金吾财讯 | 中金发研报指，敏华控股(01999)公布2025财年中报业绩：实现营业收入83.05亿港币，同比-7.1%，归母净利润11.39亿港币，同比+0.3%，扣非净利润12.70亿港币，同比-1.4%，业绩符合市场预期。公司计划每股派息15港仙，派息率达51.1%。该行表示，海外市场快速增长，内销承压。1)按国家拆分：1H25FY中国/北美/欧洲及其他海外市场(不含HG)/HG收入分别为49.75/21.54/7.33/3.71亿港币,同比-17.2%/+5.7%/+37.7%/+24.5%，海外市场的快速增长主要得益于市场开拓下的销量增长，ASP有所承压。2)内销拆分：1H25FY内销沙发/床垫收入分别为32.86/12.09亿港币，同比-15.6%/-18.9%，主要受内需疲软影响；线下/线上渠道收入34.87/10.07亿港币，同比-14.9%/-21.6%。截至1H25FY，公司国内终端品牌专卖店共有7516家，相较24FY净增280家，关店率约为4.7%。该行考虑到内销承压，下调FY25/FY26归母净利润13%/18%至24.22/26.97亿港币，当前股价对应FY25/FY26分别7/7倍市盈率。维持跑赢行业评级，基于盈利预测调整，该行下调目标价22%至7港币，对应FY25/FY26分别11/10倍市盈率，较当前股价有51%上行空间。
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