富瑞发布研报称，裕元集团(00551)及宝胜国际(03813)第二季业绩均大致符合该行预期，但较市场普遍预测低超过10%，相信是由于代工业务利润率受压所致。该行将裕元及宝胜的目标价分别由8港元及1港元，下调至7.4港元及0.84港元，分别给予“跑输大市”及“买入”评级，忧虑未来6个月订单情况或较疲弱，将裕元2026年每股盈测下调5%至0.18元，并将宝胜今明两年每股盈测下调30%及18%，至各0.07元及0.09元人民币。
管理层将代工利润率低于预期归因于订单分配不均及劳动成本上升，又指期内产能利用率已有所提升，现时对今年下半年订单前景看法转趋审慎，表示第三季属传统淡季，预期出货量同比跌幅将达到高单位数百分比，毛利率跌幅较上半年更显著，第四季订单情况亦存不确定性，主要由于品牌客户延迟落单所致。
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