大行評級|花旗:上調申洲國際目標價至108港元 評級“買入”
花旗發佈研究報吿稱,予申洲國際“買入”評級,將2024年至2025年的每股盈利預測上調3%至4%,並將目標價由102港元上調至108港元。報吿稱,公司2023年業績的營業收入低於市場普遍預測,不過同一時間公司歸屬利潤符合預期,受毛利率超出預期所帶動。該行認為,公司於今年內可實現雙位數的銷售增長,主要受惠於去年的低基數效應;加上除了Nike以外,所有主要全球及國內品牌訂單均錄得雙位數增長的表現。此外,花旗預期申洲今年的營業收入成長率為12%,並指公司自去年第四季開始已恢復正增長,預計相關表現在今年第一季仍可維持。該行預期公司今年的毛利率將進一步上調3.5%至27.8%,而且相信未來派息率將維持於60%以上。
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