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大行評級|大摩:下調申洲目標價至95港元 維持“增持”評級
格隆匯 03-27 11:08
摩根士丹利發表報吿指,申洲去年下半年淨利潤低於該行預測,主要因為收入減少推動經營減槓桿,抵銷毛利率及非經營溢利上升,以及税率下降的利好。去年交付按年跌14%至15%,平均產品價格按人民幣計升5%。報吿引述管理層指,公司去年第三季收入仍按年下跌,情況在去年第四季扭轉,內地廠房設備使用率約95%,海外廠房則為100%。管理層又稱,去年第三季及第四季毛利率較去年第二季上升,去年下半年税率下降是基於較低税率的海外廠房有更多盈利貢獻。報吿亦引述管理層指,對今年訂單展望樂觀,且年初收入及盈利增長有好開始,內地及海外廠房設備使用率已為100%,受市佔增長及更多元化產品支撐。該行料公司今年交付量按年升15%,平均產品價格略高於去年,整體料全年收入按年升19%,毛利率及經營溢利率料擴至27.3%及19.4%,純利料按年升24%。該行認為管理層的言論短期支持股價,該行維持對申洲的“增持”評級,目標價則由100港元降至95港元。
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