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《大行报告》摩通料申洲(02313.HK)中期业绩仍稳健评级「增持」
阿思达克 06-19 10:45

摩通发表研究报告指申洲(02313.HK)上半年的表现维持强健,销售胜预期,稳定的OEM业务毛利率,但需留意零售商去库存的影响。而按目前的情况,未见中国消费者杯葛美国品牌,例如Nike等,维持对公司收入和盈利增长预期,相信核心客户的需求仍然稳健,继续列为行业首选,目标价118.8元,评级「增持」。

该行预期公司上半年收入会胜预期,因供货持续增长,营运效率亦见改善,均价亦或会汇率的有利变化而超越预期。上半年,公司的生产主要供应予Adidas,有中双位数的增长,而Puma亦见有10%增长,Nike亦高於5%增长,Uniqlo则有单位数增长,而新产能的建设步伐亦符预期。

该行又指,公司OEM业务利润稳健,主因汇率变动有利,及效率改善所致,但被染料成本上升、越南员工成本增加、中国社保基金的负担增长所抵销。去年上半年因空运费成本带来额外成本,今年相信可正常化,因公司减少接急单。

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