《大行報告》里昂削裕元(00551.HK)目標價至10.9元 評級「跑贏大市」
里昂發表評級報告指,裕元(00551.HK)第三季及首九個月收入分別按年增38%及8%,受惠於高端產品需求令其OEM業務表現強勁;零售仍受疫情反覆影響,按美元計算,第三季及首九個月收入分別按年跌14%及22%。短期而言,由於需求不足,公司對第四季OEM業務表現持審慎看法,加上主要客戶正清理庫存,零售或有機會受防疫措施影響。
不過,鑑於內地放寬防疫措施的步伐明朗化,該行仍看好公司中期復甦軌跡。該行表示,當品牌的庫存水平回復至較健康水平,預料OEM業務將於明年下半年恢復增長,以及零售部門呈現復甦。
該行將公司目標價由18.2元下調至10.9元,維持其評級為「跑贏大市」。
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