东吴证券研报指出,健盛集团Q2净利降幅环比收窄,下半年棉袜业务有望改善。公司稳住老客户的同时积极开拓新客户;利润端下滑主要源于为应对预期增长而提前储备产能及人员导致成本及相关费用增加。中期分红0.25元/股,派息比例61%。展望下半年,核心客户优衣库订单有望集中释放,且公司成功开拓Brooks、NB、Aritzia、UA等新客户,并与Lululemon、UGG、HOKA等品牌进入开发阶段,预计下半年订单有望环比改善。公司持续高分红+回购股份,管理层增持公司股份,彰显发展信心,棉袜业务新客户开拓及下半年订单恢复趋势明确,该行预计25-27年归母净利润分别为3.12/3.54/4.03亿元,对应PE分别为11/10/9X,首次覆盖给予“增持”评级。
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