市況評論

作者

譚思聰先生 (Gary Tam)
輝立証券經理

現任輝立証券分行經理, 樂意為客戶提供投資股票策略及期權分析,對提高投資組合回報有豐富經驗, 歡迎各位來電交流心得。
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Shenzhou International (Stock code: 2313)

2017年12月28日 星期四 觀看次數2262

Business Summary:

 

Shenzhou International is the largest vertically integrated knitwear manufacturer on OEM (original equipment manufacturing) basis in China. The group offers customers the following services across the knitwear supply chain: (a) customized fabrics, (b) dyeing and finishing services. (c) printing and embroidery services, (d) cutting and sewing, and (e) packaging and logistics.

 

The enterprise manufacturing location is located at Ningbo Economic and Technical Development Zone, Ningbo City at Zhejiang Province; with garment factory also located at two other Chinese cities (衢州市及安慶市) and Cambodia. Sales representative offices are located at Shanghai, Hong Kong and Osaka. The group chiefly manufactures knitwear casual clothing; with more focusing on sportswear in recent years. Main reputation international customers includes NIKE, ADIDAS, PUMP, CHAMPION, MIZUNO, FILA & SPALDING. Product market extends gradually from Japan to other Asia Pacific district and Europe/US market.

 

Financial Summary:

 

According to the interim results of the end of June 2017, net profit rose 24.1% yearly to RMB 1.799 billion. Earnings per share equaled RMB 1.27, representing an increase of approximately 22.1% from RMB1.04 for the corresponding period last year. An interim dividend of HK70 cents was declared. Sales revenue increased 18.9% to RMB 8.263 billion. Gross profit margin remained at over 31%. Actually, turnover, gross profit & net profit have risen steadily during the past five years.

As for last financial year, percentage of sportswear product, casual wear products and lingerie products to total sales was approximately 66.8%, 24.9% and 7.5% respectively.

In order to maintain business growth, company expands the scale of overseas bases, after the Phase II project of fabric plants commenced production in Vietnam during the year. Furthermore, the enterprise improves the efficiency of garment production by employing more balanced measures such as application of automation equipment, development of production mold, optimization of job flow and improvement of planned control.

Business risk include (a) different level of imported tax levied when exported to other countries; (b) increasing labour cost in mainland China; (c) increasing standard requirements of environmental aspects; (d) decreasing cotton price thus diminishing the price advantage over the competitor at overseas market ; (e) increasing RMB currency rates.

 

Technical Analysis

 

After the interim results announced on 20 Aug, 17, the price rose gradually to historical peak of $78.2 on 22 Nov, and dropped to $69.25 on 6 Dec. It is suggested to accumulate when the price dropped between $70 and $72. The target price will be around $78.5  in medium term. Cut loss level is set at $67.5 (based on day-end closing price).

 

 

References

Company Interim Report 2017

www.aastocks..com.hk

www.etnet.com.hk

www.afe-solutions.com

 

 

 

I, Gary Tam, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

 

 

研究報告由輝立証券集團旗下於香港證監會持牌的輝立証券(香港)有限公司及/ 或輝立商品有限公司(“輝立”)所發報。本文所包含的資料均為輝立從相信為準確的來源搜集。輝立對有關報告所引致之任何損失或虧損概不負責。本報告所載的資料只供参考用途,並沒有法律約束力,亦不構成投資建議、邀約、購入、出售任何產品。
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