《大行報告》富瑞下調申洲(02313.HK)目標價至157元 去年稅後盈利遜預期
富瑞發表報告指,下調申洲國際(02313.HK)目標價由190元至157港元,評級「買入」。
該行指,申洲發盈警預期去年全年稅後淨利潤介乎31億元至35億元人民幣,低於該行估計的40億元至42億元人民幣。公司管理層認為,業績低於預期的原因是越南和柬埔寨的廠房因疫情停產、外匯影響以及原材料成本。
富瑞估計,申洲2021年和2022年的服裝產能利用率分別為89%和94%。目前估計由於中國的各種防疫措施,申洲2022年利用率將低於以往最佳水平。
富瑞認為,自2020年疫情爆發以來,產能利用率和成本一直是申洲的主要挑戰。但該行檢查繼續顯示申洲的訂單非常強勁,相信公司可以在2022年克服大部分問題。
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