《大行報告》高盛升裕元(00551.HK)目標價至14.2元 寶勝(03813.HK)降至1.24元
高盛發表研究報告表示,近日與裕元(00551.HK)及寶勝(03813.HK)管理層溝通,公司透露預期代工生產(OEM)業務訂單量將按年增幅將介乎中至高單位數百分比。
雖然宏觀及物流鏈仍存在不確定性,令全球鞋類市場近期前景相對不明朗,但高盛認為公司整體訂單能見度一直在提高,主要客戶訂單亦在正軌上,預期利用率及生產效率提升後公司今年可持續提升毛利率。
不過該行提醒,由於平均售價基數較高,因此今年首季利潤率可能錄得按季下跌,惟按年增長勢頭預期向好。至於零售業務方面,展望2024年銷售增長將趨向平穩,預期在嚴格的折扣控制及健康庫存支持下,毛利率及經營利潤率將有所提升。
該行預測裕元及寶勝今年股息率將達到13%及6%,相應將裕元2024至2025年淨利率預測上調7%至16%,寶勝淨利預測則下調1%至4%,以反映銷售增長放緩,裕元目標價由12.4元升至14.2元,寶勝則由1.32元降至1.24元,均予「買入」評級。
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