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].
敏华控股：内销显经营韧性，外销景气有望延续