大行評級 | 大和:敏華控股(1999.HK)中期業績符預期 目標價升至8港元
格隆匯11月16日丨大和發表研報,調升敏華控股(1999.HK)2023-25年的每股盈利預測1%-4%,以反映更高的毛利預測,目標價由7.7港元上調至8港元,重申“買入”評級。
報吿指,敏華控股中期業績大致符合預期,收入雖同比跌9%,但純利卻升10.5%,這主要受益於原材料成本壓力緩和下,毛利率改善2.6個百分點至38.8%。鑑於中國有跡象重新開關和美國通脹降温,報吿認為下半財年集團收入仍會因去年的高基數而錄同比下滑,但對看好中國房地產市場復甦的投資者而言,相信該股仍有一定吸引力。
報吿提到,即使中國當局近期優化防疫措施以及出手支持樓市,但管理層仍對下半財年的消費復甦前景持謹慎看法,因此集團將專注於經銷商的盈利能力,而非一味積極擴張線下銷售網絡。大和預計,下半財年,集團在中國市場的收入跌幅將收窄至8%,而由於去年的高基數,海外收入也料跌10%。
報吿又估計,集團下半財年的淨利潤率將與上半年相約,導致純利料同比跌5%。展望2024年,在出口業務出眾且國內貨運成本下降,集團收入將恢復同比13%的增長。

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.