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1、家电行业改变低估值？路在抵御周期和产品结构黄文倩2010年8月31日0本材料中的信息均来源于已公开的资料，我公司对这些信息的准确性及完整性不作任何保证。其中的信息或所表达的意见并不构成所述证券买卖的出价或征价。我公司及其所属关联机构可能会持有本材料中提到的公司所发行的证券头寸并进行交易，还可能为这些公司提供或争取提供投资银行业务服务。本材料的版权仅为我公司所有，未经书面许可任何机构和个人不得以任何形式翻版、复制、刊登、发表或引用。1可比公司估值股价总市值净利润(百万元)每股收益市盈率10年底-12年底
2、子行业分类代码公司PEG本地货币百万美元2010EYoY2011EYoY2012EYoY2010E2011E2012E2010E2011E2012E净利润CAGR家电A股白电000527.CH美的电器15.116,9232,80148%3,54527%4,18018%0.821.041.2318.414.512.322.2%0.83000651.CH格力电器15.196,2853,60324%4,11414%4,60712%1.211.381.5412.611.09.913.1%0.96600690.
3、CH青岛海尔22.704,4621,77454%2,28029%2,76921%1.331.702.0717.113.311.024.9%0.69600983.CH合肥三洋20.621,00831050%41534%53128%0.931.241.5922.216.612.930.9%0.72000418.CH小天鹅A17.351,158476114%66038%86231%0.751.041.3623.016.612.734.5%0.67000521.CH美菱电器10.2854333612%3851
4、4%42210%1.121.281.409.28.07.312.1%0.76600336.CH澳柯玛8.13407108108%14838%127-14%0.320.430.3725.718.721.88.6%3.00000921.CHST科龙7.501,211647330%81526%8747%0.480.600.6515.712.511.616.3%0.97A股平均18.013.912.4黑电000100.CHTCL集团3.932,44678467%8397%8542%0.190.200.2021
5、.219.919.54.4%4.86600839.CH四川长虹4.201,75619871%28544%39137%0.070.100.1460.542.030.640.7%1.49000016.CH深康佳5.38797108-29%16351%26362%0.090.140.2260.139.824.656.1%1.07600060.CH海信电器12.971,65162024%75822%90019%0.720.871.0418.114.812.520.5%0.88A股平均40.029.121.8小
6、家电002242.CH九阳股份16.771,8746334%75920%89518%0.831.001.1820.216.814.318.9%1.07002403.CH爱仕达16.9959910525%16456%23644%0.440.680.9838.824.817.349.9%0.78002032.CH苏泊尔20.201,71240230%51729%65126%0.700.901.1329.022.617.927.2%1.06002035.CH华帝股份9.603157845%11244%152
7、36%0.350.500.6827.519.114.139.9%0.69000533.CH万家乐11.851,20228447%34321%42524%0.410.500.6128.823.919.322.2%1.30A股平均28.921.416.6H股白电1169.HK海尔电器4.891,280849102%1,21443%1,58431%0.400.560.7412.48.76.636.6%0.340921.HK海信科龙3.821,211752340%99432%1,13614%0.560.730
8、.846.95.24.622.9%0.300449.HK志高控股5.3735342134%48415%5207%0.941.071.155.75.04.711.1%0.52H股平均8.36.35.3黑电0751.HK创维4.041,3191,40512%1,71522%1,89711%0.590.720.796.95.65.116.2%0.421070.HKTCL多媒体2.39334175-56%423142%58238%0.160.390.5414.9
