《大行報告》花旗升申洲國際(02313.HK)目標價至121元產能增長較快
花旗發表研究報告,指申洲國際(02313.HK)將會在8月26日公布2019中期業績。該行預期期內盈利將會按年增長15%至24.96億元人民幣,收入按年增長11%至101.67億元人民幣。該行因此將公司的目標價由原來的115元上調至121元,仍視申洲國際為中國工業板塊的首選。投資評級為「買入」。
該行又引述管理層指,2019年的產能增長速度達10%以上,略高於預期;在工廠大規模由中國遷移到東盟,例如越南後,中國服裝代工生產供應可能出現短缺,這可能會促使某些全球運動品牌提高平均售價;公司在去年關閉約30間店舖後,導致約5,000萬元虧損,公司將會在今年繼續削減約40間零售網絡,相信類似的營運虧損仍會出現。
截至今年上半年,管理層看到原材料成本持平,若油價在今年餘下時間繼續上升,則會導致合成紗線的成本進一步上漲。人民幣兌美元今年來維持穩定亦是好事,但如果升值則會影響下半年的毛利率表現。
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