《大行报告》大摩:申洲(02313.HK)去年下半年纯利逊预期 因毛利率走弱
摩根士丹利发表研报指,申洲国际(02313.HK)2019下半财年净利润录26.8亿元人民币,按年增长13%,较上半年则升11%,较该行及市场预期低10%及3%,相信主要是由於期内营业额及毛利率双双疲弱所致。
大摩表示,受累於内衣类产品业务上半年及全年分别按年下跌44%及36%, 2019年上半年收入录124亿元人民币,亦差过预期;运动服装业务则仍保持较稳定按年增长。该行指出,零售业务规模缩小令成本上升,导致毛利率仅录29.9%,较市场及该行预期的31.6%及32%低。
大摩认为,市场会将注意力集中在今年上半年发展计划及下半年业务前景,基於今年每股盈利预测约27倍,给予目标价140元,评级「增持」。
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