《大行報告》美銀證券下調申洲(02313.HK)目標價至178元 評級「買入」
美銀證券發表報告指,申洲國際(02313.HK)公布由於疫情封鎖及隔離措施,其位於寧波的生產設施會受到影響而短期停產。而寧波佔集團40%服裝及超過50%織物產能。
基於其渠道檢查,該行預計集團寧波生產設施中一半的服裝產能在封鎖範圍內,其餘的服裝產能及全部織物產能則不在封鎖區域。目前寧波廠房估計全部營運暫停,以等待新型肺炎檢測結果。
美銀估計,寧波廠房暫停運作一周,對申洲全年產能的影響為1%,三周則為3%,不過預期實際的產能影響會較少,主要由於不在封鎖範圍的區域料可重開,且集團在東盟、安徽及其他於農曆新年期間增加的人手,可補救部分產能損失。然而,美銀預期集團的盈利打擊可能會較產能影響大,主因疫情相關的額外支出及去槓桿。
該行將申洲國際股份目標價由190元降至178元,評級維持「買入」,並調低集團2021年至2022年每股盈利預測4%至6%,以反映去年第三季越南封城導致毛利率下降,及最新寧波生產設施的情況。
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