Investment Rating - The report maintains an "Outperform" rating for the company [4] Core Views - The company achieved total revenue of HKD 18.8 billion in FY2024, representing a year-on-year growth of 5.7%, and a net profit attributable to shareholders of HKD 2.3 billion, which is a 20.2% increase year-on-year [1][5] - The company is a leader in the furniture sector, particularly in functional sofas, which have maintained the highest global sales for six consecutive years [6] - The report forecasts net profits for FY2025 to FY2027 to be HKD 2.57 billion, HKD 2.79 billion, and HKD 2.96 billion respectively, with growth rates of 11.6%, 8.6%, and 6.0% [4][5] Financial Summary - FY2024 main business revenue was HKD 18.41 billion, with a year-on-year increase of 6.1% [5] - The gross profit margin for FY2024 was 39.4%, an increase of 0.9 percentage points year-on-year, primarily due to a decrease in raw material prices [6] - The company’s net profit margin for FY2024 was 12.5%, up by 1.5 percentage points year-on-year [6] - The report provides a valuation range for FY2025 of HKD 8.61 to HKD 9.94 based on a PE ratio of 13 to 15 times [4][8] Business Segmentation - The company's revenue from sofa and related products was HKD 12.66 billion, with a year-on-year increase of 2.9% [6] - Revenue from bedding and related products was HKD 2.99 billion, up 9.6% year-on-year, while other products saw a significant increase of 28.4% to HKD 1.82 billion [6] - Sales in Europe and other overseas markets for sofas and related products reached HKD 0.852 billion, marking a 10.5% year-on-year growth [6] Market Comparison - The report compares the company's valuation with peers, indicating that the average PE for comparable companies is around 12.4 times [8]
敏华控股：内外销实现增长，功能沙发竞争力强劲