智通财经APP获悉，摩根大通发布研报称，将超盈国际控股(02111)目标价由3.4港元，调高11.8%至3.8港元，投资评级维持“增持”。小摩将超盈2025-2027年盈利预测下调1-3%，并将估值期限延长至12月26日。以现金流折现法为基础的新目标价为3.8港元，相当于5倍一年期预测市盈率。
小摩预计超盈2025年下半年的可预见性将有所改善，销售额/盈利将增长3%及11%，高于上半年跌2%及跌6%)，受关税影响有所缓解。这将由以下因素推动：1)随着关税问题的解决，订单有所改善(尤其是运动服，7-8月份订单已出现复苏);2)鉴于利用率提高(2025年上半年布料/织带利用率均为75%，而2024年为80-85%)，毛利率将有所改善，下半年同比增长60个基点，而2024年为80-85%)，毛利率将有所改善，下半年同比增长60个基点，而上半年则收缩40个基点;3)上半年关税分摊对利润率的影响有限(因为大多数品牌并未要求在下半年，这种趋势因此，该行预期越南的产能扩张将恢复(先前因关税不确定性而暂停)，未来两年资本支出将达到5-10亿港元;这应会带动海外产能贡献的增加(目前约为40%)。
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