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<Research>Nomura Keeps Buy on SHENZHOU INTL, Tweaks Down TP to HKD67.8
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SHENZHOU INTL (02313.HK)'s 2025 full-year revenue grew by 8.1% YoY to RMB30.99 billion, according to a report from Nomura. However, the company's revenue growth slowed to 2.2% in 2H25, as demand for sports apparel weakened in the Chinese market, where sales declined by 8.4% YoY. Due to sharing tariff costs with US clients and rising employee costs, SHENZHOU INTL's full-year annual gross profit margin decreased by 1.8 ppts to 26.3%. In addition, while the company's operating expense ratio fell by 0.4 ppts YoY to 8.6%, the annual net profit still dropped by 6.7% YoY to RMB5.83 billion because of one-time gains in 2024 and RMB appreciation. Nomura has reduced its target price for SHENZHOU INTL from HKD68.3 to HKD67.8 but kept the Buy rating unchanged. AAStocks Financial News |
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