Core Viewpoint - Credit Suisse released a report indicating that Shenzhou International (02313) reported sales of 16.027 billion RMB in the second half of last year, a year-on-year increase of 2%, which was below market expectations by 4% [1][2] - The gross profit margin was 25.6%, falling short of market predictions by 1.8 percentage points [1][2] - The target price was significantly reduced from 81 HKD to 52 HKD, while maintaining an "Outperform" rating [1][2] Sales and Profit Forecast - The sales forecast for Shenzhou for 2026-2027 was lowered by 10% to 14%, and net profit forecasts were cut by 21% to 22% to reflect the disappointing performance and pressure on gross margins [1][2] - For 2026, sales are expected to grow by 4% year-on-year, with volume growth projected in the mid-single digits and average selling prices expected to remain flat [1][2] - The gross profit margin is forecasted to decline by 1.5 percentage points to 24.8%, and net profit is expected to decrease by 3% to 5.669 billion RMB [1][2]
里昂：下调申洲国际目标价至52港元 维持“跑赢大市”评级