大行評級|美銀:下調裕元集團目標價至13.7港元 下調今明兩年預測
美銀證券發表報吿指,裕元集團首季收入按年升1.5%,符合該行預期;毛利率按年降2.2個百分點至22.9%,較該行預期低出1個百分點,主因勞工成本上升及製造業務產能分配不均。首季經營利潤率按年降1.9個百分點至5.4%,符該行預期。
報吿引述管理層指引印尼工廠工資成本上升在次季將逐漸轉嫁至客户,該行料其毛利率仍受壓,但未來數季有望復甦至介乎18%至19%,但仍低於2024年水平。管理層指引今年銷量及銷售均價按年持平至錄低單位數升幅。次季訂單穩固,但第三季料按年微跌,因基數高及客户在宏觀不確定性下在庫存補貨下更加保守。
該行降裕元今明兩年預測分別3%及7%,以反映中國零售市場復甦緩慢,以及製造板塊的利潤率壓力。以預測今年市盈率8倍維持不變為估值基礎,目標價由14港元降至13.7港元,考慮股息率約10%,維持“中性”評級。
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