研報掘金丨東吳證券:首予健盛集團“增持”評級,下半年棉襪業務有望改善
東吳證券研報指出,健盛集團Q2淨利降幅環比收窄,下半年棉襪業務有望改善。公司穩住老客户的同時積極開拓新客户;利潤端下滑主要源於為應對預期增長而提前儲備產能及人員導致成本及相關費用增加。中期分紅0.25元/股,派息比例61%。展望下半年,核心客户優衣庫訂單有望集中釋放,且公司成功開拓Brooks、NB、Aritzia、UA等新客户,並與Lululemon、UGG、HOKA等品牌進入開發階段,預計下半年訂單有望環比改善。公司持續高分紅+回購股份,管理層增持公司股份,彰顯發展信心,棉襪業務新客户開拓及下半年訂單恢復趨勢明確,該行預計25-27年歸母淨利潤分別為3.12/3.54/4.03億元,對應PE分別為11/10/9X,首次覆蓋給予“增持”評級。
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