大行評級丨麥格理:下調申洲國際目標價至92.6港元 下調2024及25財年盈測
麥格理髮表研究報吿指,申洲國際於2024年下半年的生產措施應有助於提高員工生產力,預期銷量將按年上升17%,同時由於運動服與休閒服的比例較高,預計按年平均售價跌幅將較上半年略為收窄。該行預期集團下半年的毛利率達27.2%,按年上升1.4個百分點,但由於工資上升工資上升對利潤有短暫影響,因此與上半年比較則下跌1.8個百分點。該行相信,公司會在適當時候將成本轉嫁給品牌客户。展望2025年,麥格理預期Uniqlo及adidas將成為申洲訂單增長的主要動力,並預測集團的毛利率將進一步擴張。該行預料,Nike收入將於下半年轉為按年正增長,而集團的產品均價將會上升。該行分別下調集團2024及25財年淨利潤預測1.9%和3%,預計較低的毛利率將被較低的營運開支比率部分抵銷。該行又將集團目標價下調5%,由97.4港元降至92.6港元,續予“跑贏大市”評級。
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