一文了解券商對申洲(02313.HK)公布業績後最新觀點、評級及目標價
申洲國際(02313.HK)今早股價抽上，盤中曾高見159.9元一度彈高10.3%，最新報155.7元升7.4%。高盛指申洲生產能力增長可成催化劑，上調對其目標價至184元；瑞信指公司今年產能目標增長15%目標、料申洲今年收入可升23%。
申洲昨中午公布去年業績，營業額230.31億元人民幣按年升1.6%。純利51.07億人民幣按年升0.2%；每股盈利3.4元人民幣。派每股末期息1.1港元，全年派2港元，比2019年度的1.9港元增加約5.3%。期內，毛利按年升4.6%至71.95億人民幣，毛利率約為31.2%，比上年同期上升約0.9個百分點。
【去年收入符預期 增產成利好因素】
瑞信表示，申洲去年收入按入升1.6%符合市場預期，但純利低於市場原預期4.2%，因受外匯匯兌虧損4.8億人民幣所拖累，公司維持今年產能目標增長15%，而管理層料受新疆棉事件的影響有限，因付運至美國地區產品的棉花主要來自越南及柬埔寨。該行料申洲今年收入可升23%、銷量可升15%、產品平均售價可提升7%，估計核心營運溢利率處23.3%，較去年穩定，重申對其「跑贏大市」評級及目標價。
花旗上調對申洲目標價由175元升至180元，維持「買入」評級，指公司管層1將今年產能增長定於15%，對比此前指引僅增長10%至15%，指前景樂觀。
高盛發表報告指，申洲國際去年下半年業績符預期，其按年逾15%的產能擴張展望令人驚喜(歷史上按年升10%至15%)，並受主要客戶訂單按年雙位數強勁增長所支持。雖然投資者或憂慮外匯波動及原材料成本增長，管理層指價格會反映趨勢，當中生產能力增長可成催化劑。該行升其今明兩年盈測約6%，維持「買入」評級，目標價由175港元升至184港元。
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本網最新綜合9間券商對其投資評級及目標價：
券商│評級│目標價(港元)
里昂│買入│200->192元
傑富瑞│買入│192元
高盛│買入│175->184元
花旗│買入│175->180元
瑞信│跑贏大市│177元
大和│買入│174元
野村│買入│176.2->173.7元
美銀證券│買入│172.8元
摩根大通│增持│170元
券商│觀點
里昂│新疆棉問題令行業整合，公司在行業具優勢
傑富瑞│利潤率優於預期，去年盈利增長較預期高4%
高盛│生產能力增長可成催化劑
花旗│前景樂觀
瑞信│去年業績未受外匯影響，今年產能目標增15％可期
大和│去年業績符預期，今年出貨量、平均售價和利潤率前景樂觀
野村│去年業績出色，關注今年產品組合可能發生變化
美銀證券│去年核心盈利符預期，外匯損失屬預期之內
摩根大通│去年下半年銷量略跌，收益受累外匯損失
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