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《大行報告》美銀證券降申洲(02313.HK)盈測反映人幣升值等不利因素 重申「買入」評級
阿思達克 01-26 12:05
美銀證券發表報告表示,基於申洲國際(02313.HK)自去年第三季以來受新冠疫情的不確定性影響,決定下調對申洲國際2021年及2022年每股盈利預測各5%及3%,反映越南、寧波廠房及人民幣升值等因素,但該行仍相信公司今年迎來複蘇的一年,因訂單強勁及產能釋放,相信其長線前景鞏固。 該行指,重申對申洲「買入」評級及目標價178元,指寧波廠房復產快於預期,相信關停10個工作天,料令總體產能損失不多於2%。 美銀證券預計申洲毛利率將從2020年的31.2%,下降至2021年的28%左右,因2021年第三季度越南廠房關停期間的經營去槓桿化以及2021年第四季度人民幣升值帶來的不利因素。進入2022年,該行預計產能穩步擴張且外匯基本穩定,料毛利率可恢復至逾29%水平,但仍低於疫情前逾30%的水平。(wl/k) ~
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