《大行報告》麥格理下調敏華(01999.HK)目標價至10元 評級「跑贏大市」
麥格理報告指出,敏華(01999.HK)上半財年收入按年跌4%,遜該行預期11%,但受惠原材料成本及運費下降,淨利潤按年升4%,高出該行預期6.1%。
該行指,集團出口業務已見改善,9月北美地區銷售按年上升逾20%,反映出客戶去庫存行動已結束,管理層對該地區前景變得更加積極。內地業務方面,管理層計劃進一步滲透至第三線城市以下,而在較高線城市的現有門店將集中在生產力方面。該行指,由於進入第三線以下城市,消費降級,料平均售價將受壓。
該行下調集團2024及2025財年盈測分別9%及11%,反映下調對其收入預測,及上調對其經營開支比率預測,目標價降9%至10元,評級「跑贏大市」。
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