《大行報告》花旗上調申洲(02313.HK)目標價至102元 評級「買入」
花旗發表研報指,申洲(02313.HK)管理層透露明年訂單量較預期好,因此將2024至2025年盈利預測上調4%,估計明年訂單量增長將由早前預期的10%,加快到約12%至15%,評級「買入」,維持在工業股首選名單,目標價從98元上調至102元,對應2024年預測市盈率約25倍。
該行指出,申洲已與四大海外客戶Nike、 Adidas、Uniqlo及Puma談妥明年旗下中國、越南及柬埔寨廠房的產能分配,若最終未能實現各自產能利用率85%以上,該等客戶將向公司作出相應營運成本補償。
花旗指出,今年全球品牌採購策略轉變,中國市場更傾向使用中國產能。而東南亞產能主要用於服務北美及歐盟市場,考慮到歐美需求仍具不確定性,花旗預期任何擁有更多非中國產能的廠商明年都會面臨更大的下行風險。
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