Investment Rating - The report maintains a "Buy" rating for the company [3][11]. Core Views - The company is expected to achieve revenue expansion and profit improvement through cost control and product category extension, with a focus on increasing market share in the replacement market [2]. - The EPS forecast for the fiscal years 2025-2026 has been raised to HKD 0.71 and HKD 0.85 respectively, with a new EPS forecast of HKD 1.01 for fiscal year 2027 [2]. - The target price remains at HKD 8.84 [2]. Financial Performance - For the fiscal year 2024, the company is projected to achieve revenue of HKD 18.41 billion, representing a growth of 6.1%, with a net profit of HKD 2.30 billion, reflecting a 20.2% increase [2]. - The gross margin is expected to improve to 39.4%, up by 0.9 percentage points, while the net margin is projected to reach 12.5%, an increase of 1.5 percentage points [2]. Domestic and International Sales - Domestic sales are expected to grow steadily, with projected revenue of HKD 11.98 billion for the China region, an increase of 8.1% [2]. - The company plans to open 700-800 new stores in fiscal year 2025, with approximately 60% located in first and second-tier cities, and the remainder in third and fourth-tier cities [2]. Dividend Policy - The company plans to distribute a dividend of HKD 0.30 per share for fiscal year 2024, with a payout ratio of 51%, and a total return to shareholders (including buybacks) reaching 61% [2].
敏华控股：更新报告：内销稳健增长，品牌及渠道双重发力