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大行評級 | 大和:續予申洲國際買入評級,下半年訂單可望復甦
格隆匯 05-16 18:40
格隆匯5月16日丨大和發研報重申給予申洲國際(2313.hk)“買入”評級,認其估值吸引,未來數季基本面將可改善,維持其2023-25年盈利預測不變,目標價仍為92港元,對應過去3年平均市盈率25倍。關於申洲四大客户去庫存的進展,大和估計,Nike及Uniqlo的庫存週轉天數可於2023年中正常化,而Puma及Addas料分別於今年第三季和第四季恢復正常,預計申洲生產基地可於今年底前為Lululemon供應產品。報吿指出,申洲內地基地現時使率料約85%,估計今年第三季和第四季分別可增至90%及95%,令毛利率由大約20%升至約25%。至於海外基地來自Lululemon的收入,今年可望倍增至8000萬美元,而本地基地亦會為Lululemon接單,如果供應商認證獲批,估計2024年來自Lululemon的訂單會增加約100%。

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