Core Viewpoint - Goldman Sachs reported that Shenzhou International's net profit in the second half of last year was 11% lower than the bank's expectations, primarily due to lower gross and operating profit margins, as well as higher-than-expected foreign exchange losses [1] Group 1: Financial Performance - The company's management expects sales to achieve mid-single-digit growth by 2026, benefiting from the production launch of a new garment factory in Cambodia and improved efficiency of existing facilities [1] - Goldman Sachs has lowered its net profit forecast for Shenzhou International for 2026 to 2027 by 7% to 8% [1] Group 2: Target Price and Valuation - The target price for Shenzhou International has been reduced from HKD 67 to HKD 57, reflecting a price-to-earnings ratio of 13 times the 2026 forecast, down from the previous 14 times [1] - The downgrade in target price is intended to account for the slowdown in profit growth while maintaining a "Buy" rating [1]
高盛：降申洲国际(02313)目标价至57港元 维持“买入”评级