Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported FY2024 results that slightly exceeded expectations, driven by both domestic and international sales, with a revenue of HKD 18.41 billion, a year-on-year increase of 6.1% [4][9] - The company is expected to achieve steady growth due to the gradual easing of real estate policies, with a slight upward revision of FY2025 net profit forecast to HKD 2.60 billion [9] Financial Performance - FY2024 revenue reached HKD 18.41 billion, with a net profit of HKD 2.30 billion, reflecting a year-on-year growth of 20.2% [4][7] - The company plans to distribute a dividend of HKD 0.30 per share, with a dividend payout ratio of 50.7% [4] - The company’s gross margin improved due to a decrease in raw material costs, with FY2024 gross margin at 40.4% [8] Domestic Sales - Domestic sales for FY2024 reached HKD 11.99 billion, a year-on-year increase of 8.1%, with strong performance in the functional sofa segment [5] - The penetration rate of functional sofas in China increased to 9.7%, up 2.5 percentage points year-on-year [5] - The company opened 765 new stores in FY2024, bringing the total to 7,236 stores, focusing on expanding into lower-tier cities [5] International Sales - International sales showed significant recovery in FY2024, with North America generating HKD 4.28 billion in revenue, a year-on-year increase of 2.3% [6] - The company expanded its overseas sales team and optimized product offerings to enhance market share in new regions [6] Profitability and Cost Management - The company benefited from lower raw material costs, with significant price reductions in steel, leather, chemicals, and wood products [8] - FY2024 net profit margin improved to 12.5%, up 1.5 percentage points year-on-year, driven by cost management and efficiency improvements [8]
敏华控股：FY24表现略超预期，内外销双轮驱动，增长表现稳健