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《大行報告》富瑞下調申洲(02313.HK)目標價至140元 評級「買入」
阿思達克 07-12 14:16
富瑞發表研究報告指出,仍然相信申洲(02313.HK)的表現將較市場預期更具韌性,尤其是在2023年公司主要從中國部分城市於第二季「封城」所帶來的挑戰中復甦。該行預期,申洲今年上半年出貨量按年增長11%,期內計及一次性員工補貼3.5億元人民幣後,盈利預測按年跌12%,好過市場預期跌25%至30%。 該行相信,申洲越南和柬埔寨的產能將可維持滿載,並對其產能競爭力充滿信心,預期公司將有足夠訂單進一步擴產。雖然中國部分城市於第二季「封城」令公司於內地的利用率或面臨更大的風險,但相信來自中國體育用品客戶的訂單可於2023年恢復,以支持公司在中國的工廠。此外,估計公司的成本將於今年下半年有所轉嫁,意味著其經營進一步常態化。 富瑞將申洲今年的出貨量預測由按年升13%下調至10%,以反映受中國第二季「封城」影響,對內地工廠的需求弱過預期,惟保持對產品均價增長的信心。目標價由157元下調至140元,對其2022至2023年盈利預測削3%至4%,評級「買入」。
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