《大行報告》麥格理上調裕元(00551.HK)目標價至27.2元 評級「跑贏大市」
麥格理發表報告,將裕元(00551.HK)2021財年和2022財年的盈利預測分別降低13%和4%,因下調生產量和利潤率的假設,以反映越南生產暫時中斷帶來的影響。該行認為,由於終端需求仍然健康,生產中斷的問題將在今年第三季度基本解決,不會對長期增長產生任何影響。零售業務方面,好於預期的利潤率表明公司在效率方面有追趕同行的空間。目標價由26.2元調高至27.2元,維持評級「跑贏大市」。
麥格理預計,裕元2021財年的生產量增長為4%,之前為11%。當中,第三季度越南的產量將按季下降50%左右。而2021財年的毛利率將降低1.4個百分點至16.9%,但由於預料品牌商在今年第四季度會因未來幾個季度的補貨需求而下更多訂單,因此仍然預計生產毛利率會在2022財年恢復至逾18.5%。
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