大和发表研究报告指，裕元集团(00551.HK) 首季代工生产业务收入按年增长5.9%，但由于生产水平不均及新厂延迟投产，令劳动效率下降，毛利率按年收缩2.6个百分点至17.7%。管理层相信，关税对集团在越南及印尼的产能影响可控。由于贸易紧张局势或可缓和，加上集团的估值偏低，重申其“买入”评级，目标价由19元下调至17元。
报告引述裕元集团管理层预测，毛利率将于未来两至三季继续受压，并可能于第四季因订单复苏而正常化。因此，大和下调集团今明两年的每股盈测9%，以反映毛利率预测被下调。(sl/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-13 16:25。)
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