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大行評級 | 瑞信:首予申洲國際“跑贏大市”評級 目標價127港元
格隆匯 02-06 15:39
格隆匯2月6日丨瑞信報告指,申洲國際(2313.HK)作為多間運動服品牌的代工商,在運動服價值鏈中最具防守性,其增長趨勢相對穩定。據Nike資料顯示,其首五名服裝製造商市場份額由2014年的34%增加到2018年的47%,而鞋類則穩定於67%至69%。申洲透過其垂直整合系統,加上對人才及自動化上的投資,從而成為了品牌的戰略合作伙伴和合並趨勢的贏家。該行估計,申洲於2021年於Adidas/Nike的市場份額將增至8.2%及9.2%;同時預料其2020至2021年預測盈利年複合增長率達20%,故首予申洲“跑贏大市”評級,目標價127港元。該股現報110.2港元,漲幅1.66%,總市值1656.55億港元。
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