Group 1 - The core viewpoint of the report indicates that Nike's management has provided a guidance for a low single-digit decline in sales for the third fiscal quarter, which is seen as slightly negative for ODM suppliers like Shenzhou International [1] - Despite the cautious outlook from Nike, Shenzhou is expected to gain more market share in new product areas such as running, golf, and basketball jerseys this year [1] - Shenzhou's management has also given a conservative forecast, expecting mid-single-digit sales growth in the second half of 2025, which is lower than previous high single-digit predictions, reflecting the impact of Nike's latest outlook [1] Group 2 - Citi predicts that Nike's sales orders for Shenzhou will remain flat rather than decline in 2026, and with visibility on orders from the top four clients, Shenzhou's sales are expected to achieve high single-digit growth in 2026 [1] - The report suggests that if Shenzhou's stock price experiences a pullback due to Nike's cautious outlook, it may present a buying opportunity, maintaining a "buy" rating for Shenzhou with a target price of HKD 94 [1]
大行评级丨花旗：相信申洲国际2026年销量可录高单位数增幅 评级“买入”