金吾财讯 | 敏华控股（01999）早盘股价冲高回落，曾一度升1.3%，最新报2.255港元，转跌2.17%，成交额365.26万港元。花旗研报指，敏华早前发盈警，截至2026年9月底止半年度纯利料同比减少70-90%。花旗指出，集团上半财年利润下滑主要受化工原材料价格上涨，及2025年12月收购的美国业务Southern Motion产生一次性减值影响。花旗预计，由于下半财年将不再录得相关减值，加上新产品推出后带动平均售价提升，下半财年净利润有望较上半财年回升约1.8倍至6.64亿港元，全年纯利料为8.94亿港元，明年升至17.96亿港元。该行认为，敏华在中国及美国功能沙发市场占据主导地位，受惠于中美市场稳定的替换需求及功能沙发渗透率持续提升，该行相信敏华有望在美国业务完成重组后逐步改善盈利表现。该行仍维持其“买入”评级，目标价由5.6港元削至3.6港元，但指敏华仍是花旗中国家居板块中唯一获“买入”评级的公司，对同业欧派家居及索菲亚家居，则维持“沽出”评级。
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