大和报告指，九兴(01836.HK) 中期净利润7,860万美元，对比市场预期的7,580万美元，扣除700万美元印尼及菲律宾增产问题的一次性开支，净利润应为8,560万美元，按年跌7%。该行指，去年有100万对鞋提早在上半年付运，形成高基数效应。进一步扣除有关影响(估算800万美元)，公司中期净利润实际应按年升2%。
该行指，基于公司每年额外6,000万美元利润派发，除非公司把有关资金作用回购，否则今明两年股息率料达10厘，属非常吸引。该行料公司在第三季业绩公布时披露三年净利润增长计划，该行料2026至2028年年复合增长率目标为为高单位数。
该行下调对公司今明两年每股盈利预测2%至5%，反映公司厂房增产事件及对指定客户提供暂时性关税支援影响，目标价由17元上调至20元，为今明两年平均每年每股盈利预测的12倍，维持“买入”评级。(fc/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-22 12:25。)
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