银河证券：家电消费有望逐步复苏关注三条投资主线

智通财经2023-04-07

智通财经APP获悉，银河证券发布研究报告称，随着国内线下人流逐步恢复正常和居民消费信心逐步恢复，家电消费有望逐步复苏，地产景气度改善也有望提振家电需求。从盈利能力来看，成本红利有望持续兑现。建议关注三条投资主线，一、业绩改善确定性强的白电龙头，推荐美的集团(000333.SZ)、格力电器(000651.SZ)和海尔智家(600690.SH)。二、受益于地产改善的厨电龙头，推荐老板电器(002508...

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href=http://www.zhitongcaijing.com/content/detail/907469.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，银河证券发布研究报告称，随着国内线下人流逐步恢复正常和居民消费信心逐步恢复，家电消费有望逐步复苏，地产景气度改善也有望提振家电需求。从盈利能力来看，成本红利有望持续兑现。建议关注三条投资主线，一、业绩改善确定性强的白电龙头，推荐美的集团(000333.SZ)、格力电器(000651.SZ)和海尔智家(600690.SH)。二、受益于地产改善的厨电龙头，推荐老板电器(002508...</p>\n\n<a 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9.7%。其中竣工面积加速回暖，同比增速转正，相比2022年的-14.3%回升了24PCT。开工面积同比增速虽未能转正，但下降幅度明显收窄。地产销售改善明显，3月份一线、二线、三线城市商品房成交套数同比增加70.37%、31.24%、38.68%。随着居民购买力修复、地产利好政策落地，地产景气度改善趋势有望进一步延续空调1-2月内销超预期。由于春节因素影响，单二月同比数据参考价值不大，综合1-2月数据，家用空调累计销售2400.0万台，同比增长4.3%，其中内销累计1118.0万台，同比增长18.7%，出口累计1282.0万台，同比下降5.6%。由于疫情的放开，空调企业对市场持乐观态度，生产和备货均较为积极，经销商也积极囤货，内销出货量表现较好。从零售端来看，空调销售恢复较好，有望带动内销出货改善。奥维云网数据显示，2023年前12周空调线上、线下零售量同比变动13.18%和-5.7%。展望未来，随着房地产复苏和消费者信心恢复，空调内销同比增长趋势有望延续。出口方面，未能延续去年12月份的同比增长趋势，未来增长依然面临较大的不确定性。从排产数据来看，4月份空调排产延续高增，内外销排产较去年实绩变动41.2%和-5.5%。家电指数三月下跌0.82%。2023年3月份申万家电指数下跌0.82%，排在申万一级行业第9位，表现不及沪深300指数(0.46%)，截至3月31日，行业市盈率(TTM)为14.5，低于2006年至今历史平均水平21.06。家用电器行业市盈率(TTM整体法，剔除负值)较2005年以来的历史均值低4.77个单位。家电板块估值溢价率(A股剔除银行股后)为-17.94%，历史均值为-11.31%。风险提示原材料价格变动的风险;房地产政策改善不及预期的风险;消费复苏不及预期的风险。","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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银河证券：家电消费有望逐步复苏 关注三条投资主线

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银河证券：家电消费有望逐步复苏关注三条投资主线