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《大行》野村降申洲國際(02313.HK)目標價至68.3元 維持「買入」評級
野村研究報告指,申洲國際(02313.HK)上半年業績大致穩健,收入按年增長15%,主要受惠於全球核心客戶市場份額持續提升,推動銷量按年增長14%,表現優於預期;而期內經調整淨利潤按年增長6%,略高於市場預期。然而,因人力成本上升,上半年毛利率按年收窄1.9個百分點至27.1%。 展望未來,管理層預期需求韌性將持續至下半年。該行預測下半年收入將按年增長9%,銷量高單位數增長,平均售價按年改善,料毛利率亦將按年微升至27.5%,推動經調整盈利按年增長10%至32億元人民幣。基於在行業中的領導地位保持不變,維持集團「買入」評級,但目標價由99.9港元降至68.3港元。
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