研报掘金|中金:下调申洲国际目标价至52.76港元,下调2026及27年每股盈测

格隆汇
Aug 11
中金发表研报指,申洲国际预计上半年纯利同比跌38至43%,预测逊于该行预期。受宏观经济不确定性、关税政策及通胀风险影响,终端备货需求较为保守,品牌客户下单更为谨慎,期内订单波动加剧。同时,公司承担部分关税让利,叠加汇兑波动,对人民币价格也形成一定压制。展望下半年,该行预计公司订单将转正,而随着关税成本压力进一步缓解,人工及原材料成本压力亦可望进一步向终端传导,预计届时毛利率有望改善,同时汇兑亏损的负面影响也有望收窄。该行下调公司2026及27年每股盈测23%和10%,分别至3.13元和3.94元,考虑到下半年公司利润或恢复增长,将目标价下调15%至52.76港元,维持“跑赢行业”评级。

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