金吾财讯 | 申万宏源证券研报指，裕元集团(00551)2025年年度业绩基本符合预期，公司收入80.3亿美元，同比下降1.8%，归母净利润3.8亿美元，同比下降2.9%，25年制造业务表现稳健，零售业务有所承压。25年经营性现金流5.9亿美元，自由现金流2.7亿美元，现金流表现稳健，拟派末期股息每股0.9港元，叠加中期股息0.4港元，全年合计1.30港元，派息比例达70%。研报指出，考虑制造订单能见度较低，零售业务销售疲软，下调公司26-27年盈利预测，并新增28年盈利预测，预计26-28年归母净利润3.7/3.9/4.2亿美元（26-27年原为4.4/4.8亿美元），对应PE为9/9/8倍，参考鞋服制造类、户外运动品牌销售类可比公司平均PE，给予裕元集团26年12倍PE，需求回暖后有望释放业绩弹性，维持买入评级。
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