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交銀國際:升申洲國際(2313.HK)至買入評級 目標價上調至176港元
格隆匯 03-30 15:27

交銀國際發表報吿表示,申洲國際(2313.HK)去年淨利潤按年微升0.2%,銷售增長1.6%,低於市場預期。該行認為,在抵制國際品牌事件影響下,公司股價已下跌8.7%,考慮到銷售影響應是暫時且有限,加上預計2020至23年銷售複合年增長率達15%,可帶來23%的每股盈利複合年增長率,該行將其評級由中性上調至買入,目標價亦由117港元提高至176港元。

報吿指,管理層對2021年產能增長超過15%充滿信心,下半年OEM毛利率按年提高1.3個百分點至31.5%,料2021年毛利率將受以下因素推動,包括自動化帶來的工人人均產出增加5-6%;產能利用率按年上升;以及東南亞產能佔比增加。

報吿認為,對國際品牌的抵制影響應是短期,這些品牌在中國的銷售會受到短期影響,尤其是對於耐克等較強的品牌。

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