---
title: "《大行》花旗料申洲明年銷量仍有高單位數增長  籲趁低吸納目標價 94 元"
description: "花旗研究報告指出，儘管耐克對未來的展望較為謹慎，但申洲國際在 2026 年仍有望實現高單位數的銷量增長。花旗建議投資者在股價回調時買入，目標價為 94 元，並給予「買入」評級。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/270439935.md"
published_at: "2025-12-22T03:57:15.000Z"
---

# 《大行》花旗料申洲明年銷量仍有高單位數增長  籲趁低吸納目標價 94 元

> 花旗研究報告指出，儘管耐克對未來的展望較為謹慎，但申洲國際在 2026 年仍有望實現高單位數的銷量增長。花旗建議投資者在股價回調時買入，目標價為 94 元，並給予「買入」評級。

花旗研究報告指，耐克 (NKE.US) 指引 2026 財年第三季收入將有低單位數下跌，符合市場預期的下跌 1%。在第二財季業績中，北美市場呈現強勁復甦，收入上升 9%，主要由批發業務增長 24% 帶動，但增長很大程度上被大中華區收入下跌 16% 所抵消。

申洲國際 (02313.HK) 管理層近期已給予保守預期，料 2025 年下半年銷量增長放緩至中單位數，低於該行先前預期的高單位數。該行認為其預測已大致反映耐克謹慎前景所帶來的影響。

不過，該行預期耐克對申洲國際 2026 年的銷售訂單將持平，而非下跌。基於四大客户的訂單能見度，申洲國際在 2026 年仍有望實現高單位數銷量增長。該行認為若申洲國際股價因耐克的謹慎展望而出現回調，將會是更好的買入機會；現予目標價 94 元及「買入」評級。

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