港股公司报告 | 公司点评 敏华控股（01999） 证券研究报告 2024年05月 22日 投资评级 内外销共振向上，盈利表现靓丽 行业 非必需性消费/家庭电 器及用品 6个月评级 买入（维持评级） 公司发布2024财年年报 当前价格 7.01港元 FY24营业收入184亿港元，同比+6.1%，归母净利润23亿港元，同比+20.2%， 目标价格 港元 中国市场增速放缓、消费降级明确，海外市场订单呈现前低后高的趋势， 综合来看营收及利润增长稳健。 基本数据 港股总股本(百万股) 3,877.54 FY24 派息 11.7 亿港元（派息率 50.7%），回购 2.3 亿港元，合计分红比例 60.7%，延续稳健高分红。 港股总市值(百万港元) 27,181.54 每股净资产(港元) 3.12 降本增效&原材料价格下行，盈利能力优化 资产负债率(%) 33.99 FY24 毛利率 39.4%，同比+0.9pct，净利率12.5%，同比+1.5pct；内部降本 一 年内最高/最低(港元) 7.84/4.34 增效及原材料价格下降推动盈利能力改善（真皮/钢材/木夹板/印花布/化 学品/包装用纸单位成本分别同比-10%/- ...

Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company is expected to achieve revenue expansion and profit improvement through cost control and product category extension, with a focus on increasing market share in the replacement market [2]. - The EPS forecast for the fiscal years 2025-2026 has been raised to HKD 0.71 and HKD 0.85 respectively, with a new EPS forecast of HKD 1.01 for fiscal year 2027 [2]. - The target price remains at HKD 8.84 [2]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenue of HKD 18.41 billion, representing a growth of 6.1%, with a net profit of HKD 2.30 billion, reflecting a 20.2% increase [2]. - The gross margin is expected to improve to 39.4%, up by 0.9 percentage points, while the net margin is projected to reach 12.5%, an increase of 1.5 percentage points [2]. Domestic and International Sales - Domestic sales are expected to grow steadily, with projected revenue of HKD 11.98 billion for the China region, an increase of 8.1% [2]. - The company plans to open 700-800 new stores in fiscal year 2025, with approximately 60% located in first and second-tier cities, and the remainder in third and fourth-tier cities [2]. Dividend Policy - The company plans to distribute a dividend of HKD 0.30 per share for fiscal year 2024, with a payout ratio of 51%, and a total return to shareholders (including buybacks) reaching 61% [2].

利润端表现靓丽，内外销逐步修复，沙发销量增长靓丽 敏华控股（1999.HK）/轻工 证券研究报告/公司点评 2024年05月17日 [T[评aTba级lbel_e：I_nT买diutles入]tr y（] 维持） [公Ta司ble盈_F利in预anc测e]及 估值 市场价格：7.37港元 指标 2023A 2024 2025E 2026E 2027E 分析师：张潇 营业收入（百万港元） 17,351 18A,4 11 20,927 23,824 26,674 增长率yoy% -19.3% 6.1% 13.7% 13.8% 12.0% 执业证书编号：S0740523030001 净利润（百万港元） 1,915 2,302 2,598 2,839 3,087 Email：zhangxiao06@zts.com.cn 增长率yoy% -14.8% 20.2% 12.9% 9.2% 8.8% 每股收益（港元） 0.49 0.59 0.67 0.73 0.80 分析师：邹文婕 每股现金流量 1.05 0.65 0.88 0.88 0.92 执业证书编号：S0740523070001 净资产收益率 16.5% 19.5% ...

