Core Viewpoint - Credit Suisse released a report indicating that Shenzhou International (02313) reported sales of 16.027 billion RMB in the second half of last year, a year-on-year increase of 2%, which was below market expectations by 4% [1][2] - The gross profit margin was 25.6%, falling short of market predictions by 1.8 percentage points [1][2] - The target price was significantly reduced from 81 HKD to 52 HKD, while maintaining an "Outperform" rating [1][2] Sales and Profit Forecast - The sales forecast for Shenzhou for 2026-2027 was lowered by 10% to 14%, and net profit forecasts were cut by 21% to 22% to reflect the disappointing performance and pressure on gross margins [1][2] - For 2026, sales are expected to grow by 4% year-on-year, with volume growth projected in the mid-single digits and average selling prices expected to remain flat [1][2] - The gross profit margin is forecasted to decline by 1.5 percentage points to 24.8%, and net profit is expected to decrease by 3% to 5.669 billion RMB [1][2]

责任编辑：史丽君 行情图 行情图 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 美银证券发布研报称，由于申洲国际（02313）2025年业绩未达预期，对毛利率预测采取更审慎的态 度，因此将2026及27财年每股盈测各下调9%及6%。目前预测2026年每股盈利增长将趋于平缓，且2026 年上半年将出现年同比下滑。该行将目标价由71.8港元下调10%至64.6港元，但基于蕴藏重大价值与高 股息率，重申"买入"评级。自2025年以来，该股表现较恒生指数跑输42%，目前市盈率为10.8倍，处于 十年低点，并提供约5.5%的股息率，受稳健现金流及逾130亿人民币净现金的支持。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 美银证券发布研报称，由于申洲国际（02313）2025年业绩未达预期，对毛利率预测采取更审慎的态 度，因此将2026及27财年每股盈测各下调9%及6%。目前预测2026年每股盈利增长将趋于平缓，且2026 年上半年将出现年同比下滑。该行将目标价由71.8港元下调10%至64.6港元，但基于蕴藏重大价值与高 股息率，重申"买入"评级。自2025年以来，该股表现较恒 ...

Core Viewpoint - Goldman Sachs reported that Shenzhou International's net profit in the second half of last year was 11% lower than the bank's expectations, primarily due to lower gross and operating profit margins, as well as higher-than-expected foreign exchange losses [1] Group 1: Financial Performance - The company's management expects sales to achieve mid-single-digit growth by 2026, benefiting from the production launch of a new garment factory in Cambodia and improved efficiency of existing facilities [1] - Goldman Sachs has lowered its net profit forecast for Shenzhou International for 2026 to 2027 by 7% to 8% [1] Group 2: Target Price and Valuation - The target price for Shenzhou International has been reduced from HKD 67 to HKD 57, reflecting a price-to-earnings ratio of 13 times the 2026 forecast, down from the previous 14 times [1] - The downgrade in target price is intended to account for the slowdown in profit growth while maintaining a "Buy" rating [1]

Core Viewpoint - Citigroup's report indicates that Shenzhou International (02313) experienced a 6.7% year-on-year decline in net profit to 5.825 billion RMB, while core profit increased by 4.9% to 6.08 billion RMB, falling short of market and Citigroup's expectations by 4% and 6% respectively [1] Financial Performance - The company's net profit for the last year was 5.825 billion RMB, reflecting a 6.7% decrease compared to the previous year [1] - Core profit reached 6.08 billion RMB, marking a 4.9% increase year-on-year [1] Market Outlook - Due to weak demand for sportswear, the order growth rate for this year is expected to slow to the mid-single digits [1] - Citigroup has revised its earnings forecast for the company down by 11% to 13% for the years 2026 to 2027 [1] Target Price and Investment Recommendation - The target price for Shenzhou International has been lowered from 94 HKD to 75 HKD [1] - Despite the downgrade, the current valuation is at a ten-year low, and the forecasted dividend yield of 5.6% is considered attractive for long-term investment, leading to a "buy" recommendation on dips [1]

里昂发布研报称，申洲国际(02313)去年下半年销售为160.27亿元人民币，同比增长2%，低于市场预期 4%；毛利率为25.6%，低于市场预测1.8个百分点。将申洲2026至27年销售预测下调10%至14%，净利润 预测下调21%至22%，以反映去年业绩逊预期及毛利率受压，目标价由81港元大幅下调至52港元，维 持"跑赢大市"评级。 该行预计，申洲2026年销售额同比增长4%，销量增幅为中个位数水平，平均售价则预计持平。毛利率 预测同比下降1.5个百分点至24.8%，净利润预测同比下降3%至56.69亿元人民币。 ...

