《大行报告》花旗升申洲国际(02313.HK)目标价至121元产能增长较快
花旗发表研究报告,指申洲国际(02313.HK)将会在8月26日公布2019中期业绩。该行预期期内盈利将会按年增长15%至24.96亿元人民币,收入按年增长11%至101.67亿元人民币。该行因此将公司的目标价由原来的115元上调至121元,仍视申洲国际为中国工业板块的首选。投资评级为「买入」。
该行又引述管理层指,2019年的产能增长速度达10%以上,略高於预期;在工厂大规模由中国迁移到东盟,例如越南後,中国服装代工生产供应可能出现短缺,这可能会促使某些全球运动品牌提高平均售价;公司在去年关闭约30间店铺後,导致约5,000万元亏损,公司将会在今年继续削减约40间零售网络,相信类似的营运亏损仍会出现。
截至今年上半年,管理层看到原材料成本持平,若油价在今年余下时间继续上升,则会导致合成纱线的成本进一步上涨。人民币兑美元今年来维持稳定亦是好事,但如果升值则会影响下半年的毛利率表现。
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