《大行報告》里昂升申洲(02313.HK)評級至「買入」 上調目標價至96元
里昂發表研究報告指,今年首十個月服飾業持續溫和增長,兩年累計增長仍落後於消費品。該行早前預計今年運動服飾零售額將按年增10%,並料明年產業增長率進一步放緩至7.5%。該行看好明年的代工生產(OEM),認為在利用率上升和競爭風險降低的推動下,OEM將有更強勁及更明顯的淨利潤增長前景。該行將申洲(02313.HK)評級由「跑贏大市」上調至「買入」,目標價由91元升至96元,並列為行業首選。該行又下調李寧(02331.HK)、特步(01368.HK)和裕元(00551.HK)的目標價,但維持各自的「跑贏大市」評級。
該行表示,運動服飾消費仍會持續下滑,預計大部分運動服飾廠商將在明年初完成庫存清理,相應地折扣減少將帶動品牌的毛利率受惠。該行預期,明年行業競爭仍然激烈,因為平均售價推動增長的機會較低,同時,廣告及促銷費用將會增加。
該行預計,申洲的國內工廠利用率在9月至10月期間恢復至90%以上,而上半年則為80至85%,並預計明年第四季末將恢復全部產能。
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