星展发表报告表示，预期申洲(02313.HK) 体育及休闲服装订单增长将因不确定上升而放缓，因品牌营运商或在关税变化及宏观环境不确定性下更为保守。申洲的东南亚及中国产能占比分别约为65%及35%。
该行又指，在引入美国对等关税下，预期市场反应负面，或推动需求转弱。该行下调对公司今明两年盈利预测7%及12%，预计体育服装订单在下半年转弱，体育服装销售按年增长预测由10%降至5%，且明年增长将进一步放缓。该行假设两成美国关税由申洲承担。
星展下调对申洲评级，由“买入”降至“持有”，目标价由84元削至49.2元，目标预测市盈率11.5倍，为五年平均低一个标准差。该行亦预期，公司在外来冲击下或削减派息以改善资本状况。(fc/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-09 16:25。)
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