Company Overview Company Mentioned - 米华控股 (Mihua Holdings) Key Points Financial Performance - The company held its annual performance conference for the fiscal year 2023 to 2024, indicating a focus on financial results and future outlook [1] Management Representation - The conference was hosted by Tim, who introduced the management team present at the event, highlighting the importance of leadership in discussing the company's performance [1] Investor Engagement - The company expressed gratitude towards investors, analysts, and media for their ongoing support and interest, emphasizing the significance of stakeholder engagement in corporate communications [1] Future Outlook - The conference serves as a platform for discussing future strategies and performance expectations, which is crucial for investor confidence and market positioning [1]

Financial Data and Key Metrics Changes - The company achieved a revenue of HKD 18.4 billion, representing a year-on-year growth of 6.1% [1] - Net profit attributable to the parent company was HKD 2.3 billion, up 20.2% year-on-year [1] - Gross margin improved by 0.9 percentage points to 39.4%, while net margin increased by 1.5 percentage points to 12.5% [1] - EBITDA reached HKD 1.97 billion, growing by 1.2% [1] - Basic earnings per share were HKD 0.5909, a year-on-year increase of 21.1% [1] Business Line Data and Key Metrics Changes - Revenue from the China region was HKD 11.98 billion, up 8.1% year-on-year [1] - North America revenue was HKD 4.28 billion, growing by 2.3% [1] - Revenue from Europe and other overseas regions was HKD 1.2 billion, increasing by 2.9% [1] - Home Group revenue was HKD 674 million, a growth of 10% [2] - Other revenue declined by 8.5% to HKD 70 million [2] Market Data and Key Metrics Changes - The Chinese market accounted for 65% of total revenue, while the local market contributed 23.3% [2] - The gross margin for the overall market business was 40.4%, with North America at 37.1% and Europe at 30.3% [2] - Inventory turnover days decreased from 71 to 49 days, and accounts receivable turnover days fell from 40 to 33 days [3] Company Strategy and Development Direction - The company is focusing on enhancing brand marketing and product innovation to adapt to changing consumer preferences [4][5] - Plans to increase market penetration in lower-tier cities and expand e-commerce channels are in place [11][14] - The company aims to maintain a dividend payout ratio of around 50% and has a share buyback strategy [1][9] Management's Comments on Operating Environment and Future Outlook - Management noted that the demand for functional sofas remains strong despite a decline in new housing completions [7][8] - The company anticipates a shift towards the stock housing market and is responding to government policies promoting "old-for-new" exchanges [22] - Management expressed optimism about maintaining stable material prices and controlling shipping costs despite macroeconomic pressures [6][5] Other Important Information - The company plans to open approximately 700 to 800 new stores in the upcoming fiscal year [12][16] - The company is exploring new materials and product innovations to meet evolving consumer demands [21] - The company has established production bases in key regions to support future market growth [18] Q&A Session Summary Question: What new strategies are in place for category and channel management in the current market? - The company will enhance brand marketing and collaborate with major media to strengthen brand presence [4] Question: What is the outlook for overseas market growth? - The company expects to accelerate growth in the overseas market through product innovation and deep partnerships with key clients [5] Question: How will material prices fluctuate? - Material prices are expected to remain stable due to market conditions and geopolitical factors [6] Question: How does the company plan to support dealers and expand e-commerce? - The company will increase personnel for e-commerce collaboration and enhance marketing efforts across various platforms [11] Question: What are the plans for new store openings? - The company plans to open around 700 to 800 new stores, focusing on tiered city distribution [12][16] Question: How will the company maintain competitiveness in the functional sofa market? - The company will invest in R&D and leverage its technology patents to enhance product competitiveness [13][14] Question: What is the company's approach to share buybacks and dividends? - The company will consider share buybacks and dividends based on cash flow and investment opportunities [9] Question: How does the company view the impact of the real estate market on growth? - The company acknowledges challenges from the real estate market but sees potential in the functional