《大行》汇丰研究:申洲(02313.HK)毛利率复苏颠簸 基于汇率上调目标价至88.2元

阿斯达克财经
Aug 28, 2025

汇丰环球研究指,申洲(02313.HK) 毛利率复苏期颠簸,在新冠后恢复招聘及调整薪金后,面对订单不确定性及劳工成本上升,其体育服装客户自身面临增长挑战,相关客户收入贡献占比亦由2023年的72.2%降至上半年的67.7%。该行相信,影响公司毛利率的负面因素开始转变,受体育服装客户收入组合改善、美国关税能见度上升及产量增长从招聘转向生产力。但上半年业绩毛利率逊预期,该行下调对公司今年净利润及收入...

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