敏華控股(01999.HK)：內銷拓店提速+對美出口重回增長，龍頭優勢強化，給予“買入”評級
機構：開源證券
評級：買入
全球功能沙發龍頭，內銷拓展全面提速，首次覆蓋給予“買入”評級
公司專注軟體家居領域，是全球功能沙發龍頭，領先的產品矩陣、品牌力和營銷力以及完整產業鏈構造穩固護城河，品類、渠道拓展帶來持續發展動力。短期看國內開店紅利快速釋放，長期看功能沙發滲透率仍有提升空間。我們預測公司2021-2023財年歸母淨利潤為18.48/22.87/28.36億港元，對應EPS為0.49/0.60/0.75港元，當前股價對應PE分別為34.8/28.1/22.7倍，首次覆蓋給予“買入”評級。
核心競爭力：豐富的品牌矩陣，領先的產品力和營銷能力，完整產業鏈
公司自有品牌芝華士是全球功能沙發領先品牌，此外公司還代理伯恩名家、伯爵美家、尼科萊蒂等知名品牌。在產品品類上，除了功能沙發，公司逐漸延伸至牀墊、按摩椅、智能牀等領域。同時，通過建立合資公司鋭邁機械、收購江蘇鋭龍，公司在功能沙發核心原部件方面擁有自主研發生產的能力，從而在製造端具有成本優勢。在營銷端，公司持續保持業內領先的營銷投入，使品牌深入人心。
國內市場：功能沙發行業空間廣闊，開店紅利快速釋放
全球軟體傢俱市場規模穩步提升，中國已躍居最大的產銷國。但從功能沙發品類看，國內滲透率較低，仍屬於藍海市場。公司旗下芝華仕品牌在中國功能沙發的市場市佔率達50.1%，屬於絕對龍頭。並且，公司在內銷市場正在加速開店以搶佔市場份額。截至2020年9月30日，公司擁有線下門店3532家，對比2020財年末淨增加658家門店，並且在未來兩到三年內仍有望保持較快的開店速度。同時，公司積極推進新零售升級和精細化管理使門店效率不斷提升，推動同店增長。
海外市場：短期受地產銷售催化，疫情後對美出口訂單恢復快速增長
歐美功能沙發市場相對成熟，需求較穩定。短期看，美國地產銷售熱潮有望帶動後續家居需求增長。公司在美國市場與La-Z-Boy的差距逐漸縮小，並在疫情後對北美出口訂單已恢復快速增長。而在歐洲市場，公司在2016年底認購了歐洲著名傢俱製造商HomeGroup50%的股權，並擬收購傢俱龍頭華達利的部分股權。
風險提示：海外疫情反覆，國內開店速度不及預期，品類拓展不及預期等。
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.
