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《大行報告》中金:申洲(02313.HK)越南面料及成衣工廠目前正常營運 但需關注東南亞疫情不確定性
阿思達克 06-01 12:33
中金發表報告表示,近期越南北部疫情加重,部份製造業工廠停工,引發市場對申洲國際(02313.HK)海外供應鏈的憂慮。中金指公司越南工廠正常運營、柬埔寨工廠經歷短暫停工後目前產能恢復85%。該行考慮到申洲海外均衡的產能分配及較高的工廠管理水平和防控措施,認為申洲相比同業具有更高穩定性和產能稀缺性。

該行指,越南4月底起疫情加重,特別是越南北部地區,申洲在越南的生產基地位於越南南部的西寧省和胡志明市,目前面料及成衣工廠均正常運行,而胡志明市5月31日開始的社交隔離措施也未涉及工廠。

中金指,雖面臨東南亞疫情的不確定影響,但認為申洲相比同業具有更高穩定性和產能稀缺性。該行認為需關注東南亞疫情變化,因越南面料產能佔公司整體的50%,若越南工廠停工,或將對公司生產帶來不利影響。但考慮到申洲有均衡的海內外產能分配(海外面料產能佔比50%,成衣產能佔比近40%),工廠管理水平較高,防控措施完備。基於當前疫情情況,公司管理層維持2021年產能按年增長15%指引。

中金維持申洲「跑贏行業」評級,基於公司在不確定性環境下擁有較強的穩定性,上調目標價9%至229.21元,相當於2022年市盈率40倍。

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