《大行》大和微降裕元(00551.HK)目標至16.5元 下半年訂單量謹慎
大和研究報告指,裕元集團(00551.HK)中期代工(OEM)收入按年增長6.5%,主要受平均售價按年升2%及出貨量按年升4.7%帶動。雖然產能利用率在次季進一步提升至95%,但因各廠區生產調度不均及薪酬上升,毛利率按年跌0.2個百分點至17.8%。
展望第三季,裕元管理層對訂單持保守態度,主因下游客戶在關稅不明朗及需求疲弱下審慎下單。管理層預期第三季出貨量將有高單位數按年跌幅,毛利率亦按年下跌。雖然面臨短期不確定性,集團強調將持續於多個地區擴產,並憑藉其穩健的資產負債表維持穩定股息分派。
該行重申對裕元的「買入」評級,並將目標價由17元微降至16.5元,對下半年訂單量謹慎,同時將2025至27年每股盈利預測下調3%至7%,基於出貨量及毛利率預測下調。
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