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大行評級|麥格理:上調申洲目標價至91港元 上調2024至25財年盈測
格隆匯 05-22 13:31
麥格理報吿指,申洲預計將受益於品牌顧客的補貨需求,因上年同期基數低,料今年上半年產能增長加快,因此中國和越南的員工招募工作正在進行中,料年底集團員工人數回覆至9.9萬人。該行指,新客户如lululemon及Polo目前佔收入貢獻約5%,加上現有客户產品類別趨向多元化亦帶來長期增長機會。該行指集團復甦分階段進行,相信集團仍處於優先處理產能使用率的階段,一旦產能在充分利用下受到限制,料可進一步改善產品組合,儘管收入增長相對更穩定,但這將對毛利率有利。為確保訂單恢復後中國員工團隊穩定,集團將把寧波一線員工的薪酬提高10-15%。該行認為這反映集團對未來訂單持樂觀態度。基於預期收入增長加快,因此該行上調其2024至25財年盈測各2%,目標價相應由89港元升至91港元,評級“跑贏大市”。
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