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《大行報告》大摩下調申洲(02313.HK)目標價至100元 評級「增持」
阿思達克 03-29 10:05
摩根士丹利發表報告指,申洲國際(02313.HK)去年下半年純利勝於預期,但毛利率卻低於預期。公司留意到,行業今年首季仍然艱難,預計今年訂單將持續恢復,基於今年下半年能見度仍然低,公司未有提供今年的指引。 該行指,即使申洲目標今年產能擴大10%至15%,但這不會直接轉化為出貨量,這意味著即使目前海外工廠利用率高,近期內地的利用率仍不足。 該行預料申洲今年收入按年升10%,毛利率和營業利潤率分別擴大至25.1%和17.8%,令其淨利潤按年增長13%。該行將申洲目標價由115元下調至100元,維持「增持」評級。
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