Investment Rating - The report maintains a "Collect" rating for MIGAO Group, with a target price of HKD 8.98 based on a 17x PE for the fiscal year 2027 [3]. Core Insights - For the first half of the fiscal year 2026, MIGAO Group reported a net profit increase of 22.1% year-on-year, driven by a revenue growth of approximately 10.5% to RMB 2.352 billion, despite a 15.0% decline in total sales volume [1][2]. - The company is expanding its operations into the Vietnamese and Middle Eastern markets, with plans to establish new production facilities in Vietnam to meet rising demand in emerging Asian markets [1][2]. Financial Performance Summary - Revenue for fiscal year 2026 is projected to be RMB 5.663 billion, with a year-on-year growth of 14% [4]. - The net profit forecast for fiscal years 2026, 2027, and 2028 is RMB 388 million, RMB 427 million, and RMB 468 million, respectively, reflecting growth rates of 26%, 10%, and 9% [4]. - Earnings per share (EPS) is expected to increase from RMB 0.34 in 2025 to RMB 0.51 in 2028 [4]. Strategic Developments - The company has allocated approximately RMB 34.5 million for capital expenditures in the first half of fiscal year 2026, primarily for the development of a storage and production center in Heilongjiang, China, and for the expansion project in Vietnam [2]. - MIGAO Group has completed the registration and office leasing for its subsidiary in the Dubai International Financial Centre, aligning with its long-term global development strategy [1].
米高集团（09879）：25Q2-Q3净利润同比增长22.1%，拓展越南市场和中东市场