《大行》交銀國際降申洲(02313.HK)目標價至84元 毛利率恢復需時
交銀國際研究報告表示,申洲國際(02313.HK)今年上半年收入按年增15.3%至149.7億元人民幣,主要由量的增長帶動歸母淨利潤按年增8.4%至31.8億元人民幣。該行認爲,申洲國際下半年毛利率有望在品類結構的推動下環比略微改善,但考慮到人工成本持續影響、新工廠仍在爬坡期,毛利率恢復需時,全年按年仍可能小幅下滑。
交銀國際小幅下調公司今明兩年的收入預測3%至4%,基於更保守的毛利率假設,下調淨利潤預測16%。基於2026年16倍預測市盈率,下調目標價至84港元。公司仍在持續推進垂直一體化戰略,推動海外產能建設,該行看好公司的長期穩健發展,維持「買入」評級。
交銀國際又下調公司毛利率預測,預計2025下半年的毛利率環比小幅恢復,但全年毛利率仍會按年下滑0.9個百分點。基於以上調整,下調公司今明兩年盈利預測15.9%至16.4%。
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