Core Viewpoint - Despite short-term adverse factors, based on the current valuation of Shenzhou International (02313), the firm maintains a "Buy" rating, with a target price reduced from HKD 79 to HKD 73 [1] Financial Performance - Shenzhou International's performance in the second half of 2025 was below expectations, with revenue increasing by 2.2% year-on-year and gross margin declining by 1.8 percentage points to 25.6%, marking a two-year low [1] - The gross margin performance was significantly weaker than the market's expectation of relative stability, attributed mainly to tariffs, RMB appreciation, rising labor costs, and inefficiencies [1] Future Outlook - For 2026, the firm notes that order momentum for January and February remains weak, but there was an improvement in March [1] - The firm anticipates that annual sales volume will grow in the mid-single digits year-on-year, while average selling prices are expected to slightly decline year-on-year due to RMB appreciation and ongoing adjustments by Nike and Puma [1]
大和：重申申洲国际(02313)“买入”评级 下半年毛利率逊预期