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麥格理:下調敏華目標價38%,維持“遜於大市”評級

格隆匯5月23日丨麥格理髮研報指,敏華控股(1999.HK)於中國的增長將因需求流動而放緩,其防疫控制及需求不確定將在短期內為集團增長帶來壓力。另一方面,墨西哥工廠投產後料美國市場出現產能過剩。該行維持“遜於大市”評級,降目標價38.14%,由9.7港元下調至6港元。

該行上調敏華2023財年盈測7%,料2022-25財年間實現10%的盈利複合年均增長率。麥格理在報吿中提到,敏華過去兩年將門店數量翻倍,達到約6000家門店,並計劃在2023財年開設300-500家門店,同時將重點轉移到提高現有門店的生產力和盈利能力。鑑於目前的環境,該行認為,管理層將利潤率置於收入增長之上。

長遠來説,麥格理憂慮其墨西哥和越南生產工廠,及美國是否能充分利用該些產能。另外,集團的訂製傢俱業務正處於起步階段,但這或引致來自索菲亞(002572.SZ)及歐派家居(603833.SH)的競爭。

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