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《大行報告》瑞信下調申洲(02313.HK)目標價至178元 評級「跑贏大市」
阿思達克 01-04 14:15
申洲國際(02313.HK)位於寧波市北侖區的部分生產基地受疫情影響而短期停產。瑞信發表研究報告指出,寧波廠房貢獻申洲約40%產能,而最受疫情影響的工廠佔約20%的產能。監於內地嚴格封鎖措施,相信內地對疫情的控制將快過去年越南及柬埔寨封鎖時。因此,該行下調申洲2022財年收入預測2%。 不過,考慮到申洲對工人的隔離額外費用,以及封鎖後增加的物流成本,該行對其2022及2023財年的盈利預測下調6%及4%,預測2022財年上半年的核心經營利潤率約20.5%,與去年上半年柬埔寨工廠封鎖時期的水平相若。目標價由184元下調至178元,重申「跑贏大市」評級。
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