金吾财讯 | 晶苑国际(02232)股价午后维持高位，截至发稿，涨6.18%，报4.47港元，成交额1445.1万港元。
广发证券发研指，晶苑国际为全球制衣巨头，布局五大核心品类，拥有近五十年行业经验。该行指出，公司护城河宽：（1）公司客户资源优质且深度绑定，主要客户自身成长性较强，库销比已经恢复健康，加之供应商集中化趋势，助力公司成长。（2）布局海外多国产能，享受多重优惠条件。（3）公司设计研发能力卓越，通过共创模式与客户紧密合作，共同设计和研发具有较高技术壁垒的产品，建立排他性合作关系，提升合作黏性和产品附加值。（4）多品类经营使公司在交叉销售上成效显着。该行表示，预计公司2024-2026年EPS分别为0.07/0.08/0.09美元/股。参考可比公司估值，给予2025年9倍PE，对应合理价值0.74美元/股，按2024.12.15汇率，折合5.77港元，首次覆盖给予“买入”评级。
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