Guolian Securities issued a research report indicating that it is expected$MAN WAH HLDGS (01999.HK)$The revenue of 2023-25 fiscal year is 193.25amp 227.58 / 26.906 billion yuan, the net profit of return to the mother is 22.17amp 25.75 / 2.984 billion yuan, the EPS is 0.57 pound 0.66 pound 0.76 yuan / share, the corresponding PE is 14-12-10 times. Combining the absolute valuation method and the relative valuation method, the reasonable valuation range of the company is HK $13-14, covering the "buy" rating for the first time.

The bank said that the company takes the internal and external sale of functional sofas as its main business, prospectively carries out the integrated layout of functional sofa industry chain, self-research and self-production of core components of iron frame motor, and continuous product innovation and iteration. high performance-to-price functional sofa becomes the software home leader. The company has deepened its domestic sales layout in the past three years, its profitability is stable under the changing external environment, and its past performance is far better than that of the industry. The bank estimates that the total potential domestic demand for sofas in 2020 is about 50 million sets. Under the long-cycle perspective, the use cycle of the sofa is shortened, the stock replacement will constitute the main driving force of market growth, and the consumption attribute is becoming more and more significant. Functional sofas have more advantages than ordinary sofas, and it is estimated that the market share of middle-and high-income families in China is only 12%, and there is much room for improvement in permeability.