BOCI Research: Still confident in the profitability of Shenzhou (02313.HK). Nike may indirectly benefit while facing difficulties, and Topsports (06110.HK) is downgraded to 'hold'.
According to the report released by China International Capital Corporation, since Nike (NKE.US) lowered its profit guidance in June, it is believed that Nike's issues are more severe than expected. On one hand, it is believed that the demand for the brand in the West and in China will face challenges, requiring a one to two year readjustment. On the other hand, this will bring uncertainty to the orders of the company's suppliers. The bank expects downstream issues to be more severe, particularly in China. At the same time, considering the resilience of the upstream leaders in adjusting orders, the bank maintains a positive view on these companies. Therefore, it maintains confidence in the profitability of Shenzhou International Group Holdings Limited unsponsored ADR (02313.HK). On the downstream side, the bank expects Anta to maintain a positive performance.
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The days of the 'middleman' are also not easy.