《大行報告》摩通降申洲(02313.HK)目標價至89元 看好海外產能擴張
摩根大通發表報告指,在6月底考察了申洲國際(02313.HK)在越南及柬埔寨的廠房,並與申洲CEO、CFO及海外廠房管理層對話。該行欣賞申洲持續海外產能擴張;核心客戶市佔有望擴張,並與新客戶建立穩定關係;此外,申洲持續關注ESG及自動化,推動可持續增長;亦專注於海外產能本地化。
報告稱,去年申洲海外成衣產能佔整體達50%;管理層目標今年增至60%,未來三至五年進一步擴至70%。
該行降申洲2023至2025年盈測12%至14%,以反映短期中國內地產能利用率低企。維持「增持」評級,以現金流折現率計,目標價由94元降至89元,相當於未來一年預測市盈率22倍。該行料下半年申洲銷售錄中至高單位數增長,扭轉上半年的中十位數倒退情況,受惠於中國產能利用率由次季的80%,有望在第三季增至85%,末季進一步升至介乎85%至90%。該行料申洲毛利率由上半年的料23.5%改善至下半年料24.7%。
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