野村上调申洲(2313.HK)目标价至128.6港元维持“买入”评级
野村发表研究报告指,申洲国际(2313.HK)目前正受惠于主要客户的强劲增长。自越南的厂房开通后,产能受限的负面因素已经消除,自动化将带来可观收益。该行将申洲国际目标价上调4%,由原来的123.4港元升至128.6港元,维持“买入”评级。
野村表示,申洲今年上半年收入按年增长12.2%,核心业务增长14%,主要受11%的销量增长及平均售价增长3%所带动,公司目前正处于投资阶段,预期下半年才受新产能所推动,因此上半年表现超出该行预期。
该行预料,由于公司的零售业务持续减少,上半年的毛利率差过该行预期,由于公司指出将会继续关闭零售店舖,认为下半年毛利率将会进一步收窄0.2个百分点。
不过,野村认为,随着位于越南和柬埔寨的厂房新产能在今年下半年开始上升,公司将可相应重新调整订单。
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