智通财经APP获悉，里昂发布研报称，下调裕元集团(00551)今年销售预测1%，反映订单能见度下降，集团销售及净利润料同比升3%及5%，基于盈利和市盈率倍数下调，对该股目标价由22港元降至19港元。该行指，裕元目前股价为市盈率7倍，股息率10%，风险回报吸引，维持“跑赢大市”评级。
里昂指出，裕元集团管理层在业绩报告会上提及受超时工作及外判影响，上半年毛利率受压，纵使能见度仍然高企，但下半年订单仍处观察期，因关税忧虑及美国宏观存在不确定性，该行认为裕元股价近期因此而调整。该行认为，裕元旗下宝胜国际(控股)(03813)展望持平仍属符预期，该行仍偏好裕元市占增长主题及对比同业更低成本，且部分核心代工品牌动力仍然处于轨道上。
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