摩根大通发布研报称，预期申洲国际（02313）下半年收入逐步改善，盈利在2027年显著复苏前大致趋稳，但毛利率复苏速度仍是关键变动因素；该行将目标价由70港元下调至60港元。公司现价对应2027年预测市盈率9倍，加上中期派息比率达61.5%，若订单如预期复苏及毛利率逐步正常化，风险回报吸引，维持“增持”评级。
该行预期，公司下半年订单势头将环比改善，受惠于Adidas及Uniqlo势头持续、Nike及Puma跌幅收窄、内地品牌如安踏体育（02020）及李宁（02331）录得稳健正增长、新客户如ALO贡献，以及低基数效应。
该行料公司下半年收入同比增长2%，对比上半年下跌5%，但由于毛利率压力持续，预期盈利同比下跌4%；并预期2027年销售及盈利分别增长5%及14%。
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