刘嘉玲 A0230522120003 liujl@swsresearch.com 联系人 刘嘉玲 (8621)23297818× liujl@swsresearch.com 本期投资提示: 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 2025 年 09 月 27 日 海尔泰国春武里空调工业园正式投 产,海信泰国智能制造工业园开工 看好 ——《2025/9/22-2025/9/26》家电周报 资料来源:iFinD,申万宏源研究 重点公司方面,海信视像(12.7%)、海信家电(7.2%)、比依股份(3.6%)领涨, 光峰科技(-8.7%)、亿田智能(-6.9%)、荣泰健康(-5.2%)领跌。 -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 光峰科技 亿田智能 荣泰健康 老板电器 火星人 浙江美大 极米科技 华帝股份 苏泊尔 公牛集团 飞科电器 海尔智家 小熊电器 奥佳华 倍轻松 新宝股份 ...
估值周报:最新A股、港股、美股估值怎么看?-20250927
HUAXI Securities· 2025-09-27 08:12
A-share Market Valuation - The current PE (TTM) for the A-share market is 17.33, with a historical average of 25.85[7] - The Shanghai Composite Index has a PE (TTM) of 14.08, while the CSI 300 Index stands at 13.30[10] - The growth in earnings per share (EPS) has contributed significantly to the index performance, with the Shanghai Composite Index showing a current value of 16.41%[14] Hong Kong Market Valuation - The Hang Seng Index has a current PE (TTM) of 11.84, with a historical maximum of 22.67[59] - The Hang Seng Technology Index has a PE (TTM) of 23.69, indicating a higher valuation compared to the broader market[63] U.S. Market Valuation - The S&P 500 Index has a current PE (TTM) of 29.36, with a historical maximum of 41.99[82] - The NASDAQ Index shows a PE (TTM) of 42.83, reflecting its growth-oriented nature[90] Sector Valuation Insights - In the A-share market, the food and beverage sector has a low PE, while the technology sector has a high PE, indicating sector-specific valuation disparities[21] - The banking sector in Hong Kong has a current PB (LF) of 1.02, which is relatively low compared to other sectors[71] Key Stock Valuations - Major stocks like Kweichow Moutai and Wuliangye have median PEs of 29.04 and 22.36, respectively, indicating strong market positions[50] - Alibaba's current PE (TTM) is 19.53, reflecting its recovery potential in the market[75]
董明珠健康家全国门店突破970家,非空调品类增长显著
Xin Lang Ke Ji· 2025-09-27 08:09
【#董明珠健康家在全国已建设970多家#】格力电器 9 月 26 日晚在互动平台透露,今年 3 月董明珠健康 家首店落地北京以来,"董明珠健康家"在全国已建设 970 多家,消费者对非空调品类关注度和购买量增 长显著。公司将根据"成熟一家,开设一家"的原则稳步推进门店新建和改造。 W W TH TH TO 电器(图片) 2025品精选购买车台 到线网 |第11季) 固体大保润给自 董明珠健康家 . 110 開味健康家 6 @新浪科技 6 @新浪财经 格力电器市场总监朱磊 2 月 25 日下午在广州接受采访,解释"董明珠健康家"取名背后的深度思考。他 表示,格力 10 年前就布局全屋智能家电生产线。去年年底,格力内部进行讨论时决定,建立"董明珠健 康家"这个新的渠道品牌来推动格力全国健康家电的发展。今年,格力电器计划在全国范围内完成建设 3000 家"董明珠健康家"。(IT之家) 在 2 月 13 日的格力电器(四川)2025 品牌战略发布会上,格力全新战略品牌"董明珠健康家"正式发 布。近期全国多地的格力线下专卖店纷纷将招牌更换为"董明珠健康家",同时多个与格力电器相关的线 上直播间也同步更名为"董明珠健康家 ...
鸿蒙空调、小米空调来袭 空调业变化几何?
