Investment Rating - The investment rating for the company is "Buy" [1][7] Core Views - The company reported a total revenue of HKD 8.241 billion for the fiscal year ending September 30, 2025, representing a year-on-year decrease of 2.7% [2] - The net profit attributable to the parent company was HKD 1.146 billion, showing a year-on-year increase of 0.6% [2] - The company plans to distribute an interim dividend of HKD 0.15 per share, with a payout ratio of 50.80% [2] Revenue Analysis - Domestic sales in China reached HKD 4.675 billion, down 6.0% year-on-year, but the decline has significantly narrowed compared to the previous year [3] - The company is focusing on optimizing its product mix and enhancing collaboration with distributors to improve sales performance [3] - The overseas market showed resilience, with North America generating HKD 2.161 billion in revenue, up 0.3% year-on-year, and Europe and other markets achieving HKD 0.765 billion, up 4.3% [3] Product Performance - Revenue from sofas and related products was HKD 5.550 billion, down 4.6% year-on-year, while bedding and related products saw a decline of 7.4% [4] - Other products, including smart furniture, generated HKD 0.931 billion, up 11.4% year-on-year, primarily due to growth in overseas sales [4] Profitability - The company's gross margin and net margin were 40.4% and 14.2%, respectively, reflecting increases of 0.9 percentage points and 0.5 percentage points year-on-year [5] - The improvement in profitability is attributed to effective cost control and a decrease in raw material costs [5] Investment Recommendations - The company is positioned in a large consumer market with significant growth potential, and there is optimism regarding the stability of domestic sales and the recovery of international sales [6] - Revenue forecasts for FY2026 to FY2028 are projected at HKD 17.352 billion, HKD 18.527 billion, and HKD 19.855 billion, respectively [6] - The expected earnings per share (EPS) for the same period are HKD 0.57, HKD 0.61, and HKD 0.65, with corresponding price-to-earnings (PE) ratios of 8, 8, and 7 times [7]
敏华控股（01999）：经营效益提升，外销表现较好