发布投资研究报告，评级: 跑赢行业(OUTPERFORM)，我来为大家科普一下关于海信电器旗下产品?以下内容希望对你有帮助!
海信电器旗下产品
发布投资研究报告，评级: 跑赢行业(OUTPERFORM)。
海信家电(000921)
What's new
Hisense Home Appliances announced that Qingdao municipal government approved Hisense Group’s plan for deepening mixed ownership reform. 1) Hisense Electric Holdings (controlling shareholder of Hisense Home Appliances) plans to introduce strategic investors to increase its capital, create synergy and promote global expansion. The price of the offering will be determined after auditing is completed. 2) After the offering, Hisense Group and strategic investors will hold 26.79% and 17.2% stakes in Hisense Electric Holdings, which may no longer have an actual controller or a shareholder (or shareholders acting in concert) with more than 30% voting rights. 3) Hisense Home Appliances’ actual controller , Qingdao State-owned Assets Supervision and Administration Commission, will transfer its 100% stake in Hisense Group to Qingdao Huatong State-owned Capital Operation (Group) upon completion of the reform.
Comments
Mixed ownership reform steadily advancing. We expect this event to diversify Hisense Home Appliances’ shareholder structure and make its governance structure more market-oriented.
Hisense Electric Holdings is the equity incentive vehicle of Hisense Group. Before the reform, 170 senior executives of Hisense Group controlled a 40.71% stake in Hisense Electric Holdings.
Household air conditioner market to turn around. We think that Hisense’ household air conditioner business will normalize in 3Q20, and suggest watching the value of its central air conditioner business.
Valuation and recommendation
We keep our 2020-2021 earnings forecast unchanged. Hisense A-shares are trading at 2020-2021e P/E of 13.3x and 9.0x, and H-shares at 8.7x and 5.8x P/E. Given the expected turnaround in the air conditioner sector, we maintain OUTPERFORM ratings on the A-shares and H-shares, and raise target prices for the A-shares26.9% to Rmb14.42 (18x and 12x 2020-2021e P/E with 34% upside),and for the H-shares 28.2% to HK$10.60 (11x and 8x 2020-2021e P/E with 31% upside). Risks: Stronger-than-expected headwinds from global COVID-19; competition in color TV market.
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