《大行報告》大摩:申洲(02313.HK)去年下半年純利遜預期 因毛利率走弱
摩根士丹利發表研報指,申洲國際(02313.HK)2019下半財年淨利潤錄26.8億元人民幣,按年增長13%,較上半年則升11%,較該行及市場預期低10%及3%,相信主要是由於期內營業額及毛利率雙雙疲弱所致。
大摩表示,受累於內衣類產品業務上半年及全年分別按年下跌44%及36%, 2019年上半年收入錄124億元人民幣,亦差過預期;運動服裝業務則仍保持較穩定按年增長。該行指出,零售業務規模縮小令成本上升,導致毛利率僅錄29.9%,較市場及該行預期的31.6%及32%低。
大摩認為,市場會將注意力集中在今年上半年發展計劃及下半年業務前景,基於今年每股盈利預測約27倍,給予目標價140元,評級「增持」。
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