金吾财讯 | 国投证券发研报指，敏华控股(01999)发布FY2025半年度报告。公司FY2025H1实现营收83.05亿港元，同比下降7.1%；归母净利润11.39亿港元，同比增长0.25%。该行表示，中国市场方面，消费者信心相比去年进一步下探，叠加消费降级和地产市场下行影响，内销承压。FY25H1收入同比下降16.84%，占总收入比重同比下降7.14pct。海外市场FY25H1景气度延续，叠加低基数影响，持续增长可期。公司积极拓展新渠道新客户，重塑销售队伍人才建设，加强出口新产品研发及升级迭代，过去半年海外市场需求及订单恢复较为明显。FY25H1北美市场销量增长约18%，营收同比增长5.71%；FY25H1欧洲及其他海外市场营收同比增长32.97%。该行续指，敏华控股作为功能沙发行业翘楚及软体家居龙头，基本面扎实，高分红持续回馈股东，且公司精细化管理能力稳步提升、内外销逐步恢复，该行持续看好公司的长期投资价值潜力。该行预计公司FY2025-2027主营业务收入为192.65、205.98、223.65亿港元，同比增长2.49%、6.92%、8.58%；归母净利润为25.27、28.93、32.98亿港元，同比增长9.76%、14.47%、13.00%，对应PE为7.0x、6.1x、5.3x，给予FY202510xPE，目标价6.50港元，维持买入-A的投资评级。
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