Core Viewpoint - The report from CMB International indicates that Shenzhou International (02313) experienced a 15.3% year-on-year revenue growth in the first half of the year, reaching 14.97 billion RMB, driven primarily by volume growth. The net profit attributable to shareholders increased by 8.4% to 3.18 billion RMB [1]. Financial Performance - Revenue for the first half of the year was 14.97 billion RMB, reflecting a 15.3% increase year-on-year [1]. - Net profit attributable to shareholders rose to 3.18 billion RMB, marking an 8.4% year-on-year growth [1]. - Gross margin recorded at 27.1%, down 1.9 percentage points year-on-year, primarily due to ongoing employee salary increases [1]. Forecast Adjustments - The company’s revenue forecast for 2025-2026 has been slightly reduced by 3% to 4% [1]. - The gross margin is expected to decline by 0.9 percentage points year-on-year for the full year [1]. - Earnings forecasts for 2025 and 2026 have been lowered by 15.9% to 16.4% [1]. Target Price and Rating - The target price for Shenzhou International has been adjusted down to 84 HKD, maintaining a "Buy" rating [1]. Future Outlook - There is potential for a slight improvement in gross margin in the second half of the year, driven by product mix changes [1]. - However, ongoing impacts from labor costs and the ramp-up period of new factories suggest that recovery in gross margin will take time, with a slight year-on-year decline still anticipated for the full year [1].
交银国际：降申洲国际(02313)目标价至84港元 评级“买入”