《大行》富瑞:裕元(00551.HK)寶勝(03813.HK)次季業績遜市場預期 同降目標價
富瑞發表研究報告指,裕元集團(00551.HK)及寶勝國際(03813.HK)第二季業績均大致符合該行預期,但較市場普遍預測低超過10%,相信是由於代工業務利潤率受壓所致。管理層將代工利潤率低於預期歸因於訂單分配不均及勞動成本上升,又指期內產能利用率已有所提升。
管理層現時對今年下半年訂單前景看法轉趨審慎,表示第三季屬傳統淡季,預期出貨量按年跌幅將達到高單位數百分比,毛利率跌幅較上半年更顯着,第四季訂單情況亦存不確定性,主要由於品牌客戶延遲落單所致。
富瑞將裕元及寶勝的目標價分別由8元及1元,下調至7.4元及0.84元,分別給予「跑輸大市」及「買入」評級,憂慮未來6個月訂單情況或較疲弱,將裕元2026年每股盈測下調5%至0.18元,並將寶勝今明兩年每股盈測下調30%及18%,至各0.07元及0.09元人民幣。
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