Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 8.69, based on a projected PE of 13.5x for 2025 [2]. Core Insights - The company achieved total revenue of HKD 18.79 billion for FY2024, reflecting a year-on-year increase of 5.7%. The main revenue was HKD 18.41 billion, up 6.1% year-on-year [2]. - The gross profit margin improved by 0.9 percentage points to 39.4%, primarily due to a decrease in raw material costs [2]. - The net profit attributable to shareholders reached HKD 2.30 billion, representing a year-on-year growth of 20.2% [2]. - The company increased its store count in China by 765 to a total of 7,236 stores [2]. - The report highlights strong growth in the sofa segment, with sales volume increasing by 26.6% [2]. Financial Performance Summary - Revenue (in million HKD) for the fiscal years is projected as follows: 2023: 17,789; 2024: 18,799; 2025: 20,396; 2026: 22,147; 2027: 23,967, with respective growth rates of -18.4%, 5.7%, 8.5%, 8.6%, and 8.2% [1]. - Net profit (in million HKD) is projected as follows: 2023: 1,915; 2024: 2,302; 2025: 2,524; 2026: 2,838; 2027: 3,124, with growth rates of -14.8%, 20.2%, 9.6%, 12.4%, and 10.1% [1]. - Earnings per share (in HKD) are projected to increase from 0.49 in 2023 to 0.80 in 2027 [1]. - The company’s dividend per share is expected to rise from HKD 0.25 in 2023 to HKD 0.40 in 2027, with a dividend yield increasing from 3.7% to 5.9% [1]. Market Outlook - The report anticipates stable growth in the Chinese market for FY2025, driven by consumer demand for quality living and an expected increase of 700-800 stores [2]. - The overseas market is projected to maintain double-digit growth, benefiting from the end of inventory destocking cycles and new customer acquisition [2]. - The report expects raw material and logistics costs to remain stable, allowing for a relatively stable gross margin [2].
敏华控股：FY2024业绩表现良好，持续看好公司未来的发展