《大行報告》里昂下調裕元(00551.HK)目標價至19元 評級「跑贏大市」
里昂發表研究報告指,雖然受到疫情再爆發及內地抵制國際運動品牌的負面因素所影響,但裕元(00551.HK)上半年業績仍穩步復甦,收入按年增長17.7%,淨利潤達1.7億美元,超出預期。
期內OEM訂單有所恢復,生產利用率及毛利率均有改善;零售折扣減少及銷售渠道調整,亦令零售業務毛利率向好。展望下半年,里昂預期由於越南疫情持續,將對OEM業務造成更大壓力,因此將目標價由21.7元降至19元,但維持「跑贏大市」評級,相信零售業務需求正逐步改善。
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