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高盛最新研判:老板电器盈利预测微调,但投资价值依旧坚挺

发布于 2025-08-15

<p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" data-pm-slice="0 0 []"><span leaf="">近期高盛发布针对杭州老板电器(002508.SZ)的最新研究报告,核心信息很明确:</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">短期盈利预期微降,长期投资价值未改</span></strong><span leaf="">。这份报告信息量极大,揭示了厨电龙头在复杂市场环境中的真实状况。</span></p><hr style="margin: 24px 0px;border-right: 0px;border-bottom: 0px;border-left: 0px;border-image: initial;border-top: 1px solid var(--yb-md-hr-border-color);background: none rgb(252, 252, 252);color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">一、盈利预测为何下调?地产与补贴是主因</span></h3><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">高盛将老板电器2025-2027年的盈利预测整体下调约1%,主要基于两个现实压力:</span></p><ol style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">地方财政吃紧导致"以旧换新"补贴不足</span></strong><span leaf="">:二季度部分地区因资金短缺,家电换新政策落地受阻,直接影响消费需求。</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">房地产市场持续疲软</span></strong><span leaf="">:新房销售低迷导致配套厨电需求萎缩,对老板电器的工程渠道形成直接冲击。</span></p></li></ol><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">具体到财务数据:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">营收预测</span></strong><span leaf="">:2025-2027年营收预测均下调0.8%(原预测114.5亿→113.6亿)</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">净利润</span></strong><span leaf="">:2025年预测从16.87亿下调至16.74亿,2026年从17.39亿降至17.25亿</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">每股收益(EPS)</span></strong><span leaf="">:2025年从1.79元降至1.77元,降幅0.8%</span></p></li></ul><blockquote style="margin: 16px 0px;padding: 0px 0px 0px 12px;border-top: 0px;border-right: 0px;border-bottom: 0px;border-left: solid var(--yb-md-blockquote-border-color) 4px;border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;quotes: none;color: var(--yb-md-blockquote-color);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin-top: 8px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><em style="margin: 0px;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf=""><span textstyle="" style="color: #888888;">关键数据:尽管盈利预测下调,但毛利率(GPM)、营业利润率(OPM)和净利率(NPM)预期维持不变。高盛认为成本控制和产品结构优化能有效对冲收入压力。</span></span></em></p></blockquote><hr style="margin: 24px 0px;border-right: 0px;border-bottom: 0px;border-left: 0px;border-image: initial;border-top: 1px solid var(--yb-md-hr-border-color);background: none rgb(252, 252, 252);color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">二、目标价为何纹丝不动?长期逻辑才是关键</span></h3><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">虽然短期盈利承压,但高盛</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">维持24元人民币的12个月目标价及原有投资评级</span></strong><span leaf="">。这背后是清晰的估值框架:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">估值基础</span></strong><span leaf="">:基于2027年预期每股收益1.94元</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">倍数设定</span></strong><span leaf="">:给予14倍市盈率(参考历史均值)</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">折现计算</span></strong><span leaf="">:以9.5%股权成本折现至2026年</span></p></li></ul><blockquote style="margin: 16px 0px;padding: 0px 0px 0px 12px;border-top: 0px;border-right: 0px;border-bottom: 0px;border-left: solid var(--yb-md-blockquote-border-color) 4px;border-image: initial;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;quotes: none;color: var(--yb-md-blockquote-color);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><p style="margin-top: 8px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><em style="margin: 0px;padding: 0px;border: 0px;font-style: italic;font-variant: inherit;font-weight: inherit;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">研报原文强调:"我们的投资论点和对老板电器的评级保持不变"</span></em></p></blockquote><hr style="margin: 24px 0px;border-right: 0px;border-bottom: 0px;border-left: 0px;border-image: initial;border-top: 1px solid var(--yb-md-hr-border-color);background: none rgb(252, 252, 252);color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">三、高盛为何持续看好?三大核心逻辑拆解</span></h3><h4 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 18px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">1. 行业龙头地位稳固</span></h4><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">老板电器在高端油烟机、燃气灶领域市占率绝对领先,品牌和技术护城河深厚。即便行业整体承压,其高端市场地位依然难以撼动。</span></p><h4 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 18px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">2. 新品扩张打开增长空间</span></h4><p style="margin-top: 8px;margin-bottom: 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">通过洗碗机、嵌入式蒸烤箱、集成灶等新品类的成功拓展,老板电器正从单一厨电品牌转型为</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">全厨房解决方案提供商</span></strong><span leaf="">:</span></p><ul style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: disc;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">洗碗机成为新引擎</span></strong><span leaf="">:自2019年加强自主研发后,该品类增速显著高于行业</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">产品矩阵完善</span></strong><span leaf="">:覆盖厨房场景所有核心品类,客单价提升空间巨大</span></p></li></ul><h4 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 18px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">3. 