中金:下調申洲國際(2313.HK)目標價至104.17港元 評級“跑贏行業”
中金髮布報告稱,下調申洲國際(2313.HK)2020年每股盈利預測8.6%至3.74元人民幣,目前,申洲國際交易於今年市盈率16.9倍,維持對其“跑贏行業”評級,但下調目標價21%至104.17港元,對應2020年市盈率24倍,以反映對未來接單造成的不確定性。
公司2019年核心業務業績符合該行預測,2019年收入同比增長8.2%;淨利潤同比增長12.2%。分品牌來看,2019年下半年Nike和Puma相關業務增速有所放緩,主要因為申洲產能調整傾向Adidas。分區域來看,2019年下半年歐洲和日本相關業務增速快於國內和美國。
該行預計,申洲今年上半年業務基本不會受到影響。Adidas表示供應鏈是最不用擔心的問題,目前尚未削減2020年下半年訂單。憑藉穩定的供應鏈、快速反應和垂直一體化業務模式,該行預計,申洲國際將進一步擴大市場份額,還預計艱難時刻OEM行業將進一步整合,申洲與品牌客户持續保持的緊密關係以及領先的執行效率將展現出優勢。

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