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麦格理:维持裕元(0551.HK)中性评级 制造业持续疲弱
格隆汇 09-11 16:12

麦格理发表研究报告指,8月份裕元集团(0551.HK)零售表现受旗下细品牌拖累,但主要品牌仍呈韧性,宝胜国际(3813.HK)的收入按年下降7%,相信是因为去年同期基数较高,予目标价13.3港元,重申中性评级。

报告提到裕元曾经表示,第三季是传统淡季,所以将继续面临挑战,暂时第四季订单能见度仍低。

麦格理表示,裕元的渠道库存维持在健康的水平,相信8月零售折扣将按年持续收窄,预期离线流量将见改善,有助提升9月中秋节、十一黄金周的销售量,亦指其生产业务将持续去杠杆,料平均售价将录得低至中单位数的升幅。

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