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《大行報告》麥格理下調申洲(02313.HK)目標價至72元 評級「中性」
阿思達克 06-07 10:05
麥格理發表報告指,申洲國際(02313.HK)於疫情期間仍然持續對自動化進行投資,認為公司自動化水平在過去三年中進一步提高,有助於在競爭中保持領先地位。 但考慮到品牌繼續進行庫存去庫存工作導致收入預期下降,該行將2023至2024財年每股盈測分別下調9%和14%,毛利率預測分別下調1.1個百分點和1.5個百分點,以反映訂單增長疲軟或導致產能利用率不足,目標價下調12%至72元,評級維持「中性」。 麥格理預期在去庫存持續推進下,今年上半年申洲的收入將按年下跌8%至9%,毛利率料降至22.3%,令核心營業利潤下降約11%,淨利潤料跌23%至18億元人民幣。至於第三及第四季,該行則預測收入會分別按年增長3%及17%,下半年毛利率料回升至24%。
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