《大行報告》美銀證券下調敏華(01999.HK)目標價至7.2元 評級「買入」
美銀證券發表研報指,敏華(01999.HK)2024上半財年經調整盈利按年增長9.7%,較該行預測高出約10%,主要來自中國業務毛利率提升1.3個百分點的推動,惟期內中國消費者更傾向購買具性價比的產品,令低價產品貢獻提升,拖累產品平均售價下跌約18%。
不過考慮到物流運輸成本下降速度較預期快,美銀上調利潤率預期,基於估值水平較低,重申「買入」評級,2024至2025財年淨利潤預測則下調0%至5%,目標價由7.5元降至7.2元。
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