Group 1 - The core viewpoint of the articles indicates that Shenzhou International's performance in the second half of 2025 was below expectations, with a revenue increase of only 2.2% year-on-year and a gross margin decline of 1.8 percentage points to 25.6%, marking a two-year low, which is significantly worse than market expectations for stable gross margins [1] - The decline in gross margin is attributed to factors such as tariffs, appreciation of the Renminbi, rising labor costs, and inefficiencies [1] - Looking ahead to 2026, the company is noted to have weak order momentum in January and February, with some improvement in March; the annual sales volume is expected to grow in the mid-single digits year-on-year, while average selling prices may slightly decline due to the Renminbi appreciation and ongoing adjustments by Nike and Puma [1] Group 2 - Daiwa has released a report stating that despite short-term adverse factors, Shenzhou International's current valuation is not expensive, and the firm maintains a "Buy" rating, lowering the target price from HKD 79 to HKD 73 [2]
大和：重申申洲国际“买入”评级 下半年毛利率逊预期