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海通证券:予敏华控股(01999)“优于大市”评级 合理价值区间8.61-9.94港元

Haitong Securities: Gives Man Wah Holdings (01999) "Outperform" rating with a reasonable value range between HKD 8.61 and 9.94.

Zhitong Finance ·  Jun 10 21:41

Zhī Tōng Cái Jīng APP learned that Haitong Securities released a research report stating that it gives Man Wah Holdings (01999) an 'outperform' rating, with expected net income of HKD 2.569 billion, HKD 2.790 billion, and HKD 2.956 billion for FY2025-FY2027, respectively. The reasonable value range is between HKD 8.61-9.94. In FY2024, the company achieved total revenue of HKD 18.8 billion, a year-on-year increase of 5.7%; net income attributable to the parent company was HKD 2.3 billion, a year-on-year increase of 20.2%, and if calculated according to the RMB standard, a year-on-year increase of 25.5%.

According to the report, the company achieved growth in domestic and overseas sales, and continuously expanded its overseas market. 1) In terms of the Chinese market, the company's core is centered on product research and development, and its strategic advantages of synchronous brand and channel empowerment are gradually emerging, helping the company's revenue in the Chinese market to steadily grow. At the same time, the company focused on developing new stores in second and third-tier cities in 2024, and added cost-effective series to achieve refined store management, continuously promoting revenue growth of offline sales channels. As of March 31, 2024, the company had 7,236 branded specialty stores in China (excluding Character and Suning stores), a net increase of 765 compared to the same period last year. In addition, through short video promotion, self-owned store live broadcasting, and deep cooperation with top anchors, the first-mover advantage in live streaming e-commerce is expected to continue to strengthen online brand influence and sales growth, further promoting the vigorous development of the company's e-commerce business. 2) In terms of the overseas market: the recovery in overseas market demand and orders is relatively obvious, and the company actively expands new channels and new customers, reshapes the talent construction of the sales team, strengthens the research and development, upgrade and iteration of new export products, and promotes double-digit rapid growth in overseas income in the second half of the fiscal year 2024.

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