Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company reported FY2024 results with a main revenue of HKD 18.411 billion and a net profit attributable to shareholders of HKD 2.302 billion, representing a year-on-year increase of 6% and 20% respectively [5][6] - Both domestic and international sales showed improvement, with domestic sales increasing by 8% and international sales by 3% [6] - The company is expected to continue benefiting from its strong brand, product, and supply chain advantages, with a focus on optimizing its product matrix and enhancing its competitive edge through design and marketing [7] Summary by Sections Revenue Performance - For FY2024, domestic sales grew by 8% while international sales increased by 3%, with the second half of FY2024 showing stronger growth at 18% and 42% respectively [5][6] - The furniture segment saw a 5% increase in domestic sales, with specific categories like sofas and mattresses growing by 3% and 10% respectively [6] - The company added 765 brand stores, bringing the total to 7,236 [6] Profitability - The company achieved an improvement in profitability despite domestic sales incentives, primarily due to lower raw material costs and significant manufacturing advantages [6] - The gross profit margin and net profit attributable to shareholders improved by 0.9 and 1.5 percentage points respectively [6] - The average unit costs for materials such as steel and leather decreased by 8% and 10% respectively, contributing to the overall profitability [6] Future Outlook - The company aims to enhance its product offerings in response to market trends, particularly in functional sofas and mattresses, while expanding its online and offline channels [7] - The positive trend in international sales is expected to continue, supported by the company's manufacturing and supply chain strengths [7] - Projected net profits for FY2025 and FY2026 are estimated at HKD 2.602 billion and HKD 2.995 billion respectively, with corresponding PE ratios of 11 and 10 [7][11]
敏华控股FY2024点评：内外销均迎改善，盈利趋于优化