建银国际发表研报指，敏华控股(01999.HK) 9月底止2025财年上半年盈利大致持平，主要由于海外增长及利润率扩张抵销中国内地经济放缓。该行亦指，虽然市场情绪悲观，惟仍然预期随中国内地广泛的刺激措施见效，敏华在中国内地的销售额将于2025财年下半年及2026财年逐渐稳定。
另外，建银国际将敏华2025至2026财年净利预测下调12%至14%，主要反映该行对敏华在中国内地市场收入预测被下调。不过该行同时认为，敏华在充满挑战的上半财年再次展现了其业务韧性，并抓住海外机遇，实现高利润率及稳定利润，预计一旦整体消费改善，公司加强在中国内地分销的努力将得到回报。
建银国际将敏华目标价由7.6元下调至6.5元，维持“跑赢大市”评级。(js/da)(港股报价延迟最少十五分钟。沽空资料截至 2024-11-22 16:25。)
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