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麥格理:降裕元(0551.HK)目標價至26.2港元 維持跑贏大市評級
格隆匯 05-18 13:07

麥格理髮表報吿表示,將裕元(0551.HK)目標價由26.3港元降至26.2港元,考慮到零售和製造業混合變化,維持跑贏大市評級

該行指,未來2-3周仍然是確定中國需求穩定的關鍵,但對未來2年的整體盈利預測保持不變,因為相信製造業業務在恢復中仍處於正軌。

報吿指,看到製造業訂單繼續恢復,考慮到更快的復甦,提升製造業毛利率的預測。雖然第三季度仍是淡季,但認為嚴格的成本控制效率應該比2019年的經營利潤率更高。另外,短期內在零售方面更為保守,將全年零售營業利潤率從之前的7%,降低至至5.7%;預計在今年第二季去槓桿化之後,第四季營業利潤率逐漸恢復到約6.9%。

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