Investment Rating - The report maintains a positive outlook on the company, suggesting active attention due to its strong position as a functional sofa leader and continuous product innovation [5] Core Views - The company achieved a 6.1% YoY increase in revenue to HKD 18.411 billion in FY2024, driven by growth in both domestic and overseas markets [2] - Domestic revenue in China grew by 8% to HKD 11.987 billion, with sofa revenue up 3.1% and mattress revenue up 9.6% [2] - Overseas revenue increased by 3.2% to HKD 6.153 billion, with North America up 2.3% and Europe and other markets up 3.2% [2] - The company expanded its store network to 7,236 stores, with a net increase of 765 stores [2] - The penetration rate of functional sofas in China reached 9.7% in 2023 and is expected to rise to 13% within five years, driven by younger consumer demographics [3] - The company is focusing on multi-channel sales strategies, including offline stores, e-commerce, and live streaming, while also strengthening its dealer network [4] - Overseas, the company is deepening R&D in functional sofas and expanding its product lines to cover high, mid, and low-end markets [4] Market and Industry Analysis - The domestic market is transitioning from new housing completions to a focus on existing housing stock, with 90% of homes built in the past 20 years [3] - The company anticipates a shift in China's new housing construction towards a model similar to that of Europe and the US, with slower growth in the future [3] - Functional sofas are expected to benefit from increased consumer spending on quality-of-life improvements [3] Strategic Focus - The company is leveraging its leadership in functional sofas and improving its overseas production capacity in Vietnam and Mexico to enhance overall competitiveness [5] - It is actively pursuing a multi-market, multi-channel revenue strategy domestically, while focusing on product innovation and market expansion overseas [4]
敏华控股：内外销售双增长，关注中国存量市场