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大行評級|麥格理:上調裕元目標價至17.4港元 維持“跑贏大市”評級
格隆匯 05-16 14:45
麥格理髮表報吿指出,裕元首季利潤超預期,管理層預期繼首季訂單量增長穩健(按年升9.1%)後,未來一至兩個季度的訂單將保持良好勢頭。公司正專注於在印尼聘請員工,以確保可以履行訂單。公司對訂單的信心主要來自品牌客户更加穩定的訂單。長遠而言,隨着公司營運逐漸恢復正常,公司已制定擴大產能計劃,以恢復每年超過3億雙鞋類的出貨量。該行預計裕元今年有望實現超過20%的毛利率,銷量料增長6.5%。此外,儘管勞動節期間國內旅客量強勁,惟寶勝實體店的客流量仍然疲弱,但該行相信管理層仍專注於控制零售折扣和庫存水平。考慮到裕元生產利潤超出預期,該行對其今年每股盈利預測上調5%,但將明年預測下調2%,主要反映降低對零售業務利潤的預測。該行將裕元的目標價由15.7港元上調至17.4港元,認為利潤率仍是關注重點,維持評級“跑贏大市”。
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