里昂发表研究报告指,敏华控股(01999.HK) 3月底止2026财年业绩反映在营运成本上升下,销售和利润均有所减弱。营业利润受到美国关税飙升和营销费用增加的拖累。虽然于2025年12月收购Gainline建立全球生产网络和美国分销平台,可望透过全球扩张部分缓冲影响,但油价显著上涨将推高2027财年原材料和运输成本。该行将估值滚动至2028财年,维持其9.8倍市盈率倍数,目标价由5.58元下调至...
Source Link里昂发表研究报告指,敏华控股(01999.HK) 3月底止2026财年业绩反映在营运成本上升下,销售和利润均有所减弱。营业利润受到美国关税飙升和营销费用增加的拖累。虽然于2025年12月收购Gainline建立全球生产网络和美国分销平台,可望透过全球扩张部分缓冲影响,但油价显著上涨将推高2027财年原材料和运输成本。该行将估值滚动至2028财年,维持其9.8倍市盈率倍数,目标价由5.58元下调至...
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