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大和:維持裕元集團(0551.HK)目標價14港元 評級“優於大市”
格隆匯 07-28 14:19

大和總研發表研究報告指,對裕元集團(0551.HK)能走出低谷的論點不變,但復甦週期可能更長,重申其“優於大市”評級,維持目標價14港元。

大和指,NIKE和ADIDAS通過電子商務銷售在中國的復甦,以及公司供應商有穩定的訂單,因此認為公司將有逐步重估的機會。該行續指,雖然子公司寶勝國際(3813.HK)似乎正穩健復甦,但估計裕元的代工生產(OEM)業務在第二季度將產生約1.15億元(美元,下同)的淨虧損,主要由於延遲發貨和取消訂單,導致收入同比下降24.6%,以及工廠關閉的一次性成本。

大和指,預計裕元的OEM業務在第三季度將產生1700萬元的淨虧損,並在第四季度恢復至2300萬元的淨利潤;又將2021-22年預測每股盈利分別下調1%及上調2%。

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