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《大行报告》瑞银上调裕元(00551.HK)目标价至19.3元 评级「中性」
阿思达克 03-25 09:27
瑞银发表研究报告,指裕元(00551.HK)去年收入被其代工业务和旗下宝胜(03813.HK)下跌分别21.1%及5.8%所拖累,纯利胜预期主因代工业务表现较预期好,但部份被疲弱的零售业务(宝胜)所抵销。

该行指,代工方面,虽然今年公司员工数目预期增加10至15%,但相信会有更多严格控制成本措施。而在宝胜方面,公司1、2月录强劲复苏,销售增长达40%及同店销售增长亦升29%,以及折扣水平会较2019年健康。而去年底大型店占直销店比例为13%,去年全渠道销售按年增27.6%,WeChat销售贡献亦由第二季的1.7%增至今年1、2月的4%,管理层料今年将升至超过5%。

该行表示,公司给予指引,预测今年代工业务收入增长为10至15%,仍低於2019年水平,同时毛利率和经营溢利率料分别扩大3-4个百分点及6-7个百分点,宝胜管理层则预期收入录高双位数增长,及重申7%的经营溢利目标,目标价由17.59元升至19.3元,评级「中性」。

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