花旗发表研究报告指,裕元集团制造业务12月收入按年增13.5%,逊预期。该行亦因第四季期间的收入增长动能放缓,以及经营杠杆较低,而减少了制造业务的毛利扩张。该行下调对公司2024年至2026年的盈利预期5%至6%,将目标价由20.3港元下调至16.8港元,评级由“买入”降至“中性”。花旗预期,去年第四季的毛利会按季持续改善至21.8%,而其模型预期公司制造业务的毛利会在今年持续扩张至20.7%,2026年进一步扩至21.1%,幅度将因为去年的高基数而温和。
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