大和:重申申洲國際(2313.HK)買入評級 目標價上調至174港元
大和發表研究報吿指,申洲國際(2313.HK)自去年第四季度以來的生產似乎已完全恢復正常,預期產能擴張將達15%,將可支撐今年強勁的業務前景。該行將集團目標價由155港元上調至174港元,重申買入評級。
大和指,集團去年在柬埔寨增聘3000名新員工,又分別在越南和中國各增聘1000名員工,今年目標則分別在柬埔寨、越南和中國達到6000、2500和1500名新員工。在中國政府鼓勵工人在農曆年留在身處地區的情況下,集團預計將比往年增加6-7個工作日。基於強大的自動化和效率提升,預計今年的出貨量將按年強勁反彈18%。
大和認為,銷售均價很可能從去年的下降3.5%,恢復到今年增長6%,主要是由於產品結構的變化,如服裝佔比增加,而口罩佔比減少,料對平均售價有利,該行又預期在新客户的發展下,現有客户的份額會持續增長。料今年集團首4名客户的產能增長分別為15%、16%、5%及6%。
該行指,受到外匯影響,將去年的收入和盈利預測調分別調低2.5%及2.1%,但由於今年產能及均價出現更樂觀的復甦,將2021年的收入和盈利預測提高2.1%及2.6%。

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