Core Viewpoint - Goldman Sachs reports that Shenzhou International (02313) slightly exceeded revenue expectations for the first half of the year, but operating profit fell short by 1% due to rising labor costs impacting gross and operating profit margins. Net profit was 6% higher than the bank's expectations, benefiting from increased government subsidies and foreign exchange gains [1] Financial Performance - Revenue for the first half of the year was slightly above expectations [1] - Operating profit was 1% below expectations due to increased labor costs affecting margins [1] - Net profit exceeded expectations by 6%, attributed to government subsidies and foreign exchange gains [1] Profitability Metrics - Gross margin and operating profit margin were both below expectations due to rising domestic labor costs that could not be effectively passed on to customers [1] Future Outlook - Goldman Sachs adjusted net profit forecasts for 2025 to 2027 down by 0.2% to up by 0.6% [1] - Target price increased from HKD 71 to HKD 74, maintaining a "Buy" rating [1] Market Position - The company is encouraged by the orderly progress of orders, benefiting from stable market share growth from key clients [1] - The company has a relatively low sales exposure to the U.S. market, which is viewed positively [1]
高盛：升申洲国际(02313)目标价至74港元 维持“买入”评级