金吾财讯 | 长江证券发研报指，敏华控股(01999)发布FY2025H1业绩（2024年4月至9月），期间实现主营收入/归母净利润83.05/11.39亿港元，同比-7%/+0.3%。收入方面，内销承压而近期国补提振下有修复，外销整体延续较优增势。盈利方面，毛利率及利润率均有改善，与原材料降价、费用控制等有关。展望后续：1）内销：面对地产和消费大环境，公司在品类角度乘功能沙发渗透率提升红利优化完善产品矩阵，提高床垫市占率，培育定制潜力业务，渠道角度线上多平台运营与线下持续拓店并进，近期国补加码有助于推动行业企稳及份额集中。2）外销：改善趋势有望延续，其中亦有公司自身在制造、供应链、产能等维度优势的持续兑现。该行指，公司在品牌/产品/供应链上构筑高壁垒，且以设计营销&渠道变革强化竞争力，看好在软体行业中持续提份额。今年公司顺应消费趋势重新梳理优化产品条线和品牌矩阵，渠道端强调精细化运营，为长期发展打好基础。预计FY2025-2026公司归母净利润分别为24.5/27.8亿港元，对应PE为7.9/7.0x，维持“买入”评级。
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