智通财经APP获悉，裕元集团(00551)涨超3%，截至发稿，涨2.37%，报18.14港元，成交额1322.97万港元。
国泰君安发布研报称，海外行业性补库(指库销比环比提升)将于2024H2开始，并持续至2025Q1末左右。但根据历史经验，制造商订单改善领先于终端补库发生，越南纺服鞋出口增速已于2024年3月转正，预计其补库受益于2024Q3结束，后续出口增速与终端消费情况紧密挂钩。
该行续指，目前Adidas收入稳健增长，库销比健康，预计后续订单增长情况与品牌自身销售紧密挂钩，若指引上修将加大下单。当前阶段Adidas景气度行业领先，核心相关供应商主要为裕元集团，预计在积极/中性/悲观三种情况下，公司收入分别为12%/10%/8%。
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