《大行報告》麥格理升敏華(01999.HK)評級至「跑贏大市」 目標價上調至11.4元
麥格理發表研究報告指,敏華(01999.HK)一直面對的不利因素正在消退,加上公司於2024財年加快門店擴張計劃,這應有助於其推動中國業務的增長,將其評級由「跑輸大市」上調至「跑贏大市」,目標價由5.8元升至11.4元。該行認為,集團表現將會走強,並可進一步鞏固其市場份額。
該行表示,將集團2024財年的收入增長由8%上調至17%,並將2025財年增幅由7%升至15%,以反映商店恢復擴張,又認為中國運動躺椅的低滲透率將支持其增長。該行又預期,集團的毛利率將由2023財年的39.2%上升至2025財年的40%,因為其將受惠於原材料成本下降。由於預計2023財年下半年的線下流量疫弱,將其全年淨利潤預測下調3%,惟將2024及25財年的預測分別上調12%和22%,以反映集團有更好的中國業務前景。
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