估值处于历史低位</span></h4><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">当前股价对应市盈率明显低于5年历史平均水平,提供了足够的安全边际。高盛认为市场过度悲观,忽视了公司的长期韧性。</span></p><hr style="margin: 24px 0px;border-right: 0px;border-bottom: 0px;border-left: 0px;border-image: initial;border-top: 1px solid var(--yb-md-hr-border-color);background: none rgb(252, 252, 252);color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">四、潜在风险不容忽视</span></h3><table style="border-collapse:collapse;width:495px;"><tbody><tr style="height:36.00pt;"><td data-colwidth="142" width="72" style="height: 36pt;"><section><span leaf="">风险类别</span></section></td><td data-colwidth="353" width="72"><section><span leaf="">具体影响</span></section></td></tr><tr style="height:29.00pt;"><td data-colwidth="142" width="72" style="height: 29pt;"><span><span leaf="">竞争加剧</span></span><span></span></td><td data-colwidth="353" width="72"><section><span leaf="">苏泊尔、华帝等大众品牌通过价格战抢占下沉市场及线上渠道份额</span></section></td></tr><tr style="height:27.00pt;"><td data-colwidth="142" width="72" style="height: 27pt;"><span><span leaf="">工程渠道扩张</span></span><span></span></td><td data-colwidth="353" width="72"><section><span leaf="">开发商采购占比提升可能稀释整体利润率(工程渠道毛利较低)</span></section></td></tr><tr style="height:36.00pt;"><td data-colwidth="142" width="72" style="height: 36pt;"><span><span leaf="">新品研发风险</span></span><span></span></td><td data-colwidth="353" width="72"><section><span leaf="">若洗碗机、集成灶等新品推广不及预期,将拖累收入增长</span></section></td></tr></tbody></table><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">五、投资者该如何应对?</span></h3><ol style="margin: 8px 0px 16px;padding: 0px 0px 0px 16px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: inherit;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;list-style: decimal;text-align: left;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" class="list-paddingleft-1"><li style="margin: 0px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">短期波动无需恐慌</span></strong><span leaf="">:盈利预测1%的下调属正常经营波动范围,不改变核心价值</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">关注新品销售数据</span></strong><span leaf="">:重点跟踪洗碗机等新品类的月度销售表现</span></p></li><li style="margin: 4px 0px 4px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">紧盯政策风向</span></strong><span leaf="">:若房地产政策或家电补贴力度超预期,可能带来估值修复机会</span></p></li><li style="margin: 4px 0px 0px 4px;padding: 0px;border: 0px;font: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;"><p style="margin-top: 0px;margin-bottom: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;display: inline;"><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">24元目标价仍有23%空间</span></strong><span leaf="">:以当前股价19.45元计算,潜在上涨空间可观</span></p></li></ol><hr style="margin: 24px 0px;border-right: 0px;border-bottom: 0px;border-left: 0px;border-image: initial;border-top: 1px solid var(--yb-md-hr-border-color);background: none rgb(252, 252, 252);color: rgba(0, 0, 0, 0.9);font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-size: 16px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-weight: 400;letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;" /><h3 style="margin: 16px 0px 8px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 600;font-stretch: inherit;font-size: 20px;line-height: 1.5;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">结语:在不确定性中寻找确定性</span></h3><p style="margin-top: 8px;margin-bottom: 12px;padding: 0px;border: 0px;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;font-variant-numeric: inherit;font-variant-east-asian: inherit;font-variant-alternates: inherit;font-variant-position: inherit;font-weight: 400;font-stretch: inherit;font-size: 16px;line-height: 1.75;font-family: &quot;PingFang SC&quot;, -apple-system, BlinkMacSystemFont, &quot;Segoe UI&quot;, Roboto, Ubuntu, &quot;Helvetica Neue&quot;, Helvetica, Arial, &quot;Hiragino Sans GB&quot;, &quot;Microsoft YaHei UI&quot;, &quot;Microsoft YaHei&quot;, &quot;Source Han Sans CN&quot;, sans-serif;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;word-break: break-word;overflow-wrap: break-word;color: rgba(0, 0, 0, 0.9);letter-spacing: normal;orphans: 2;text-align: start;text-indent: 0px;text-transform: none;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;white-space: normal;background-color: rgb(252, 252, 252);text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;"><span leaf="">老板电器的案例揭示了一个重要投资逻辑:</span><strong style="margin: 0px;padding: 0px;border: 0px;font-style: inherit;font-variant: inherit;font-weight: 600;font-stretch: inherit;font-size: inherit;line-height: inherit;font-family: inherit;font-optical-sizing: inherit;font-size-adjust: inherit;font-kerning: inherit;font-feature-settings: inherit;font-variation-settings: inherit;vertical-align: baseline;"><span leaf="">短期扰动不改优质企业长期价值</span></strong><span leaf="">。高盛此次调整更多是应对宏观环境的战术微调,而非战略转向。厨电行业的消费升级趋势不会逆转,老板电器在产品创新和品牌溢价上的优势依然稳固。</span></p><section><span leaf=""><br /></span></section><p style="display: none;"><mp-style-type data-value="3"></mp-style-type></p>

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