Core Viewpoint - Daiwa has increased confidence in the order status for Shenzhou International (02313) sportswear for next year, expecting changes in the product mix to drive average selling price and gross margin expansion [1] Group 1: Order Performance - After the ASEAN equal tariff came into effect in August, many OEM factories experienced weak order performance in the third quarter due to cautious ordering attitudes from downstream customers [1] - However, a noticeable recovery in orders was observed in November, indicating a potential turnaround [1] Group 2: Future Outlook - The firm anticipates that the recovery trend will likely continue, supported by multiple sports events scheduled for next year [1] - Daiwa has reiterated a "Buy" rating and raised the target price from HKD 80 to HKD 84, while slightly adjusting the earnings per share forecast for 2025 to 2027 down by 1% to 2% [1]
大和：升申洲国际目标价至84港元 料订单表现复苏