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《大行報告》花旗下調申洲(02313.HK)目標價至160元 評級「買入」
花旗發表研究報告指,申洲(02313.HK)日前發盈警,預期去年稅後淨利潤將下降至約31億至35億元人民幣,由於毛利率低於預期,將其2021至2023年盈利預測下調32%、16%及18%,目標價由179元下調至160元。 公司在盈警公告中解釋,盈利按年下跌主要由於疫情期間的封鎖措施導致越南生產基地暫停營運。花旗表示,有關負面消息令人驚訝,但並非完全出乎意料,認為申洲的股價自去年5月高位累計下跌約40%,相信盈警短期內將帶來拋售壓力。 花旗表示,近期越南未有再實施封鎖措施,預期當地再次封鎖的可能性很低,今年廠房利用率有望提升,業務或見復甦,帶動利潤率回升,預測2022年毛利率達29%,低於2020年31.2%的水平。該行建議投資者在近期股價疲弱時可考慮入市,予「買入」評級。
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