花旗:產能增速高於預期 予敏華(1999.HK)目標價6.8港元
花旗發表報告表示,予敏華控股(01999.HK)目標價6.8港元。
該行表示,我們和該公司主席黃先生參觀了敏華在越南的沙發工廠,敏華的增長速度比預期的要快,目前可以覆蓋60-70%的美國銷售額,這比預期要提前了一個季度。與九月的月交貨量500-600箱相比,十月越南工廠的交貨量已經達到了2200箱,同時工人們的工資也比附近其他工廠的高。該公司的管理層表示越南的新勞動法規對敏華的影響不大,因為敏華一向遵守相關規定。由於效率低下以及貨幣貶值,在越南的平均製造成本高於中國,達到3-5%。敏華提高了在美國市場的銷售價格5%以抵消消極的影響。

該行認為,敏華在中國線上市場份額保持高位,其在雙11在線銷售額超過6.1億元人民幣,同比增長超過70%。該公司管理層表示,敏華已經佔領中國60-70%的線上市場,60%的線下市場,近期在中國市場的目標是進一步擴大市場份額。因此敏華將會繼續促進線上促銷活動和線下零售市場網絡的建設。
此外,敏華掌握的核心技術也有利於節省成本,提升競爭力。敏華已經掌握了電動機、電力控制系統和金屬配件的技術,這些以前需要花費高額成本從美國進口。因此,敏華跟其他一些小型的對手比就更具競爭力,應該進一步加速鞏固市場。管理層表示希望皮革價格明年能繼續保持在低位。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.