智通财经APP获悉，裕元集团(00551)再跌超4%，截至发稿，跌4.15%，报15.7港元，成交额1.27亿港元。
消息面上，裕元集团此前公布业绩，公司拥有人应占溢利约3.81亿美元，同比减少2.9%。大和指出，裕元集团管理层强调，今年一季度订单能见度持续疲软，销量及毛利率可能因中国、越南及印尼多个长假期、持续的关税分摊安排，以及客户订货步伐审慎而按年受压。占裕元代工收入约70%的四个品牌客户仍需进行关税分摊，对裕元的平均售价造成低单位数影响。
富瑞也表示，裕元集团管理层对2026年代工(OEM)出货量、平均售价(ASP)及2026年第一季毛利的不确定性提出预警，同时预期资本支出将按年增加。富瑞称，确信裕元代工业务将无法达成2026年指引。在销售均价方面，预计压力将按季增加。考量盈利风险与资本开支高企，富瑞仍看见裕元自由现金流与股息存在风险。
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