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][12]. Core Insights - The company reported a revenue of HKD 8.31 billion for the first half of FY25, a year-on-year decrease of 7.1%, while the net profit attributable to shareholders was HKD 1.14 billion, reflecting a slight increase of 0.3% year-on-year [3]. - The company continues to maintain a favorable dividend payout ratio of 51.1%, with a dividend of HKD 0.15 per share [3]. - Domestic sales faced pressure due to a downturn in the real estate market and weak consumer spending, while overseas sales, particularly in Europe and other regions, showed significant growth [3]. Financial Performance Summary - For FY25H1, domestic sales decreased by 17.2%, while North America and Europe saw increases of 5.7% and 37.7%, respectively [3]. - The company’s gross profit margin improved to 39.5%, up 0.4 percentage points year-on-year, primarily due to a decrease in raw material costs [3]. - The net profit margin increased by 1.0 percentage point to 13.7% in FY25H1 [3]. Future Outlook - The domestic furniture consumption subsidy policy is expected to improve sales, with furniture retail sales showing a year-on-year increase of 0.4% and 7.4% in September and October, respectively [3]. - The U.S. market is anticipated to benefit from interest rate cuts, which may boost the real estate sector, while the company’s overseas production capacity and manageable tariff risks position it well for continued growth [3]. - Earnings per share (EPS) forecasts for FY25, FY26, and FY27 are projected at HKD 0.59, HKD 0.64, and HKD 0.70, respectively, with corresponding price-to-earnings (P/E) ratios of 8X, 7X, and 7X [3][6].
敏华控股：港股公司点评：内销边际改善可期，外销显现增长新动能