sofa segment [8][18]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company reported a strong performance for FY2024, achieving revenue of HKD 18.411 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of HKD 2.302 billion, up 20.2% year-on-year. The second half of FY2024 saw revenue growth of 18.4% and net profit growth of 41.7% [2][3]. - The domestic sales segment generated revenue of HKD 11.987 billion, reflecting an 8.1% increase year-on-year, while the international sales segment contributed HKD 6.153 billion, a 3.2% increase year-on-year. Notably, the North American market saw a significant recovery with a 38.3% year-on-year increase in H2 revenue [2][3]. - The company is focusing on enhancing its product innovation and expanding its distribution channels, including online and offline strategies, to strengthen its market position [2][3]. Financial Performance Summary - For FY2024, the company achieved a revenue of HKD 18.411 billion, with a gross margin of 39.4% and a net profit margin of 12.5% [4][7]. - The company’s earnings per share (EPS) for FY2024 is projected at HKD 0.59, with forecasts for FY2025, FY2026, and FY2027 at HKD 0.66, HKD 0.74, and HKD 0.81 respectively [3][4]. - The company maintains a high dividend payout ratio of 50.7% for FY2024, indicating a strong commitment to returning value to shareholders [2][3]. Future Earnings Forecast - The company’s net profit is expected to grow to HKD 2.586 billion in FY2025, HKD 2.878 billion in FY2026, and HKD 3.184 billion in FY2027, representing year-on-year growth rates of 12.3%, 11.3%, and 10.6% respectively [3][4]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.4X in FY2024 to 9.0X in FY2027, indicating potential for valuation improvement [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [2][6]. Core Insights - The company reported a revenue of HKD 18.41 billion for FY24, representing a year-on-year growth of 6.1%, and a net profit of HKD 2.30 billion, up 20.2% year-on-year [2]. - The second half of FY24 showed significant improvement in both domestic and international sales, with domestic sales growing by 11.2% and international sales in North America and Europe increasing by 38.3% and 35.0% respectively [2]. - The company has expanded its offline presence, adding 765 new stores in China, bringing the total to 7,236 stores [2]. - The gross margin improved to 39.4% for FY24, driven by a decrease in raw material costs, particularly leather and steel, which fell by 10.1% and 8.1% respectively [2]. Financial Performance Summary - FY24 revenue: HKD 18,411 million, with a growth rate of 6.1% [4]. - FY24 net profit: HKD 2,302 million, with a growth rate of 20.2% [4]. - FY25 estimated EPS: HKD 0.65, with a corresponding PE ratio of 11X [2][4]. - The company’s net profit margin improved to 12.5%, up 1.5 percentage points year-on-year [2]. Market Analysis - The domestic furniture market shows resilience, with the sofa and mattress segments growing by 7.7% and 14.4% respectively [2]. - The penetration rate of functional sofas in China is expected to increase, providing growth opportunities despite potential industry headwinds [2]. - The overseas market is currently favorable, with expectations of continued demand recovery and inventory replenishment cycles [2].

Financial Data and Key Metrics Changes - The company achieved a revenue of HKD 18.4 billion, representing a year-on-year growth of 6.1% [1] - Net profit attributable to the parent company was HKD 2.3 billion, up 20.2% year-on-year [1] - Gross margin improved by 0.9 percentage points to 39.4%, while net margin increased by 1.5 percentage points to 12.5% [1] - EBITDA reached HKD 1.97 billion, growing by 1.2% [1] - Basic earnings per share were HKD 0.5909, a year-on-year increase of 21.1% [1] Business Line Data and Key Metrics Changes - Revenue from the China region was HKD 11.98 billion, up 8.1% year-on-year [1] - North America revenue was HKD 4.28 billion, growing by 2.3% [1] - Revenue from Europe and other overseas regions was HKD 1.2 billion, increasing by 2.9% [1] - Home Group revenue was HKD 674 million, up 10% [2] - Other revenue declined by 8.5% to HKD 70 million [2] Market Data and Key Metrics Changes - The Chinese market accounted for 65% of total revenue, while the local market contributed 23.3% [2] - The overall market business gross margin was 40.4%, with North America at 37.1% and Europe at 30.3% [2] - Sofa sales reached 1.12 million units, with a 25.7% growth in China and a 28% increase in export sales [3] Company Strategy and Development Direction - The company is focusing on brand marketing and enhancing product offerings to adapt to changing consumer preferences [4] - Plans to increase marketing efforts targeting younger consumers who prefer functional sofas [7] - The company aims to expand its