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麥格理:維持裕元(0551.HK)中性評級 製造業持續疲弱
格隆匯 09-11 16:12

麥格理髮表研究報告指,8月份裕元集團(0551.HK)零售表現受旗下細品牌拖累,但主要品牌仍呈韌性,寶勝國際(3813.HK)的收入按年下降7%,相信是因為去年同期基數較高,予目標價13.3港元,重申中性評級。

報告提到裕元曾經表示,第三季是傳統淡季,所以將繼續面臨挑戰,暫時第四季訂單能見度仍低。

麥格理表示,裕元的渠道庫存維持在健康的水平,相信8月零售折扣將按年持續收窄,預期離線流量將見改善,有助提升9月中秋節、十一黃金週的銷售量,亦指其生產業務將持續去槓桿,料平均售價將錄得低至中單位數的升幅。

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