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company is expected to achieve a revenue of 30.99 billion RMB and a net profit of 5.83 billion RMB in 2025, reflecting a year-on-year growth of 8.1% in revenue but a decline of 6.7% in net profit [1] - The company anticipates a steady recovery in efficiency by 2026, driven by capacity expansion and improved operational performance [4] - The gross margin for 2025 is projected to be 26.3%, down 1.8 percentage points from the previous year, primarily due to rising labor costs and currency fluctuations [2] - The company has established strong partnerships with major international brands, with significant sales growth expected from clients like Uniqlo and Adidas [3] Financial Performance - Revenue for 2025 is estimated at 30.99 billion RMB, with a growth rate of 8.1% year-on-year, while net profit is projected at 5.83 billion RMB, reflecting a decrease of 6.7% [6] - The earnings per share (EPS) for 2025 is expected to be 3.88 RMB, with a net profit margin of 18.8% [6] - The company plans to distribute a dividend of 2.58 HKD per share, resulting in a dividend yield of approximately 5.4% based on the closing price on March 30, 2026 [1] Market Dynamics - The company is experiencing a shift in demand, with domestic orders lagging behind those from Europe and the US, indicating a need for strategic adjustments in market focus [3] - The company is expanding its production capacity, particularly in overseas markets, to meet international demand and enhance its competitive edge [4] - The anticipated revenue growth for 2026 is expected to be in the mid-single digits, supported by new customer collaborations and the release of new production capacity [5]

Core Viewpoint - Despite short-term adverse factors, based on the current valuation of Shenzhou International (02313), the firm maintains a "Buy" rating, with a target price reduced from HKD 79 to HKD 73 [1] Financial Performance - Shenzhou International's performance in the second half of 2025 was below expectations, with revenue increasing by 2.2% year-on-year and gross margin declining by 1.8 percentage points to 25.6%, marking a two-year low [1] - The gross margin performance was significantly weaker than the market's expectation of relative stability, attributed mainly to tariffs, RMB appreciation, rising labor costs, and inefficiencies [1] Future Outlook - For 2026, the firm notes that order momentum for January and February remains weak, but there was an improvement in March [1] - The firm anticipates that annual sales volume will grow in the mid-single digits year-on-year, while average selling prices are expected to slightly decline year-on-year due to RMB appreciation and ongoing adjustments by Nike and Puma [1]

智通财经APP获悉，美银证券发布研报称，由于申洲国际(02313)2025年业绩未达预期，对毛利率预测采 取更审慎的态度，因此将2026及27财年每股盈测各下调9%及6%。目前预测2026年每股盈利增长将趋于 平缓，且2026年上半年将出现年同比下滑。该行将目标价由71.8港元下调10%至64.6港元，但基于蕴藏 重大价值与高股息率，重申"买入"评级。自2025年以来，该股表现较恒生指数跑输42%，目前市盈率为 10.8倍，处于十年低点，并提供约5.5%的股息率，受稳健现金流及逾130亿人民币净现金的支持。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that Shenzhou International's sales in the second half of last year were 16.027 billion yuan, representing a year-on-year growth of 2%, which is 4% lower than market expectations [1] - The gross profit margin was 25.6%, falling short of market predictions by 1.8 percentage points [1] Sales and Profit Forecast - The firm expects Shenzhou's sales to grow by 4% annually by 2026, with volume growth in the mid-single digits and average selling prices expected to remain flat [1] - Gross profit margin is projected to decline by 1.5 percentage points to 24.8%, while net profit is forecasted to decrease by 3% to 5.669 billion yuan [1] Adjustments to Forecasts - The sales forecast for 2026 to 2027 has been reduced by 10% to 14%, and net profit forecasts have been cut by 21% to 22% to reflect last year's underperformance and pressure on gross margins [1] - The target price has been significantly lowered from 81 HKD to 52 HKD, while maintaining an "outperform" rating [1]

Core Viewpoint - CICC has downgraded the EPS forecast for Shenzhou International (02313) for 2026 by 15% to HKD 4.09, while introducing a forecast for 2027 at HKD 4.38, maintaining an outperform rating with a target price of HKD 62.48, reflecting a 30% upside potential [1] Group 1: Financial Performance - The company's revenue for 2025 is expected to increase by 8% to HKD 31 billion, while the net profit attributable to shareholders is projected to decline by 7% to HKD 5.8 billion, primarily due to rising labor costs, tariff burdens, and the appreciation of the RMB affecting gross margins [2] - In the second half of 2025, revenue growth is expected to slow to 2% due to weak demand and customer order cycles, with Adidas showing a positive revenue growth of 29%, while Uniqlo and Nike are expected to grow by 4% and decline by 1% respectively [3] - The gross margin is projected to decrease by 1.8 percentage points in the second half of 2025, attributed to rising employee wages, tariff sharing, and the impact of RMB appreciation [4] Group 2: Cost and Supply Chain Management - Approximately 50% of the company's raw materials are cotton, and 40% are synthetic fibers, with the company maintaining some inventory and signing agreements with suppliers to mitigate short-term raw material cost fluctuations [5] - The company has the capability to pass on cost changes to customers, which is expected to limit the impact of short-term raw material price volatility [5]