《大行報告》瑞信降申洲國際(02313.HK)評級至「中性」 料下半年或遭削減最多30%訂單
瑞信發表報告表示,下調申洲國際(02313.HK)投資評級,由「跑贏大市」降至「中性」,將目標價由106元降至100元,此按現金流折現率作估值,指代工製造行業正開始面對削減訂單及減產等挑戰,同業儒鴻(01476.TW)已宣布遭Nike/LULU削減訂單30%至40%;聚陽實業(1477.TW)稱第三季或會進一步遭削減訂單;另裕元(00551.HK)亦指產能已減少10%至15%。
該行料申洲不會自削減訂單「免疫」,但估計其於今年下半年會面臨被削減20%至30%訂單,削減幅度較同業為少,若此情況發生,料其設備使用率將下跌10至15個百分點。
瑞信下調對申洲於2020年至2022年每股經調整盈利預測各12.1%、11.5%及11.6%,分別至3.14、3.51及4.04元人民幣,雖然疫情影響下,料申洲可提升市場份額,但考慮到目前估值水平後,建議投資者宜等待更佳的介入點,因下半年會面臨削減訂單挑戰,料股價短期受壓。
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