金吾财讯 | 浙商证券发研报指，敏华控股(01999)24/25财年H1实现营业收入83.05亿港元（同比7.08%），归母净利11.39亿港元（同比+0.3%）。公司24/25财年H1毛利率为39.5%，同比增长0.4pct；净利率13.7%，同比增加1.0pct，盈利能力显着提升。派息率51.1%、当前股息率6-7%。该行指，线下门店偏重开拓下沉市场及新增一二线城市性价比系列。后续伴随以旧换新刺激终端需求有望逐步回暖。线上加强推广直播销售模式，通过短视频推广、自有店铺直播、与头部主播深度合作等，实现品牌影响力的加强和销售增长。该行指，公司内销经营拐点逐渐显现、外贸订单验收预期较优，持续推荐。该行预计公司未来3个财年分别实现营业收入176.47亿港元（-4%）、186.98亿港元（+6%）、198.26亿港元（+6%）；实现归母净利润22.79亿港元（-1%）、24.18亿港元（+6%）、25.75亿港元（+6%）；对应当前市值PE为7.91X、7.46X、7.00X，维持“买入”评级。
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