Group 1 - The core viewpoint of the 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][2] - Due to weak demand for sports apparel, it is anticipated that the order growth rate for this year will slow to a mid-single-digit percentage [1][2] - Citigroup has revised its earnings forecast for the company downwards by 11% to 13% for the years 2026 to 2027, and has lowered the target price from 94 HKD to 75 HKD [1][2] Group 2 - Despite the downward revisions, the current valuation is at a ten-year low, and the forecasted dividend yield for this year is 5.6%, which is considered attractive for long-term investment [1][2] - Citigroup recommends buying on dips and maintains a "Buy" rating for the stock [1][2]
花旗：降申洲国际目标价至75港元 评级“买入” 建议逢低买进