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。
瑞银维持对敏华“中性”评级，目标价由7.1元下调至4.3元。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-20 16:25。)
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