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申洲國際(02313.HK)曾升4% 花旗視為服裝ODMs首選
申洲國際(02313.HK)今日高開0.88%,曾升4%高見47元。現報46.38元,升2.61%,成交146.88萬股,涉資6,814.83萬元。花旗發表研究報告指出,儘管大部分鞋類代工廠(ODMs)首季業績欠佳,但服裝ODMs表現普遍較好,當中申洲國際(02313.HK)仍是首選。報告預期,申洲今年訂單仍有望實現中個位數增長,與2025年業績後公佈的指引...
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申洲國際(02313.HK)曾升4% 花旗視為服裝ODMs首選
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申洲國際(02313.HK)  +1.380 (+3.053%)    Short selling $17.63M; Ratio 15.537%   今日高開0.88%,曾升4%高見47元。現報46.38元,升2.61%,成交146.88萬股,涉資6,814.83萬元。

花旗發表研究報告指出,儘管大部分鞋類代工廠(ODMs)首季業績欠佳,但服裝ODMs表現普遍較好,當中申洲國際(02313.HK)  +1.380 (+3.053%)    Short selling $17.63M; Ratio 15.537%   仍是首選。報告預期,申洲今年訂單仍有望實現中個位數增長,與2025年業績後公佈的指引一致。Adidas和Uniqlo將是增長最強勁的兩大客戶,增速或達雙位數,足以超過其餘大部分客戶。

該行分析認為,今年毛利率擴張幅度可能溫和,因正面及負面因素相互抵消。正面因素包括柬埔寨廠房去年招聘約7,000名新工人後,今年效率將提升;Nike及Adidas的產品組合升級至更多功能性運動服;Adidas足球球衣全年貢獻及較高定價。然而,人民幣年初至今升值約5%,將拖累毛利率,並大致抵消上述因素的正面影響。

在關稅影響方面,花旗指出,越南、柬埔寨及印尼的服裝生產關稅低於中國。申洲的客戶今年或可獲得關稅退稅,但未必與申洲分成,這部分退稅可抵銷部分來自客戶的定價壓力。此外,申洲在油價上升前已鎖定約70%全年用量的材料價格,但合成纖維紗線價格因近期油價上升而漲逾一成,管理層預計需時一個月傳導成本上升。

花旗表示,在選股偏好上,中國服裝代工廠(申洲優於晶苑國際(02232.HK)  +0.040 (+0.677%)    Short selling $523.30K; Ratio 5.139%   )勝於鞋類代工廠(華利集團(300979.SZ)  +0.670 (+1.802%)   優於裕元集團(0551.HK))。該行維持申洲國際「買入」評級,目標價75港元。(ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-21 12:25.) (A Shares quote is delayed for at least 15 mins.)

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