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西南證券:維持敏華(1999.HK)買入評級 收購格調傢俬品類佈局延伸
格隆匯 12-22 17:06

敏華控股(1999.HK)收購格調傢俬,正式成為格調傢俬控股股東。西南證券指,此次收購有助於公司擴充休閒和布藝等非功能沙發品類,強化公司對不同消費者需求的滿足能力;並通過格調的渠道能力增加公司產品對中低端消費羣體的覆蓋程度,渠道進一步下沉。未來格調傢俬還將與公司在品牌資源、戰略佈局、供應鏈體系等方面展開合作,供應鏈整合後公司的規模效應和議價能力有望進一步提升,長期來看品牌協同效應可期。預計公司FY2021-2023年EPS分別為0.48/0.61/0.73港元,對應的PE分別為34/27/22倍。維持“買入”評級。

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