智通财经APP获悉，裕元集团(00551)再跌超3%，截至发稿，跌3.45%，报11.18港元，成交额2972.31万港元。
消息面上，裕元集团发布公告，2025年5月，公司本月综合经营收益净额约7.11亿美元，同比减少0.8%。公司截至2025年5月31日止5个月的综合累计经营收益净额约34.01亿美元，同比增加0.9%。
大和此前发表研究报告指，裕元集团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，该行重申“买入”评级，目标价由19港元下调至17港元。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。
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