大行評級|里昂:下調裕元集團目標價至19港元 下半年訂單仍處觀察期
里昂報吿指,裕元集團管理層在業績報吿會上提及受超時工作及外判影響,上半年毛利率受壓,縱使能見度仍然高企,但下半年訂單仍處觀察期,因關税憂慮及美國宏觀存在不確定性,該行認為裕元股價近期因此而調整。里昂認為,裕元旗下寶勝展望持平仍屬符預期,該行仍偏好裕元市佔增長主題及對比同業更低成本,且部分核心代工品牌動力仍然處於軌道上。該行下調裕元今年銷售預測1%,反映訂單能見度下降,集團銷售及淨利潤按年升3%及5%,基於盈利和市盈率倍數下調,對該股目標價由22港元降至19港元。該行指,裕元目前股價為市盈率7倍,股息率10%,風險回報吸引,維持“跑贏大市”評級。
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