Core Viewpoint - Morgan Stanley's report indicates that Shenzhou International's revenue and profit grew by 8% and declined by 7% year-on-year, respectively, falling short of market expectations by 3% and 11% [1] Financial Performance - The company's performance was primarily affected by weak domestic market demand, with sales growth in the second half of the year only at 2%, and a significant decline of 14% in the domestic market [1] - Due to the weak demand, Morgan Stanley has revised its earnings forecasts for Shenzhou for 2026 and 2027 down by 20% and 17%, respectively [1] Target Price Adjustment - The target price for Shenzhou International has been lowered from HKD 94 to HKD 81, which corresponds to a projected 16 times price-to-earnings ratio for the 12 months ending December 2026 [1] - Despite the adjustments, Morgan Stanley maintains an "Overweight" rating on the stock [1]
大行评级丨小摩：下调申洲国际目标价至81港元，下调盈利预测