中金:敏華(1999.HK)外銷迎來向上拐點 維持“跑贏行業”評級
中金公司發佈報告稱,敏華控股(01999.HK)公1H20FY業績為收入55.93億港元,同比增長1.9%;歸母淨利潤7.06億港元,同比增長6.1%,符合該行預期。該行表示,認為在公司內銷收入佔比提升、外銷業務風險釋放驅動下,公司估值中樞有望持續提升,上調其目標價17.6%至6.00港元,維持“跑贏行業”評級。
該行稱,1H20FY公司中國市場營收增長11.8%至28.95億港元,環比2H19FY的5.7%明顯提速,佔總營收比重首次超過50%,預計新零售渠道(包括電商、抖音、直播等)營收增長超過70%。從量上看:得益於公司今年持續推出多款風格年輕、定位大眾的爆款新品,內銷沙發銷量增長31%至21.8萬套。
該行預計,後續越南供貨佔比將持續提升,至2020年年中將實現80%-90%產能轉移。公司前瞻佈局越南產能,1H20FY北美銷售收入中由越南供貨佔比已經提升至34.4%,公司越南新廠房已經在8月建設完成。

該行表示,公司盈利能力改善,報表質量提升。1H20FY公司毛利率同比提升2.8ppt至35.0%,主要得益於:原材料價格下跌和收入結構變化,毛利率更高的內銷收入佔比提升。
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