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《大行報告》摩通料申洲(02313.HK)中期業績仍穩健評級「增持」
阿思達克 06-19 10:45

摩通發表研究報告指申洲(02313.HK)上半年的表現維持強健,銷售勝預期,穩定的OEM業務毛利率,但需留意零售商去庫存的影響。而按目前的情況,未見中國消費者杯葛美國品牌,例如Nike等,維持對公司收入和盈利增長預期,相信核心客戶的需求仍然穩健,繼續列為行業首選,目標價118.8元,評級「增持」。

該行預期公司上半年收入會勝預期,因供貨持續增長,營運效率亦見改善,均價亦或會匯率的有利變化而超越預期。上半年,公司的生產主要供應予Adidas,有中雙位數的增長,而Puma亦見有10%增長,Nike亦高於5%增長,Uniqlo則有單位數增長,而新產能的建設步伐亦符預期。

該行又指,公司OEM業務利潤穩健,主因匯率變動有利,及效率改善所致,但被染料成本上升、越南員工成本增加、中國社保基金的負擔增長所抵銷。去年上半年因空運費成本帶來額外成本,今年相信可正常化,因公司減少接急單。

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