裕元集团(00551)涨近3%，截至发稿，涨2.3%，报15.99港元，成交额2870.42万港元。
天风证券（601162）发布研报称，2025年第三季度，制造业务展现其经营韧性，虽受淡季影响盈利能力按季仍有提升。全球消费景气呈现稳健发展，美国市场返校季销售优于预期，然而新一轮的关税政策及地缘政治动荡继续带来不确定性，导致经营环境面临诸多挑战。尽管面临对等关税相关负面影响，第三季度裕元集团优质订单组合持续推升平均单价，部分抵销出货量下跌对制鞋营收的负面影响。该行预计公司四季度FOB仍有望保持正增。
瑞银表示，裕元集团第三季度代工厂(OEM)收入及净利润分别为14.34亿、1.09亿美元，较该行预期高出62%，主要原因是毛利率高于预期。基于现金流折现法(DCF)，该行将裕元目标价从16港元升至18港元，因瑞银将其2025至2027年的净利预测上调5%至6%，以反映代工业务毛利率优于预期。
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