UBS released a research report sayingpokershortdeck, Minhua Holdings (01999) valuation is at a reasonable levelpokershortdeck, downgraded the rating from "Buy" to "Neutral", raised the 2025 and 2026 earnings per share forecast by 8% and 5% to a year-on-year decline of 14% and 1%, and lowered the target price from 6pokershortdeck.3 HKD increased to 7pokershortdeck.1 Hong Kong dollar.
The report stated that driven by the improvement of overall market sentiment, expectations of US interest rate cuts, China's real estate support policies, and exceeding expectations for fiscal year 2024, the company's share price has rebounded by more than 50% since mid-February. However, its fundamentals are not There are no challenges, including after the US market channel is rereplenished, it no longer has an advantage in inventory levels, and demand remains sluggish; At the same time, in the domestic market, declining consumption levels and intensified competition have put pressure on the average selling price and profit margins of products.