《大行》匯研降裕元(00551.HK)目標至16.4元 料關稅不確定性已見頂
匯豐研究發表報告指,關稅不確定性令裕元集團(00551.HK)上半年利潤率承壓,當中代工廠(OEM)產能利用率不均,品牌客戶亦削減訂單,令淨利潤按年跌7%。但該行認爲公司資產負債表保持韌性,淨負債權益比僅2%,中期股息維持40仙。基於股息支持,該行維持「買入」評級,目標價由21.4元降至16.4元。
該行預期下半年代工業務的經營利潤率將輕微改善至6.1%,但代工業務銷售料錄得低單位數按年跌幅;料零售業務淨利潤與上半年相若。因此,將全年淨利潤預測下調27%至3.15億美元,收入預測下調5%;同時分別下調2026及27年淨利潤預測27%及26%。
不過,儘管關稅壓力持續,該行認爲不確定性已見頂;基於2024年派息比率爲68.5%,預期2025年全年股息可達每股1.05元。如訂單前景改善,全年股息或可以與去年持平,達每股1.3元。
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