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大行评级｜麦格理：上调裕元集团目标价至15.7港元 评级“跑赢大市”

Bank Rating | Macquarie: Raising Yuyuan Group's Target Price to HK$15.7 to “Outperform the Market”

Gelonghui Finance ·  Mar 15 01:45

According to a report published by Macquarie, Yuyuan's production volume is expected to increase by 6% this year due to restocking requirements from major brands, but a normalized product portfolio will have a negative impact on average sales prices. The bank expects that strict discounts and fee controls will help drive its Baosheng (Retail) operating margin to 4.7% this year and 5.6% next year. Macquarie pointed out that as Yu Yuan's balance sheet continues to improve, it is believed that the combination of cash dividends and stock buybacks will bring good shareholder returns. Meanwhile, earnings per share forecasts for 2024 and 2025 were raised by 18% and 22%, respectively. The bank raised the target price of Yuyuan from HK$11.1 to HK$15.7, with a rating of “outperforming the market”. It is expected that the company's flexible production capacity will help improve gross profit.

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