《大行報告》大和上調申洲(02313.HK)目標價至93元 評級「買入」
大和發表研報指,申洲國際(02313.HK)上半年業績基本符合該行預期,但營收則略低於市場預期約3.7%。管理層目前對下半年訂單恢復前景充滿信心,透露主要客戶的庫存水平已趨向更加健康,目標明年起恢復每年10%的銷量增長。
該行指出,申洲次季銷售額錄得按季復甦,收入跌幅亦從首季的18%收窄至11%,預計下半年淨利潤將恢復正增長,按年增幅可達16%,經調整後純利料按年增長33%。當中在去年第三季高基數下,大和預測申洲銷售額將按年持平,即按季增長18%,而第四季則預測可按年增長約20%。
大和表示,雖然將公司2023至2025年的收入預測略微下調0.8%、1.7%及1.7%,但由於2024至2025年毛利率預測上調1及1.5個百分點,因此亦將2023至2025年淨利潤預測上調5.2%、3.6%及4.4%,目標價從90元升至93元,重申「買入」評級。
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