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<Research> CLSA Lowers TP for SHENZHOU INTERNATIONAL (02313.HK) to HKD52, Maintains 'Outperform' Rating
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CLSA published a research report indicating that SHENZHOU INTERNATIONAL (02313.HK) recorded sales of RMB16.027 billion in the second half of last year, representing a year-on-year growth of 2%, which is 4% below market expectations. The gross profit margin was 25.6%, 1.8 percentage points lower than market forecasts. The firm expects SHENZHOU's sales in 2026 to grow by 4% year-on-year, with a mid-single-digit increase in volume, while the average selling price is expected to remain flat. The gross profit margin is forecasted to decline by 1.5 percentage points year-on-year to 24.8%, and net profit is predicted to fall by 3% year-on-year to RMB5.669 billion. CLSA has revised down SHENZHOU's sales forecast for 2026-27 by 10% to 14% and net profit forecast by 21% to 22% to reflect last year's underperformance and pressure on gross profit margin. The target price has been significantly lowered from HKD81 to HKD52, while maintaining an 'Outperform' rating. (sl/j) Auto-translated by third-party software This translation was auto-generated by third-party software. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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