敏华控股(1999.HK): 內銷增速強勁,前景看好 February 27, 2018

投資概要

-中期凈利潤同比下降一成,毛利率短期承壓;

-中國市場銷售增速強勁,歐美市場逐步改善;

Historical P/E valuation

27 feb

投資評級

近期公司收購江蘇鈺龍及江蘇德蘭仕兩家目標公司,收購完成後將有效增強公司於中國鐵架及功能沙發業務方面的產能及生產能力。我們看好公司在中國市場上的內生性增長,在產品提價、產能擴張和成本控制的驅動下,整體毛利率有望企穩回升。預計公司18/19年實現歸母淨利閏17.57/20.77億元,EPS分別爲0.46/0.54,對應PE爲16.2/13.7倍,給予“买入”評級,建议逢低吸纳。

中期凈利潤同比下降一成

敏華控股於2018財年上半年取得收入46.27億港元,同比增長28.8%,歸屬於上市公司的凈利潤為7.93億港元,同比下降10.3%。具體而言,沙發及配套產品批發業務貢獻收入33.69億港元(+13.1%),占比72.8%,沙發及配套產品零售業務貢獻收入4.46億港元(+26.2%),占比9.7%,其他產品收入4.2億元(+62.1%),占比9.1%,Home集團業務收入3.91億,占比8.5%。

About the author

Profile photo of Wang Yannan

Wang Yannan
Phillip Securities (HK)

Graduated from the University of Science and Technology of China with a Masters degree in Management and major in Financial accounting and Economics throughout her academic study.

Currently Covering Environmental Protection and New Energy sectors as an analyst in Phillip Securities and focus on the macro policy,industry and fundamentals to explore the investment value.

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