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《大行報告》大和降申洲(02313.HK)目標價至160元 評級「跑贏大市」
阿思達克 01-11 10:10
大和發表研究報告,指相信申洲國際(02313.HK)去年下半年至今年下半年業績料遜於市場預期,受累越南去年下半年「封城」帶來的經營去槓桿及近期寧波廠區的疫情爆發。該行未納入疫情對今年上半年的影響估算,惟集團上日公佈位於疫情防範區的工廠包括織布工廠、染整工廠、印花工廠和輔料工廠以及防控區域外的鞋面工廠開始恢復生產運營。 該行料實際幹擾僅爲時兩至四周,較原先預期大爲縮短。確認予「跑贏大市」評級,考慮越南及寧波疫情影響,降對其2021至2023年盈測介乎6%至12%,目標價由180元降至160元。 該行料申洲明年下半年收入按年升4%,按半年升17%,越南在7月至11月間的生產幹擾料對明年下半年毛利率有更大影響,該行料毛利率低於27%,屬2008年以來最低。該行料歸咎於越南生產設備的折舊成本帶來經營去槓桿,致去年純利料按年收縮,屬2012年以來首見。 大和料寧波疫情對集團層面整體產能影響僅1%至2%,並被春節間「在地過年」政策下額外七個工作日所部分抵銷。
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