一文了解券商对申洲(02313.HK)公布业绩後最新观点、评级及目标价
申洲国际(02313.HK)今早股价抽上，盘中曾高见159.9元一度弹高10.3%，最新报155.7元升7.4%。高盛指申洲生产能力增长可成催化剂，上调对其目标价至184元；瑞信指公司今年产能目标增长15%目标、料申洲今年收入可升23%。
申洲昨中午公布去年业绩，营业额230.31亿元人民币按年升1.6%。纯利51.07亿人民币按年升0.2%；每股盈利3.4元人民币。派每股末期息1.1港元，全年派2港元，比2019年度的1.9港元增加约5.3%。期内，毛利按年升4.6%至71.95亿人民币，毛利率约为31.2%，比上年同期上升约0.9个百分点。
【去年收入符预期 增产成利好因素】
瑞信表示，申洲去年收入按入升1.6%符合市场预期，但纯利低於市场原预期4.2%，因受外汇汇兑亏损4.8亿人民币所拖累，公司维持今年产能目标增长15%，而管理层料受新疆棉事件的影响有限，因付运至美国地区产品的棉花主要来自越南及柬埔寨。该行料申洲今年收入可升23%、销量可升15%、产品平均售价可提升7%，估计核心营运溢利率处23.3%，较去年稳定，重申对其「跑赢大市」评级及目标价。
花旗上调对申洲目标价由175元升至180元，维持「买入」评级，指公司管层1将今年产能增长定於15%，对比此前指引仅增长10%至15%，指前景乐观。
高盛发表报告指，申洲国际去年下半年业绩符预期，其按年逾15%的产能扩张展望令人惊喜(历史上按年升10%至15%)，并受主要客户订单按年双位数强劲增长所支持。虽然投资者或忧虑外汇波动及原材料成本增长，管理层指价格会反映趋势，当中生产能力增长可成催化剂。该行升其今明两年盈测约6%，维持「买入」评级，目标价由175港元升至184港元。
-----------------------------------------------
本网最新综合9间券商对其投资评级及目标价：
券商│评级│目标价(港元)
里昂│买入│200->192元
杰富瑞│买入│192元
高盛│买入│175->184元
花旗│买入│175->180元
瑞信│跑赢大市│177元
大和│买入│174元
野村│买入│176.2->173.7元
美银证券│买入│172.8元
摩根大通│增持│170元
券商│观点
里昂│新疆棉问题令行业整合，公司在行业具优势
杰富瑞│利润率优於预期，去年盈利增长较预期高4%
高盛│生产能力增长可成催化剂
花旗│前景乐观
瑞信│去年业绩未受外汇影响，今年产能目标增15％可期
大和│去年业绩符预期，今年出货量、平均售价和利润率前景乐观
野村│去年业绩出色，关注今年产品组合可能发生变化
美银证券│去年核心盈利符预期，外汇损失属预期之内
摩根大通│去年下半年销量略跌，收益受累外汇损失
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
