《大行報告》匯豐研究下調申洲(02313.HK)目標價至171.5元 評級「買入」
匯豐研究發表研究報告,指出申洲國際(02313.HK)發盈警預期去年純利按年跌31%至39%,至介乎31億至35億元人民幣,較該行預期低2%至13%,並較市場預期低23%至32%。該行指出,公司出乎預期發盈警,對市場而言是一個負面消息,尤其是於去年下半年供應鏈中斷對利潤的負面影響。事實上,該股今年迄今已累跌約24.9%。
該行認爲,隨着越南產能於去年底正常化,另估計公司成本轉嫁機制今年將正常運作,令毛利率正常化,預期公司今年收入將按年增長27%,2019至2022財年收入年均複合增長率料8.5%,惟對今年純利增長預測下調4.8%,估計按年增長71%至61.04億元人民幣。
該行認爲,申洲一直是市場的寵兒,相信去年下半年的盈利能力下跌主要由於一次性因素,而非結構性轉變其與品牌的議價能力或潛在的產能增長潛力等,認爲該股繼續吸引,維持「買入」評級,目標價由184.6元降至171.5元。
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