热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易

客户端

　　瑞银发布研报称，敏华控股（01999）2025财年核心盈利表现基本稳健，尽管面临宏观经济逆风，仍同比升1.3%。销量持平和平均售价低迷，被较低的原材料成本导致的毛利率扩张及较低的行政费用比率抵消。瑞银维持对敏华“中性”评级，目标价由7.1港元下调至4.3港元。

　　该行对敏华旗下美国业务的担忧减轻，因目前关税成本看来可控，且需求和库存表现超预期。但内地需求疲软和竞争加剧，或在2026/2027财年继续拖累业绩。该行指出，根据其下调的盈利预测，敏华现股价对应2026财年8倍市盈率和6%股息收益率。较其长期平均市盈率低0.5至1个标准差。该行认为负面因素已在股价反映，但需耐心等待明确催化剂，特别是来自内地房地产市场的催化剂。

海量资讯、精准解读，尽在新浪财经APP

责任编辑：史丽君

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.