market share in the functional sofa segment, which is currently underpenetrated [8] - Emphasis on maintaining a stable gross margin despite market pressures and competition [18] Management's Comments on Operating Environment and Future Outlook - Management noted that the decline in new housing completions has shifted consumer focus towards home improvement rather than real estate investment [7] - The company expects stable material prices despite geopolitical tensions [6] - Management is optimistic about the demand for functional sofas, anticipating significant growth potential in this segment [8] Other Important Information - The company maintains a dividend payout ratio of approximately 50%, with a total dividend expenditure of HKD 1.167 billion [3] - The company plans to open 700-800 new stores in the upcoming fiscal year [12][16] - The company is exploring new markets for brand expansion, particularly in developing countries [15] Q&A Session Summary Question: What new strategies are being implemented for inventory and sales recovery? - The company plans to enhance brand marketing and collaborate with major media to improve brand visibility [4] Question: What is the outlook for overseas market growth? - The company is optimistic about product innovation and collaboration with retailers to drive sales [5] Question: How will material prices be affected? - Material prices are expected to remain stable due to market conditions and geopolitical factors [6] Question: How does the company plan to support dealers? - The company will increase personnel and enhance e-commerce collaboration to improve customer acquisition [11] Question: What are the plans for new store openings? - The company plans to open approximately 700-800 stores, focusing on various city tiers [12][16] Question: How will average price declines affect gross margins? - The company aims to maintain gross margins by targeting different consumer segments with varied pricing strategies [12] Question: What is the strategy for functional sofas and market competition? - The company will invest in R&D and maintain cost advantages to stay competitive in the functional sofa market [13][14]

Financial Performance - Total revenue for the fiscal year ending March 31, 2024, was HKD 18,798,633, an increase of 5.7% from HKD 17,788,864 in the previous year[5] - Gross profit for the fiscal year was HKD 7,248,027, representing a gross margin of 38.5%, compared to HKD 6,678,267 and a margin of 37.5% in the previous year[5] - Net profit for the year was HKD 2,396,002, up 29% from HKD 1,858,178 in the previous year[5] - Earnings per share (EPS) increased to HKD 59.09 from HKD 48.80, reflecting a growth of 21%[7] - Total revenue for the year ended March 31, 2024, was HKD 18,411,197,000, with external sales from sofas and related products contributing HKD 12,658,825,000[22] - The total profit before tax was HKD 2,864,475,000, reflecting the overall operational efficiency of the company[22] - Profit attributable to equity holders of the company was HKD 2,302,366 thousand, an increase of 20.2% compared to the previous year[40] - The company's operating profit before tax was HKD 2,354,872,000, showing a robust performance despite various financial costs[24] Assets and Equity - Total assets as of March 31, 2024, amounted to HKD 19,807,520, a slight increase from HKD 19,640,488 in the previous year[10] - Total equity rose to HKD 13,075,669, compared to HKD 12,527,770 in the previous year, indicating a growth of 4.4%[10] Expenses and Costs - The company reported a decrease in administrative expenses to HKD 956,000 from HKD 1,046,952, a reduction of approximately 8.7%[5] - Financial costs totaled HKD 200,500,000, and goodwill impairment was recorded at HKD 12,268,000[22] - Depreciation and amortization expenses totaled HKD 684,515,000, which is a critical factor in assessing the company's operational efficiency[26] - Employee costs rose by 15.5% from approximately HKD 1,779,759 thousand in FY2023 to HKD 2,055,123 thousand in FY2024[60] - Selling and distribution expenses decreased by 0.1% to approximately HKD 3,314,346 thousand in FY2024, accounting for about 18.0% of revenue[62] - Administrative and other expenses decreased by 8.7% to approximately HKD 956,000 thousand in FY2024, representing about 5.2% of revenue[63] Market Performance - Revenue from external sales in the China market (including Hong Kong and Macau) reached HKD 12,257,665,000, up from HKD 11,388,618,000 in the previous year, indicating a growth of approximately 7.6%[28] - The North American revenue was HKD 4,284,307,000, slightly increasing from HKD 4,188,848,000, reflecting a growth of about 2.3%[28] - Sales from the Chinese market accounted for over 65% of total revenue, with main business income reaching HKD 11,986,885 thousand, an