Core Viewpoint - Daiwa has increased confidence in the order status of Shenzhou International (02313) for sports apparel in the coming year, anticipating that changes in the product mix will drive average selling prices and gross margin expansion [1] Group 1: Order Performance - Following the implementation of equal tariffs by ASEAN 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 in demand [1] Group 2: Future Outlook - The firm expects the recovery trend to continue, supported by multiple sports events scheduled for next year [1] - Daiwa has reiterated a "Buy" rating for Shenzhou International, raising the target price from HKD 80 to HKD 84 [1] Group 3: Earnings Forecast - Earnings per share forecasts for 2025 to 2027 have been adjusted downwards by 1% to 2% [1]
大和：升申洲国际(02313)目标价至84港元 料订单表现复苏