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《大行》大摩:內地第四季至今家電舊換新補貼獲強勁利用 維持美的(00300.HK)、格力及石頭科技「增持」評級

According to "The Big Action", Morgan Stanley reports that there has been strong utilization of the old-for-new appliance subsidy in the mainland this fourth quarter; the shareholding rating for Midea (00300.HK), Gree, and Beijing Roborock Technology is m

AASTOCKS ·  Dec 16 09:43

Morgan Stanley published a report stating that the appliance upgrade and replacement subsidies in the mainland have seen strong utilization since the fourth quarter, with lower penetration rate product categories performing relatively well. Currently, the market focus is on the potential extension of subsidies until 2025, which is a key driver for domestic demand. The firm maintains a 'Shareholding' rating for Midea (00300.HK), Gree Electric Appliances, Inc. of Zhuhai (000651.SZ), and Beijing Roborock Technology (688169.SS), with target prices of 92 HKD, 53 RMB, and 281 RMB, respectively.

In the large appliance segment, the firm prefers Midea, followed by Gree, and lastly HAIER SMARTHOME (06690.HK). The firm states the preference for Midea is due to its dual-engine growth strategy, and like Gree, it is favored for its high exposure in the China Business and attractive valuation. Due to the reasonable valuation of HAIER SMARTHOME (06690.HK), it maintains a 'in line with the market' rating with a target price of 29.7 HKD.

In the cleaning tools segment, there is a bullish outlook for Beijing Roborock Technology due to its global competitiveness and attractive risk-reward profile. Ecovacs Robotics (603486.SH), due to its high market share in China, coupled with strong sales in the fourth quarter and recent surprises in cyclical profit increases, is rated 'in line with the market' with a target price of 61 RMB.

The translation is provided by third-party software.


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