Di Yi Cai Jing· 2025-09-27 05:13
甘建国告诉记者,鸿蒙智选MEIPONT智能空调中采用的豪米波雷达、星闪联盟、海思芯片、Wifi模组等技术和资源,均由华为推荐方案、推荐模组或赋 能。去年国庆,华为已提出要打造空调界的"问界"(汽车),并在招标时,规划把这些技术应用于空调。 美邦(MEIPONT)今年三月中标,成为鸿蒙智选的空调合作伙伴。之前,美邦已是鸿蒙智联的空调合作伙伴。甘建国打比方说,两者都属于鸿蒙生态,之 前是"经济舱",现在是"头等舱"。鸿蒙智联的产品,由华为提供产品认证机构检测、品控监测、鸿蒙智联技术认证。而鸿蒙智选的产品,则是双方进行产品 共创,覆盖从设计、审厂、品控、功能定义,到销售定价的全流程。 空调业依托智能生态的新势力正在崛起。传统空调龙头企业格力电器(000651.SZ)面对冲击,业绩承压,9月26日股价一度跌至39.3元/股,为今年来新低。 新老力量交织,空调业正经历价格战、技术战和服务战。 新势力崛起 9月26日,在鸿蒙智选2025秋季新品发布会上,健康空气成为鸿蒙生态重点发力场景。MEIPONT空调总经理甘建国向第一财经记者透露,鸿蒙智选 MEIPONT空调首批产品十天前开卖,现已售罄,风神之眼Pro的升级版产品" ...
鸿蒙空调、小米空调来袭,空调业变化几何?
Di Yi Cai Jing· 2025-09-27 04:59
Core Insights - The air conditioning industry is experiencing intensified competition driven by new players leveraging smart ecosystems, leading to a shift in market dynamics [1][3][7] Industry Dynamics - Traditional leaders like Gree Electric (000651.SZ) are facing pressure from emerging competitors, with Gree's stock hitting a year-low of 39.3 yuan per share on September 26 [3] - The competition landscape is characterized by price wars, technological advancements, and service enhancements [3][6] Emergence of New Players - The new player MEIPONT, in collaboration with Huawei's HarmonyOS ecosystem, has launched smart air conditioning products that emphasize technology integration and user experience [4][5] - MEIPONT's initial product launch saw sales exceeding 4,000 units and revenue surpassing 10 million yuan on the first day [4] Competitive Strategies - Xiaomi has also made significant strides in the air conditioning market, achieving a 14.73% share in the online segment, a 3.78 percentage point increase year-on-year, ranking third behind Midea and Gree [5] - Midea has signed a strategic partnership with Huawei to develop integrated smart home solutions, while Gree is expanding its offline experience stores [6] Service and Pricing Competition - The competition is not only about technology but also service, with Gree and Xiaomi both offering ten-year free repair services for their air conditioners [6] - Xiaomi's introduction of budget-friendly models has intensified price competition, impacting mid-to-high-end sales, while Gree has opted not to engage in price wars [6] Market Outlook - Analysts suggest that the influx of new players will accelerate market competition and technological upgrades, similar to past trends in the television industry [7] - However, some experts caution that while Xiaomi's air conditioning business has matured over ten years, MEIPONT's entry is still in its early stages and may take time to establish a market presence [7]
格力电器:董明珠健康家在全国已建设970多家
Bei Ke Cai Jing· 2025-09-27 03:13
新京报贝壳财经讯 9月26日晚间,格力电器在互动平台表示,今年3月董明珠健康家首店落地北京以 来,董明珠健康家在全国已建设970多家,消费者对非空调品类关注度和购买量增长显著。公司将根 据"成熟一家,开设一家"的原则稳步推进门店新建和改造。 校对 赵琳 编辑 林子 ...
格力电器:董明珠健康家在全国已建设970多家,消费者对非空调品类关注度和购买量增长显著
Zheng Quan Shi Bao Wang· 2025-09-27 02:27
Core Viewpoint - Gree Electric Appliances has successfully established over 970 stores of "Dong Mingzhu Health Home" since its launch in March, indicating a significant increase in consumer interest and purchasing volume for non-air conditioning products [1] Company Summary - Gree Electric Appliances reported the establishment of more than 970 "Dong Mingzhu Health Home" stores across the country since March [1] - The company plans to continue the steady expansion and renovation of stores based on the principle of "opening one store after another matures" [1] Industry Summary - There is a notable increase in consumer attention and purchasing volume for non-air conditioning categories within the home appliance sector [1]
格力电器:今年3月董明珠健康家首店落地北京以来 “董明珠健康家”在全国已建设970多家
Mei Ri Jing Ji Xin Wen· 2025-09-26 15:35
(文章来源:每日经济新闻) 格力电器(000651.SZ)9月26日在投资者互动平台表示,今年3月董明珠健康家首店落地北京以来,"董 明珠健康家"在全国已建设970多家,消费者对非空调品类关注度和购买量增长显著。公司将根据"成熟 一家,开设一家"的原则稳步推进门店新建和改造。 每经AI快讯,有投资者在投资者互动平台提问:请问董明珠健康家目前有多少家了?希望公司加快推 进速度。 ...