《大行》瑞银维持对敏华(01999.HK)“中性”评级 认为股价已反映负面因素

阿斯达克财经
May 21, 2025

瑞银发表报告表示,敏华(01999.HK) 2025财年核心盈利表现基本稳健,尽管面临宏观经济逆风,仍按年升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。该行对敏华旗下美国业务的担忧减轻,因为目前关税成本看来可控,且需求和库存表现胜预期。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,据该行下调的盈利预测,敏华现股价为...

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