Shenzhou International's production capacity construction is gradually entering a good environment, and there is ample space for accelerated integration
[ China Shoes Net -Statistics] CITIC Securities released a report saying that it maintains Shenzhou International (02313) 's "Buy" rating and its target price has risen to HK $ 125. The bank believes that the company is a leader in vertically integrated garment manufacturing. It is expected to enter the stage of accelerated production growth in the next five years and is optimistic about its long-term steady growth.
The bank said that after an in-depth investigation of Shenzhou International's Vietnam and Cambodia factories, the company obtained the following updates: On the Vietnamese side, fabrics have expanded steadily, and the second-stage ready-to-wear climb has exceeded expectations. The second phase of Vietnam's ready-to-wear is put into production in the second quarter of 2019, and the Adidas dedicated factory of the third phase is expected to start recruiting after the Spring Festival in 2021. On the Cambodian side, the first phase has grown rapidly and the second phase is well under construction. Cambodia ’s 18,000 new capacity plants and civil engineering projects are progressing smoothly. Partial recruitment and production are expected to begin in the second quarter of 2020. In summary, the company's capacity construction and climbing period from 2019 to 2020, and the capacity harvest period from 2021 to 2022, the capacity growth rate will gradually rise.
In addition, the bank believes that there are two barriers to Shenzhou International. The first is the advantage of capacity layout. As the company has large-scale and high-efficiency high-quality factories, it is enough to resist the resistance to expansion caused by domestic land and labor costs. The Chinese market is still the fastest growing region for global sports brands, so the company has the ability to prioritize the continued growth of global brand customers in the country. Second is the customer advantage. The company has the first-mover advantage to capture the world's highest quality sports brand customers. At present, there are no large-scale brand orders to train new entrants in the industry.
The bank estimates that the company's output growth rate in 2019-2021 will be about 10% / 12% -13% / 14% -15%, and the compound growth rate of net profit in 2019-2021 will be 18%.
[China Shoes Net-Statistics] On Thursday, US sportswear giant Nike announced key financial data for the second quarter of fiscal 2020, with revenue and profits exceeding Wall Street expectations. News ...[detailed]
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