Core Viewpoint - Citigroup's report indicates that Shenzhou International (02313) experienced a 6.7% year-on-year decline in net profit to 5.825 billion RMB, while core profit increased by 4.9% to 6.08 billion RMB, falling short of market and Citigroup's expectations by 4% and 6% respectively [1] Financial Performance - The company's net profit for the last year was 5.825 billion RMB, reflecting a 6.7% decrease compared to the previous year [1] - Core profit reached 6.08 billion RMB, marking a 4.9% increase year-on-year [1] Market Outlook - Due to weak demand for sportswear, the order growth rate for this year is expected to slow to the mid-single digits [1] - Citigroup has revised its earnings forecast for the company down by 11% to 13% for the years 2026 to 2027 [1] Target Price and Investment Recommendation - The target price for Shenzhou International has been lowered from 94 HKD to 75 HKD [1] - Despite the downgrade, the current valuation is at a ten-year low, and the forecasted dividend yield of 5.6% is considered attractive for long-term investment, leading to a "buy" recommendation on dips [1]
花旗：降申洲国际(02313)目标价至75港元 评级“买入” 建议逢低买进