金吾财讯 | 天风证券发研报指，裕元集团(00551)2024年制造业务营收单月同比增长17%，累计同增10.9%；宝胜营收单月同增-12%，累计同增-8.4%；上市公司整体2024年11月单月营收6.8亿美金同增7.5%，累计营收75亿美金，同增3.4%。该行认为，织造核心逻辑在于不确定中捕捉相对确定性，继续看好2025行情演绎；多客户布局可对冲终端零售及周期风险，行业马太效应有利于头部供应链份额提升，在相对平稳市场中捕捉超额成长机会；头部供应链优势通常体现在更优质客户结构、生产制造管理能力带来的成本优势以及多年信任积累等。该行预计公司FY24-26年收入分别为86.5/96.5/109.4亿美元；归母净利分别为4.6/5.4/6.2亿美元；对应EPS分别为0.28/0.33/0.38美元/股；对应PE分别为8x、7x、6x。维持“买入”评级。
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