Goldman Sachs released a research report stating that SHENZHOU INTL's (02313) net profit for the second half of last year was 11% lower than the bank's expectations. This was primarily due to gross profit margin and operating profit margin falling short of forecasts, coupled with foreign exchange losses exceeding expectations. Benefiting from the commencement of operations at a new garment factory in Cambodia and efficiency improvements at existing facilities, management anticipates mid-single-digit percentage growth in sales volume by 2026. The bank has lowered its net profit forecast for SHENZHOU INTL for 2026 to 2027 by 7% to 8%. The target price has been reduced from HK$67 to HK$57, equivalent to a projected 2026 price-to-earnings ratio of 13 times, compared to the previous 14 times, to reflect the slowdown in profit growth. The "Buy" rating is maintained.