increase of 8.1% year-on-year[41] - The company has seen a significant increase in the penetration rate of functional sofas in the Chinese market, rising from 7.2% to 9.7%[41] Dividends and Shareholder Returns - The company plans to declare a final dividend of HKD 0.15 per share, totaling approximately HKD 581,631 thousand, subject to shareholder approval[34] - The board proposed a final dividend of HKD 0.15 per share, with total dividends for FY2024 accounting for approximately 50.7% of profit attributable to equity holders[66] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12] - The company aims to leverage its long-term accumulated product, brand, and channel advantages to achieve continuous market share growth in China's stock market[88] - The company continues to seek acquisition opportunities in the furniture sector to accelerate its development[81] Corporate Governance - The company emphasizes the importance of effective corporate governance to enhance group performance and protect shareholder interests[92] - The audit committee consists of four independent non-executive directors, ensuring compliance with professional qualifications and financial management expertise[97] Share Repurchase - The company repurchased a total of 44,842,800 ordinary shares at a total cost of approximately HKD 228,565,371 during the fiscal year 2024[89] - In May 2023, the company repurchased 15,000,000 shares at a price range of HKD 5.26 to HKD 5.59, totaling HKD 80,911,500[89] - In December 2023, the company repurchased 15,842,800 shares at a price range of HKD 4.99 to HKD 5.23, totaling HKD 80,938,111[89] - In January 2024, the company repurchased 14,000,000 shares at a price range of HKD 4.50 to HKD 4.97, totaling HKD 66,715,760[89] Compliance and Audit - The financial statements for the year ending March 31, 2024, have been audited by PwC, confirming the accuracy of the reported figures[101] - The company is currently evaluating the potential impact of new accounting standards and amendments that will be mandatory from April 1, 2024[19] - The company has adopted several revised standards effective from April 1, 2023, which did not have a significant financial impact on the consolidated financial statements[16]

Financial Performance - For the first half of the fiscal year 2024, the company recorded revenue of approximately HKD 8,937,569,000, a year-on-year decrease of about 3.8% (approximately 1.6% increase in RMB terms) [7] - The profit attributable to equity holders was approximately HKD 1,136,042,000, representing a year-on-year increase of about 4.0% (approximately 9.8% increase in RMB terms) [7] - The company's total revenue for the review period was approximately HKD 9,151,563, a decrease of about 4.0% compared to HKD 9,533,349 in the same period last year [23] - The gross profit margin for the review period was approximately 39.1%, compared to 38.8% in the same period last year [23] - Operating profit increased to HKD 1,509,417, up 6.3% from HKD 1,419,517 in the previous year [88] - Net profit for the period was HKD 1,184,579, representing a 10.9% increase compared to HKD 1,068,176 in the prior year [90] - Basic earnings per share for the period was HKD 29.05, up from HKD 27.80, indicating a growth of 4.5% [90] - The company reported a net other comprehensive loss of HKD 765,704, an improvement from a loss of HKD 1,322,386 in the previous year [88] - The company’s total comprehensive income for the period was HKD 418,875, compared to a loss of HKD 254,210 in the same period last year [90] Revenue Breakdown - In the domestic market, the main revenue was approximately HKD 6,005,321,000, with a year-on-year growth of about 5.1% (approximately 11% increase in RMB terms) [8] - Revenue from the China market reached approximately HKD 6,069,863, with a main business revenue of about HKD 6,005,321, reflecting a growth of approximately 5.1% year-on-year [17] - The North American market recorded revenue of approximately HKD 2,037,448,000, with a year-on-year decrease of about 5.4% [9] - Revenue from the North American market decreased to HKD 2,037,448, down 20.5% from HKD 2,564,090 in the previous year [125] - Revenue from the bedding and related products business grew by approximately 7.3% to about HKD 1,491,422, compared to HKD 1,389,690 last year [27] - Revenue from other products reached approximately HKD 906,688, an increase of about 6.7% compared to HKD 849,916 last year [28] - Revenue from the sofa and related products segment was HKD 6,176,703, accounting for approximately 69% of total revenue [127] Market Expansion and Strategy - The company aims to enhance its market share in the soft furniture sector, which currently has a low single-digit market penetration [11] - The company plans to leverage its production capacity and cost advantages to