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《大行報告》美銀證券上調申洲(02313.HK)目標價至180元 評級「買入」
阿思達克 04-16 12:28
美銀證券發表的研究報告指,最近與申洲國際(02313.HK)舉行的投資者會議中,再次確認公司訂單強勁,新疆棉事件影響有限,產能擴張在正軌上,而成本壓力亦可控。短期而言該行認為公司可受惠全球經濟重啟及需求復甦,長遠而言則料受惠市場份額提升等,將公司2021-23年每股盈測上調1-2%,目標價由172.8元升4%至180元,重申「買入」評級。

該行指出公司重申2021年產能增長目標15%以上,今年訂單表現亦強勁,而產能瓶頸一直是重要限制。該行的渠道調查顯示今年以來Nike及Puma均帶動增長,估計公司正在與新客戶建立正式關係,相信有助長遠增長,不過今年貢獻料有限。

在新疆棉事件上,公司暫未有受到影響,去年歐美銷售貢獻14-16%,相關訂單均由東盟生產,並使用海外棉花,內地去年銷售佔比約32%,其中20%為本地品牌、80%為國際品牌。現時其產能利用率回復至100%水平,而很多品牌亦正排隊等待更多產能推出,在最差的情況下假如國際品牌在內地受重大影響,公司亦有彈性調配產能予其他客戶。

另外申洲在柬埔寨的超大型廠房已完成80%,目標在年底員工數目達8,000人,到2023年則達1.8萬人,考慮到當地正進行疫苗接種,有助順利擴張。而越南第二間廠房亦正增聘人手,去年員工人數增至6,400人,料今年將額外增聘1,000人,第三間廠房則料會在今年下半年開始營運。(el/a) ~

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