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% and a reduction in profit forecasts by 15-18% [1][2] Revenue and Profit Forecasts - The revenue forecast for 2026-2027 has been reduced by 6-9% due to conservative assumptions [1][2] - The profit forecast for 2026-2027 has been adjusted downwards by 15-18% based on the revised revenue estimates [1][2] Margin and Performance Analysis - The gross margin for 2025 is expected to decline, with a year-on-year decrease of 1.8 percentage points to 26.3% [1][2] - 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 part of the U.S. import tariffs with clients [1][2] Financial Results - In 2025, Shenzhou International's revenue increased by 8.1% to 31 billion RMB, driven by a volume increase of approximately 9%, although the average selling price saw a slight decline [1][2] - The net profit attributable to shareholders decreased by 6.7% to 5.83 billion RMB, falling short of expectations [1][2] Future Outlook - The company anticipates a mid-single-digit growth in production capacity for 2026, but there remains uncertainty regarding gross margin [1][2]
交银国际：降申洲国际目标价至74.1港元 去年业绩逊预期