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大行評級|麥格理:上調申洲國際評級至“跑贏大市” 目標價上調至94港元
麥格理髮布研究報吿稱,將申洲國際評級從“中性”上調至“跑贏大市”,目標價上調23%至94港元;將2023財年盈測下調2%,但將2024財年預測上調3%,以反映毛利率復甦趨勢,同時將2025財年盈利預測上調13%。該行指,隨着訂單恢復,預期公司明年利潤率將會改善,新客户可帶來訂單及利潤率上行空間。研報稱,耐克管理層在2024財年首財季電話會議中透露經營指引未有改變,預計隨着耐克銷售重新加快,上游供應商訂單可見度將提高,申洲2024年收入增幅將達到雙位數。該行相信,申洲可透過擴大新客户訂單佔比,來提升中國廠房產能利用率,例如Lululemon預期將於申洲中國廠房取得認證後,最快明年開始下訂單,隨着申洲紡織增加布料內部採購比例,相信來自Lululemon的訂單利潤率有進一步上升的空間。
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