Core Viewpoint - The report from Credit Lyonnais indicates that Shenzhou International's sales in the second half of last year were 16.027 billion yuan, representing a year-on-year growth of 2%, which is 4% lower than market expectations [1] - The gross profit margin was 25.6%, falling short of market predictions by 1.8 percentage points [1] Sales and Profit Forecast - The firm expects Shenzhou's sales to grow by 4% annually by 2026, with volume growth in the mid-single digits and average selling prices expected to remain flat [1] - Gross profit margin is projected to decline by 1.5 percentage points to 24.8%, while net profit is forecasted to decrease by 3% to 5.669 billion yuan [1] Adjustments to Forecasts - The sales forecast for 2026 to 2027 has been reduced by 10% to 14%, and net profit forecasts have been cut by 21% to 22% to reflect last year's underperformance and pressure on gross margins [1] - The target price has been significantly lowered from 81 HKD to 52 HKD, while maintaining an "outperform" rating [1]
大行评级丨里昂：大幅下调申洲国际目标价至52港元，下调销售及纯利预测