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《大行報告》匯豐研究下調申洲(02313.HK)目標價至86.9元 評級「買入」
阿思達克 08-31 11:16
匯豐環球研究指,申洲(02313.HK)中期純利大致符合市場預期,管理層預期全年收入增長介乎負低單位數至正低單位數,目標維持純利按年持平。該行指,公司今年至今收入表現趨向目標下限,中期銷售按年跌15%,且第三季訂單錄中單位數跌幅。縱使中期純利因匯兌收益按年減少而下跌10%,但考慮到下半年匯兌收益基數低,盈利仍符合全年目標。 該行又指,公司盈利韌性來自非經營項目,包括利息收入增長、嚴格控制銷售及一般行政成本,以及稅率下降。該行下調對申洲今年收入增長預測,由按年增長5%降至倒退4%;基於設備使用率假設下調,下調全年毛利率預測1.1個百分點至24.2%。全年純利預測只下調1.8%,因非經營項目貢獻增加。料全年純利按年升4.8%至47.82億元人民幣。明年及2025年純利預測下調3.3%至4.5%。 該行下調對申洲目標價,由122.4元降至86.9元,維持「買入」評級。
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