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《大行報告》瑞銀下調裕元(00551.HK)目標價至9.3元 評級「中性」
阿思達克 11-15 10:55
瑞銀發表報告指出,裕元集團(00551.HK)第三季收入18.32億美元,純利5,400萬美元,高過該行預期的純利4,500萬美元,且代工生產(OEM)毛利率高於預期。上季零售業務則遜預期。 該行認為,裕元的OEM業務收入及純利分別按年跌24%及38%,至12.19億及5,400萬美元,高過該行預期純利3,700萬美元,主要由於生產更靈活和高效下,毛利率達19.3%,較該行高出1.7個百分點。 此外,該行將裕元2023至2025年每股盈測下調介乎8%至12%,以反映訂單及銷售復甦延遲、人民幣兌美元貶值,以及美國加息帶來的財務成本上升。目標價由10.3元下調至9.3元,維持「中性」評級。
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