申洲(02313.HK)股價挫逾9% 大摩料Adidas末季業績明顯遜預期及錄虧損逾3億歐元
申洲國際(02313.HK)今日股價沽壓重,盤中曾低見56.3元一度下挫近10%,全日收56.6元跌9.5%。申洲其主要客戶之一的Adidas削全年收入預測,Adidas預計今年在剔除匯率變動後收入將有中單位數增長,低於之前預期的中至高單位數的預測,而經營溢利率預測亦由7%調低至4%,因大中華區銷售進一步惡化,以及自9月初以來西方主要市場的消費者需求下降導致庫存大幅增加。
摩根士丹利發表報告表示,已與Adidas方面進行溝通,並認為市場對Adidas發盈利預警的時點不應感到意外,因為其給予財年指引的後營運負荷很大,有越來越多的證據表明西方市場競爭格局正在惡化(如Nike亦發盈利預警),而Nike最近的公告表明,未來幾個季度的競爭格局可能仍然非常困難。
該行指,Adidas今年第三季淨利潤低於市場原預期65%,料今年第四季淨利潤將會明顯遜於市場預期,估計末季EBIT毛利率低市場原預期970個基點,毛利較市場原預期低14%,EBIT會錄虧損4.55億歐元,並會錄淨虧損3.41億歐元。該行予Adidas「與大市同步」評級及目標價190歐元。
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