大行評級|摩根大通:上調裕元目標價至15港元 上調2024年至26年盈測
摩根大通發表的研究報吿指,裕元在良好的現金股息率支持、製造業務的毛利率改善,推動其穩健的重新評級,然而,生產重啟後利潤率趨勢的可持續性和零售業務的前景仍是關注的重點。該行對公司2024年至2026年的收入預測基本保持不變,將今明兩年的毛利率預期上調0.1至0.2個百分點及對2026年的毛利率預期下降0.1個百分點。同時考慮到2023年下半年業績及公司對製造和零售業務謹慎的營運成本控制,將2024年至2026年的營運成本預測上調0.5至0.7個百分點。另外,因為公司對税率和非營運支出的良好控制,該行下調非營運支出和税收支出。因此,該行對2024年至2026年的淨利潤預測增加了40%至52%。大摩將裕元目標價由8.5港元升至15港元,予“與大市同步”評級。
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