expand its market share in Europe and North America [15] - The company anticipates continued growth in market share in the smart home segment, driven by increasing consumer preference for functional furniture [19] - The company is actively pursuing strategic acquisitions to strengthen its market position and diversify its product offerings [102] - The company has plans for market expansion and new product development, particularly in the smart furniture segment, to enhance its competitive edge [102] Shareholder Actions - The company declared an interim dividend of HKD 0.15 per share, maintaining a payout ratio of around 50% [7] - The board declared an interim dividend of HKD 0.15 per share, consistent with the previous year's interim dividend [60] - The interim dividend is expected to be paid on or before January 2, 2024, to shareholders listed on December 1, 2023 [77] - The group repurchased and canceled 15 million shares at a total purchase price of HKD 80,911,500 during the review period [7] - The group repurchased 15,000,000 shares in May 2023 for a total consideration of HKD 80,911,500, which were subsequently canceled [61] Cost Management and Expenses - Financial costs rose by approximately 60.9% to HKD 98,266,000, mainly due to increased loan interest expenses [42] - Administrative and other expenses decreased by approximately 20.3% to HKD 450,051,000, with the percentage of revenue dropping from about 6.1% to 5.0% [40] - Advertising and marketing expenses rose by approximately 24.4% to HKD 308,418,000, with the percentage of revenue increasing from about 2.7% to 3.5% [39] - Other income decreased by approximately 12.4% to about HKD 213,994,000 in the first half of the fiscal year 2024, primarily due to a decline in government subsidies [34] Employee and Operational Metrics - The group has 27,170 employees as of September 30, 2023, an increase from 25,832 employees on March 31, 2023 [56] - Total employee costs for the first half of the fiscal year 2024 were approximately HKD 1,479,784,000, compared to HKD 1,459,841,000 in the same period of the previous fiscal year [56] - The company opened 417 new stores during the first half of the fiscal year 2024, maintaining a closure rate of approximately 7.3% [8] - The company opened a net increase of 417 brand specialty stores in China, totaling 6,888 stores, with a store closure rate of approximately 7.3% [19] Financial Position and Assets - As of September 30, 2023, total assets amounted to HKD 19,967,725 thousand, an increase from HKD 19,640,488 thousand as of March 31, 2023, reflecting a growth of approximately 1.67% [93] - Current assets increased to HKD 8,878,770 thousand from HKD 8,414,634 thousand, representing a rise of about 5.49% [93] - Non-current assets totaled HKD 11,088,955 thousand, down from HKD 11,225,854 thousand, indicating a decrease of approximately 1.22% [93] - Total liabilities rose to HKD 7,493,205 thousand from HKD 7,112,718 thousand, marking an increase of around 5.35% [94] - The company's equity attributable to owners decreased slightly to HKD 11,510,039 thousand from HKD 11,556,777 thousand, a decline of approximately 0.40% [96] Risk Management and Compliance - The group faces various financial risks including market risk, credit risk, and liquidity risk, with no significant changes in risk management policies since March 31, 2023 [115] - The company confirmed compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO [80] - The board consists of four independent non-executive directors, ensuring a balance of power and independent opinions [80] - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance for the six-month period [81] Share Options and Ownership - The company reported a total of 3,906,702,800 shares issued as of September 30, 2023, with a major shareholder, Min Wah Investment Limited, holding approximately 61.84% of the issued share capital [69] - The stock options plan adopted on March 5, 2010, and the one on July 3, 2020, have seen various stock options granted, with a total of 40,400 options unexercised by Mr. Huang Minli as of September 30, 2023 [72] - The company has a total of 2,418,872,400 shares held by Mr. Huang Minli, which includes shares deemed beneficially owned by Ms. Xu [68] - The number of unexercised share options as of September 30, 2023, is 14,244,400 after accounting for cancellations and exercises [74] Future Outlook - The group aims to enhance product quality and innovation, focusing on upgraded sofa features such as compactness and aesthetics [58] - The group plans to increase investment in smart manufacturing and digital management to improve production efficiency and reduce labor costs [58] - The company continues to explore market expansion opportunities and new product development strategies to enhance future growth [128]