家得宝2024年三季度业绩点评：飓风带来一定程度需求提振业绩和经营指标因高息环境继续承压

东吴证券(国际)11-18

投资要点飓风相关需求增加，家得宝24Q3 可比收入略降，可比营业利润略涨。公司2024Q3 营收同比+6.6%至402 亿美元，24Q3 可比销售额和美国可比销售额分别同比下滑1.3%和1.2%。24Q3 可比营业利润和营业利润率分别为56 亿美元和13.8%，相比23Q3 的55 亿美元和14.5%，分别同比+1.8%和+70bps。公司24Q3 净利润录得36 亿美元，相比23Q3 的38...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2484610439?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2024-11-18 00:00","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2484610439","market":"us","top_or_hot":-1,"title":"家得宝2024年三季度业绩点评：飓风带来一定程度需求提振 业绩和经营指标因高息环境继续承压","media":"东吴证券(国际)","content":"<div>\n<p>投资要点飓风相关需求增加，家得宝24Q3 可比收入略降，可比营业利润略涨。公司2024Q3 营收同比+6.6%至402 亿美元，24Q3 可比销售额和美国可比销售额分别同比下滑1.3%和1.2%。24Q3 可比营业利润和营业利润率分别为56 亿美元和13.8%，相比23Q3 的55 亿美元和14.5%，分别同比+1.8%和+70bps。公司24Q3 净利润录得36 亿美元，相比23Q3 的38...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202411181626209f598a9e&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>家得宝2024年三季度业绩点评：飓风带来一定程度需求提振 业绩和经营指标因高息环境继续承压</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n家得宝2024年三季度业绩点评：飓风带来一定程度需求提振 业绩和经营指标因高息环境继续承压\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-18 00:00 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202411181626209f598a9e&s=b><strong>东吴证券(国际)</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>投资要点飓风相关需求增加，家得宝24Q3 可比收入略降，可比营业利润略涨。公司2024Q3 营收同比+6.6%至402 亿美元，24Q3 可比销售额和美国可比销售额分别同比下滑1.3%和1.2%。24Q3 可比营业利润和营业利润率分别为56 亿美元和13.8%，相比23Q3 的55 亿美元和14.5%，分别同比+1.8%和+70bps。公司24Q3 净利润录得36 亿美元，相比23Q3 的38...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202411181626209f598a9e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0354030438.USD","symbol_name":"富国美国大盘成长基金Cl A Acc","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202411181626209f598a9e&s=b","article_id":"2484610439","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202411181626209f598a9e&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2484610439","pubTimestamp":1731859200,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"投资要点飓风相关需求增加，家得宝24Q3 可比收入略降，可比营业利润略涨。24Q3 可比营业利润和营业利润率分别为56 亿美元和13.8%，相比23Q3 的55 亿美元和14.5%，分别同比+1.8%和+70bps。支撑家装需求的潜在长期基本面强劲，短期飓风相关需求销售额有所增加，但当前的高息环境和经济增长的不确定性对公司经营仍造成了一定的压力。公司24Q3 营运数据继续承压。HMI 和营建许可等月度数据反映行业景气度一般。公司上调2024 年业绩指引。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","SG9999001440.SGD":"United Global Dividend Equity Fund A SGD Dist","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1929549753.HKD":"FRANKLIN INCOME \"A\" (HKD) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","BK4534":"瑞士信贷持仓","BK4567":"ESG概念","BK4585":"ETF&股票定投概念","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0823411888.USD":"法巴消费创新基金 Cap","HD":"家得宝","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0079474960.USD":"联博美国增长基金A","BK4566":"资本集团","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU1093756168.USD":"FRANKLIN K2 ALTERNATIVE STRATEGIES \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","BK4588":"碎股","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","BK4550":"红杉资本持仓","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","BK4083":"家庭装潢零售","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU1093756325.SGD":"FTIF - Franklin K2 Alt Strat Fd A (acc) SGD-H1","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4581":"高盛持仓","BK4504":"桥水持仓","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD"},"translate_title":"Home Depot's 2024 third quarter performance comments: Hurricanes bring a certain degree of demand to boost performance and operating indicators, which continue to be under pressure due to the high interest rate environment","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HD":1},"content_text":"投资要点飓风相关需求增加，家得宝24Q3 可比收入略降，可比营业利润略涨。公司2024Q3 营收同比+6.6%至402 亿美元，24Q3 可比销售额和美国可比销售额分别同比下滑1.3%和1.2%。24Q3 可比营业利润和营业利润率分别为56 亿美元和13.8%，相比23Q3 的55 亿美元和14.5%，分别同比+1.8%和+70bps。公司24Q3 净利润录得36 亿美元，相比23Q3 的38亿美元同比下滑约-5.3%。支撑家装需求的潜在长期基本面强劲，短期飓风相关需求销售额有所增加，但当前的高息环境和经济增长的不确定性对公司经营仍造成了一定的压力。公司24Q3 营运数据继续承压。公司主要经营指标24Q3 继续承压：客户交易次数录得399.0 百万次，相比23Q3 的399.8 百万次同比-0.2%；客单价录得88.65 美元，相比23Q3 的89.36 美元同比-1.3%；坪效录得582.97 美元/平方英尺，相比23Q3 的595.71 美元/平方英尺同比-2.1%。HMI 和营建许可等月度数据反映行业景气度一般。NAHB/富国银行住房市场指数（HMI）反映美国建筑商对新单户住宅市场的信心，2024年10 月数据录得43，环比增加2 个点但仍处于盈亏线之下。此外，美国营建许可数据能够较为前瞻的反映美国已开工的新建私人住宅数据，该数据与家得宝营收相关性较强，2024 年9月最新的营建许可录得113.7千套，同比-5.9%。公司上调2024 年业绩指引。公司24Q3 上调2024 全年业绩指引：预计2024 年全年营收增长大约4%（包括SRS 并表和53 周），考虑可比销售额同比下滑2.5%（此前指引为3%-4%），此外，公司指引2024 年新增约12 家门店（与此前指引持平），较2023 年底2335 家门店同比增长约0.5%。2024Q3 毛利率约为33.5%（此前指引为33.5%），营业利润率约为13.5%（此前为13.5%-13.6%）。盈利预测与投资评级：家得宝作为建材家居零售商龙头，发力MRO 业务，打开成长空间，更好协同PRO 业务发展，考虑到飓风对24 业绩的提振，和SRS 收购后带来的交叉促进作用，上调预测2024-2026 年营收分别同比增长4.0/2.5/4.8%至163,699/167,759/175,845 百万美元；归母净利润分别同比增长-1.9/+4.3/+5.6%至16,785/17,515/18,499 百万美元；按照最新股本摊薄对应的PE 分别为24.01/23.01/21.79 倍，维持“中性”评级。风险提示：供应链中断风险，通胀风险，宏观经济波动风险，信息系统中断风险，信贷评级变动风险等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2484610439"}

家得宝2024年三季度业绩点评：飓风带来一定程度需求提振 业绩和经营指标因高息环境继续承压

精彩评论

家得宝2024年三季度业绩点评：飓风带来一定程度需求提振业绩和经营指标因高息环境继续承压