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国泰海通:首予超盈国际控股(02111)“增持”评级 目标价4.42港元
智通财经网·2025-09-18 08:04

Core Viewpoint - The report from Guotai Junan expresses optimism about Chao Ying International Holdings (02111) leveraging its experience in the elastic fabric sector and deepening collaborations with renowned domestic and international sports and outdoor brands, while capitalizing on mature overseas production capacity to secure more orders amid adjustments in the textile and apparel manufacturing trade landscape [1] Group 1: Financial Projections - The company is projected to achieve net profits attributable to shareholders of HKD 590 million, HKD 640 million, and HKD 700 million for the years 2025, 2026, and 2027 respectively [1] - The target price is set at HKD 4.42 per share, derived from an average of PE and PB valuation methods, with an initial coverage rating of "Buy" [1] Group 2: Investment Highlights - The company is identified as a high-quality stock with low valuation and high dividend yield, maintaining a stable dividend payout ratio of 50% since its listing, and achieving a dividend yield of over 9% for four consecutive years [1] - The mature production capacity in Vietnam and Sri Lanka is expected to allow the company to benefit from tariff adjustments, enabling it to secure more orders as brands shift their production [1] - The company has established long-term relationships with well-known sports and outdoor brands, with collaborations lasting over five years, suggesting a stable order flow in the future [1]