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《大行報告》大和下調敏華(01999.HK)目標價至7.3元 評級「買入」
阿思達克 11-16 11:03
大和發表報告指,敏華控股(01999.HK)中期核心盈利按年升14%至12.78億元,較市場預測高出15%。經調整淨利潤率14.3%,是自2018財年以來最好,主要受惠原材料及貨運成本下跌,雖然市場認為該股與內地房地產表現相關,因此持續獲重估的可能性有限,但該行仍然預期敏華下半財年業務復甦,盈利有望按年升30%。 因應內地樓市疲弱,管理層對內地業務前景保守,現時約60%的需求屬家具置換,但公司會繼續在低端城市擴充銷售網絡。該行將公司2025至2026財年的每股盈利預測,下調2%至4%,以反映內地業務增長較預期慢,目標價由8.5元下調至7.3元,評級「買入」。 展望下半財年,在低基數效應下,大和料敏華下半財年收入按年增長將加快至20%,經調整淨利潤率料穩定於約14%。不過該行料其毛利率於現財年(2024財年)見頂,因原材料成本下跌帶來的利好將於下半財年結束。
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