中金发表研报指，申洲国际2025年收入按年增8%至310亿元，归母净利润年降7%至58亿元，剔除去年同期处置资产带来一次性收益后按年降1%。业绩低于该行预期，主要因人工成本上涨、关税分担及人民币升值对毛利率的拖累及汇兑亏损增加。考虑终端需求波动及宏观因素，中金下调集团2026年每股盈利预测15%至4.09元，引入2027年预测4.38元，当前对应今明两年市盈率10倍、10倍；下调目标价15%至62.48港元，对应2026年14倍市盈率，维持“跑赢行业”评级。
中金发表研报指，申洲国际2025年收入按年增8%至310亿元，归母净利润年降7%至58亿元，剔除去年同期处置资产带来一次性收益后按年降1%。业绩低于该行预期，主要因人工成本上涨、关税分担及人民币升值对毛利率的拖累及汇兑亏损增加。考虑终端需求波动及宏观因素，中金下调集团2026年每股盈利预测15%至4.09元，引入2027年预测4.38元，当前对应今明两年市盈率10倍、10倍；下调目标价15%至62.48港元，对应2026年14倍市盈率，维持“跑赢行业”评级。
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