野村:維持申洲國際(2313.HK)買入評級 目標價下調至173.7港元
野村發表研究報吿指,由於中國的穩定產能和積極進軍海外的產能擴張,申洲國際(2313.HK)汽車的市場份額有增長潛力,該行調整了今年的盈利預測,將目標價由176.2港元下調至173.7港元,維持買入評級。
該行表示,今年基於強勁的訂單量和產量已滿額至6月底,預料毛利率將略微提高0.2個百分點,這是由於利用率更高而帶動的勞動生產率、棉花價格上漲帶來的平均售價提高、外匯交易的專利性逆轉、口罩銷量下降及去年下半年中國工資上漲對全年的影響所抵消。
野村指,集團的海外面料產量已經達到40%,其中越南和柬埔寨分別佔去年服裝總產量的22%及16%,並很可能在今年增至40%以上。管理層指出,集團目標於柬埔寨新工廠達到1.5萬名工人、越南現有服裝工廠達7000名工人及預期Adidas工廠將有6000名工人,該行預期,集團2021至2023年銷量將按年分別增長16%、13%和12%。

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