大和发表研究报告指，新秀丽(01910.HK) 首季收入处于指引下限，按年跌4.5%，经调整净利润则逊于预期25%。虽然管理层重申，第一季是季节性最疲弱的季度，EBITDA利润率或会在次季有所改善，但明显的营运去杠杆化对首季利润率的影响比预期更大，即使在任何重大的直接关税影响之前，亦是一个警号。
该行表示，由于宏观不确定因素，行李箱的采购通常最先被延迟，相信短期内新秀丽的股价仍将受压。此外，集团延迟美国第二上市的可能性似乎正在加剧。该行下调集团今明两年的每股盈测20至26%，又将集团评级由“买入”下调至“持有”，目标价由25元降至15元。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-05-14 16:25。)
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