金吾财讯 | 中信建投发研报指，敏华控股(01999)FY25H1（自然年为24年4-9月）营收、归母净利润分别同比-7.4%、+0.3%。其中中国、北美、欧洲市场营收同比-17.2%、+5.7%、+37.7%，营收占比分别为59.9%、25.9%、8.8%。内销主要系地产竣工下行叠加消费低迷所致，期间公司内销线下渠道继续加大下沉扩张，截止9月底线下门店数7516家/净增280家；外销市场公司加强新渠道和新客户的开拓，北美稳健增长、欧洲增长显着。FY25H1公司毛利率为39.5%/+0.4pct，外销毛利率提升明显主要受益于钢材、真皮等原材料价格分别-8.3%、-5.3%。FY25H1净利率为14.38%/+1.13pct。展望后续，以旧换新政策补贴有望带动内销终端需求改善，外销出口至欧洲持续提升。该行续指，财年截至当年3月份，预计公司FY25-FY27营收分别为178.9、189.4、198.7 亿港元，分别同比-2.9%、+5.9%、+4.9%；归母净利润分别为23.4、25.2、26.8 亿港元，分别同比+1.7%、+7.5%、+6.6%；对应PE为8.0x、7.5x、7.0x。维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.