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《大行報告》匯豐研究升裕元(00551.HK)評級至「買入」 目標價上調至13.6元
阿思達克 03-15 11:33
匯豐研究發表報告指出,裕元集團(00551.HK)的代工生產(OEM)及零售業務的盈利可見度,過去受疫情及製造業去庫存周期的不確定性影響,預期將於今年出現拐點。該行上調裕元2024至2025年盈測介乎11%至15%,目標價由8.5元大幅上調60%至13.6元,並將其評級由「持有」升至「買入」。 裕元管理層預期鞋類OEM訂單可見度將於今年實現中至高單位數的增長,有望扭轉去年跌20%勢頭。管理層亦將利潤置於零售業務的收入之上,目標今年零售業務銷售持平。該行相信,公司今年能實現收入增長,料盈利加快增長。 匯豐研究認為,裕元去年淨利潤高過該行預期48.9%,並較市場預期高46.5%,主要由於去年第四季毛利率遠勝預期。該行對公司今年經營利潤率預測由原來的4.7%上調至5.2%,相對於去年為5.1%。對公司今明兩年淨利潤預測較之前高14.8%與10.7%,收入預測則下調2.5%及3.7%。另預期公司2023至2026年的收入年均複合增長率為5.1%,對今明兩年淨利潤預測,較市場預期則分別高出9.5%及一致。
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