Core Viewpoint - The report from CMB International indicates a more conservative revenue forecast for Shenzhou International (02313), leading to a downward adjustment of revenue predictions for 2026-2027 by 6-9% [1] Group 1: Revenue and Profit Forecasts - The revenue forecast for 2026-2027 has been reduced by 6-9% due to conservative assumptions [1] - The profit forecast for 2026-2027 has been lowered by 15-18% based on the adjusted revenue and gross margin predictions [1] - The target price has been adjusted to HKD 74.1, maintaining a price-to-earnings ratio of 16 times for 2026 [1] Group 2: 2025 Performance - In 2025, Shenzhou International's revenue increased by 8.1% year-on-year to RMB 31 billion, driven by a volume increase of approximately 9% [1] - The gross margin for 2025 decreased by 1.8 percentage points to 26.3%, indicating pressure on profitability [1] - The decline in gross margin is attributed to rising labor costs, inefficiencies in the new garment factory in Cambodia, and the company's decision to share some import tariffs with clients in the U.S. market [1] Group 3: Future Outlook - The company expects a mid-single-digit growth in capacity for 2026, but there remains uncertainty regarding gross margin [1]
交银国际：降申洲国际(02313)目标价至74.1港元 去年业绩逊预期