美银证券发表报告，指裕元集团(00551.HK) 首季收入按年升1.5%符该行预期；毛利率按年降2.2个百分点至22.9%，较该行预期低出1个百分点，主因劳工成本上升及制造业务产能分配不均。首季经营利润率按年降1.9个百分点至5.4%，符该行预期。
报告引述管理层指引印尼工厂工资成本上升在次季将逐渐转嫁至客户，该行料其毛利率仍受压，但未来数季有望复苏至介乎18%至19%，但仍低于2024年水平。
管理层指引今年销量及销售均价按年持平至录低单位数升幅。次季订单稳固，但第三季料按年微跌，因基数高及客户在宏观不确定性下在库存补货下更加保守。
该行降裕元今明两年预测分别3%及7%，以反映中国零售市场复苏缓慢，以及制造板块的利润率压力。以预测今年市盈率8倍维持不变为估值基础，目标价由14元降至13.7元，考虑股息率约10%，维持“中性”评级。(da/a)(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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