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麦格理:予裕元集团(00551)“跑赢大市”评级 目标价下调至11.1港元

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麦格理发布报告称,予裕元集团(00551)“跑赢大市”评级,将今年每股盈利预测上调12%,但明年预测则下调8%,以反映收入预测及毛利率假设较低,目标价由11.2港元轻微下调至11.1港元。

报告中称,集团第三季收入同比跌19%,低过该行及市场预期,盈利同比跌43.1%,好过该行及市场预期,主要因为成本控制表现优于预期。制造业务毛利率按年跌0.4个百分点,至19.3%,较该行预测高出5.3个百分点,主要受惠产能利用率提升,以及营运效益改善。管理层预期毛利率保持在18%至19%水平,当订单恢复正常,毛利率有望高于20%。

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