《大行報告》野村上調申洲國際(02313.HK)目標價至196.2元 評級「買入」
野村發表報告指,新疆棉花事件和疫情發展對申洲國際(02313.HK)的營運影響不大,加上在內地穩定產能和積極的海外產能擴張,市場份額有可能提升,目標價由173.7元上調至196.2元,相當於預測2022財年市盈率32倍,評級維持「買入」。
野村指,雖然近期國際運動服裝品牌在中國的銷售疲軟,但銷售壓力已逐漸緩解,國際品牌客戶的訂單投放沒有明顯變化的跡象。目前國內品牌在2020財年只佔總銷售額的6.5%,如果內地消費者的需求持續轉向內地體育品牌,相信申洲國際亦可以靈活分配產能,預計今年內地體育品牌訂單按年增長約20%,申洲整體產能在2021財年料增加15%,包括產能增加10%,效率提高5%。
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