Core Viewpoint - Despite facing competition in both domestic and international markets, Minhua Holdings reported a year-on-year net profit growth of 0.6% for the first half of the fiscal year 2026, maintaining its interim dividend, attributed to the company's proactive repositioning and improved operational efficiency [1] Group 1: Financial Performance - The overseas market gross margin increased by 1.1 percentage points to 39.3% during the period, aided by continuous efficiency improvements and a decrease in raw material costs, which helped mitigate the impact of increased tariffs from the U.S. [1] - The management indicated that capacity investment has peaked, and in the coming years, the priority will be to maintain stable dividends [1] Group 2: Market Sentiment and Future Outlook - The commitment of the management to shareholder returns may support market sentiment in the short term, alongside expectations of stable revenue growth for the fiscal year 2027, which could present medium-term upside potential [1] - Based on improved visibility of shareholder returns, the target price has been raised from HKD 5 to HKD 5.58, while maintaining an "outperform" rating [1]
大行评级丨里昂：上调敏华控股目标价至5.58港元 股东回报能见度改善