研報掘金|國盛證券:維持申洲國際“買入”評級 業績有望穩健快速增長
國盛證券發佈研究報吿稱,維持申洲國際“買入”評級,考慮近期基本面情況整體符合預期,綜合預計2023-2025年公司歸母淨利潤分別為45.7/55.3/64.7億元,同比分別+0%/+21%/+17%。公司是成衣製造龍頭,合作下游優質大客户,國際化、一體化產業鏈佈局具備競爭力。研報指,過去公司經營情況基本符合行業趨勢,2023H1公司收入同比-15%至115.7億元,業績同比-10%至21.3億元。該行認為2023H1收入下滑主要系客户存在去庫需求、對上游訂單進行調整。展望2023全年,該行判斷2023H2內公司收入同比表現逐季出現改善,綜合估計2023年公司收入同比下降中個位數/業績同比持平左右。考慮目前公司訂單逐步改善,該行判斷2024年收入有望同比增長雙位數、產能利用率逐步修復有望帶動毛利率提升、業績有望穩健快速增長。
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