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《大行報告》瑞信下調申洲(02313.HK)目標價至171元 評級「跑贏大市」
阿思達克 03-04 10:25
瑞信發表報告,申洲(02313.HK)去年下半年淨利潤指引比該行預期低46%至63%,亦沒有達到之前管理層的指引。管理層將業績下滑歸因於廠房停工、人民幣升值和生產成本上升。瑞信維持對運動服代工企業而非品牌的偏好,在下調盈測後,目標價由178元下調至171元,維持評級「跑贏大市」。 瑞信將申洲2022至2023財年的收入預測下調6%,淨利潤預測下調6%至11%,以反映供應鏈的中斷和營運去槓桿化。寧波廠房於1月停產後,目前正在恢復產能和訂單,並仍然預計2022年收入將增長20%。而越南和柬埔寨的工廠已經恢復到最佳利用狀態。
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