Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company reported a strong performance for FY2024, achieving revenue of HKD 18.411 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of HKD 2.302 billion, up 20.2% year-on-year. The second half of FY2024 saw revenue growth of 18.4% and net profit growth of 41.7% [2][3]. - The domestic sales segment generated revenue of HKD 11.987 billion, reflecting an 8.1% increase year-on-year, while the international sales segment contributed HKD 6.153 billion, a 3.2% increase year-on-year. Notably, the North American market saw a significant recovery with a 38.3% year-on-year increase in H2 revenue [2][3]. - The company is focusing on enhancing its product innovation and expanding its distribution channels, including online and offline strategies, to strengthen its market position [2][3]. Financial Performance Summary - For FY2024, the company achieved a revenue of HKD 18.411 billion, with a gross margin of 39.4% and a net profit margin of 12.5% [4][7]. - The company’s earnings per share (EPS) for FY2024 is projected at HKD 0.59, with forecasts for FY2025, FY2026, and FY2027 at HKD 0.66, HKD 0.74, and HKD 0.81 respectively [3][4]. - The company maintains a high dividend payout ratio of 50.7% for FY2024, indicating a strong commitment to returning value to shareholders [2][3]. Future Earnings Forecast - The company’s net profit is expected to grow to HKD 2.586 billion in FY2025, HKD 2.878 billion in FY2026, and HKD 3.184 billion in FY2027, representing year-on-year growth rates of 12.3%, 11.3%, and 10.6% respectively [3][4]. - The price-to-earnings (P/E) ratio is projected to decrease from 12.4X in FY2024 to 9.0X in FY2027, indicating potential for valuation improvement [3][4].
敏华控股：业绩表现靓丽，内销份额持续提升、外销深化全球布局