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《大行報告》瑞銀上調裕元(00551.HK)目標價至19.3元 評級「中性」
阿思達克 03-25 09:27
瑞銀發表研究報告,指裕元(00551.HK)去年收入被其代工業務和旗下寶勝(03813.HK)下跌分別21.1%及5.8%所拖累,純利勝預期主因代工業務表現較預期好,但部份被疲弱的零售業務(寶勝)所抵銷。

該行指,代工方面,雖然今年公司員工數目預期增加10至15%,但相信會有更多嚴格控制成本措施。而在寶勝方面,公司1、2月錄強勁復甦,銷售增長達40%及同店銷售增長亦升29%,以及折扣水平會較2019年健康。而去年底大型店佔直銷店比例為13%,去年全渠道銷售按年增27.6%,WeChat銷售貢獻亦由第二季的1.7%增至今年1、2月的4%,管理層料今年將升至超過5%。

該行表示,公司給予指引,預測今年代工業務收入增長為10至15%,仍低於2019年水平,同時毛利率和經營溢利率料分別擴大3-4個百分點及6-7個百分點,寶勝管理層則預期收入錄高雙位數增長,及重申7%的經營溢利目標,目標價由17.59元升至19.3元,評級「中性」。

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