大行評級|瑞銀:下調裕元集團目標價至20.36港元 下調2025至27年淨利潤預測
瑞銀髮表研報指,裕元集團去年收入及淨利潤分別按年增長4%及43%,意味着去年第四季收入及淨利潤分別按年增長11%及下跌56%。若排除稅務爭議的不利影響4050萬美元,淨利潤約1.02億美元,與公司早前發佈的盈警一致。裕元去年零售收入及淨利潤分別按年下跌8%及增加0.2%,意味着去年第四季按年各跌3%及21%。代工生產業務實現收入及淨利潤分別按年增長11%及51%,意味着去年第四季分別按年增長17%及下跌67%。瑞銀認爲,裕元管理層對毛利率的指引低於該行預期。該行對公司2025至2027年的淨利潤預測下調介乎0%至5%,目標價由22.65港元下調至20.36港元,評級“買入”。
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