金吾财讯 | 天风证券发布研报指，敏华控股(01999)在全球的业务布局，将使公司面临未来的不确定环境中具有更稳健的优势。北美市场目前仍是功能沙发的主要消费市场，目前市场需求良好；本公司订单增长持续优势明显，且欧洲及其他出口市场仍有较大开拓空间。该行指，随政策支持力度加大，政府刺激消费决心加强，及针对家居行业首次出台可执行大力度补贴政策，相信家居市场需求也将逐步转暖回升，电商也出现复苏增长趋势，期待内销市场拐点将至。该行预测，FY25H1 业绩表现，国内地产及宏观环境不确定性以及海外关税等不确定性，我们调整盈利预测，预计 FY25-27 收入分别为 178 亿港元、185亿港元、199 亿港元；归母净利分别为 22.8 亿港币、24.2 亿港币 26.2 亿港币（原值为 25.74 亿港元、28.67 亿港元、31.53 亿港元）；EPS 分别为 0.59 元/股、0.62 元/股/0.67 元/股；PE 分别为 8x、7x、7x。
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