《大行》美银证券降裕元(00551.HK)目标价至13.7元 维持“中性”评级

阿斯达克财经
May 14, 2025

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。...

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