制造毛利率和利润下滑系各厂区产能负载不均，新造产线及新设鞋面加工 厂爬坡不如预期，生产效率未达设定标准，无法如期降低加班需求及相关 成本；人数同增 8%+各地薪资上涨高单位数百分比导致人工成本上升。 25M4：整体营收同比+1%（1-4 月累计同比+1%），其中制造同比+11%（1-4 月累计同比+7%），宝胜营收同比-15%（1-4 月累计同比-8%），零售业务仍 在修复中。 1）制造（25Q1） 市场分布：美国收入同比+14%，占比 29%，欧洲收入同比+11%，占比 27%； 中国大陆收入同比-19%，占比 15%。欧美为营收主要贡献地区。 港股公司报告 | 公司点评 裕元集团（00551） 证券研究报告 25Q1 鞋履制造量价稳增 公司发布 25 财年一季度未经审计业绩和 25 年四月收益公告 25Q1：营收同比+1%至 20 亿美金，毛利率 23%，同比-2.2pct，归母净利同 比-24%至 0.8 亿美金。 其中制造业务营收同比+6%，毛利率 18%，同比-2.6pct，归母净利同比-25%； 零售业务营收同比-5%，毛利率 33%，同比-0.5pct，归母净利同比-21%。 库存：库存周转天数 ...

证券研究报告 | 公司点评 | 纺织制造 裕元集团(00551) 报告日期：2025 年 05 月 14 日 制造订单充沛量价齐升，零售业务短期承压静待拐点 ——裕元集团点评报告 投资要点 ❑ 公司发布 25 年一季报，25Q1 实现收入 20.3 亿美元，同比+1.3%，归母净利润 7576 万美元，同比-24.2%，其中，制造业务收入 13.3 亿美元，同比+5.9%，归母 净利润 6388 万美元，同比-24.7%，零售业务收入 7.0 亿美元，同比-6.5%，归母 净利润 1900 万美元，同比-21.5%。制造订单充沛，收入稳健靓丽，利润波动主 要系产能负载不均，加班和外包较多，以及人工工资上涨；零售业务主要系中国 消费疲软、线下客流下降致收入承压，负向经营杠杆下利润率下降。 ❑ 制造业务量价齐升收入持续增长，关税战下中国区收入承压 25Q1 制造业务收入 13.3 亿美元，其中出货量达 6190 万双（同比+5.3%），ASP 为 20.0 美元（同比-2.5%），量价齐升收入稳步增长，4 月制造收入同比+10.5%， 主力客户 Adidas、Asics 零售持续向上，25 年订单有望稳健增长。 ...

证券研究报告 | 公司点评 | 纺织制造 裕元集团(00551) 报告日期：2025 年 05 月 14 日 制造订单充沛量价齐升，零售业务短期承压静待拐点 ——裕元集团点评报告 投资要点 ❑ 公司发布 25 年一季报，25Q1 实现收入 20.3 亿美元，同比+1.3%，归母净利润 7576 万美元，同比-24.2%，其中，制造业务收入 13.3 亿美元，同比+5.9%，归母 净利润 6388 万美元，同比-24.7%，零售业务收入 7.0 亿美元，同比-6.5%，归母 净利润 1900 万美元，同比-21.5%。制造订单充沛，收入稳健靓丽，利润波动主 要系产能负载不均，加班和外包较多，以及人工工资上涨；零售业务主要系中国 消费疲软、线下客流下降致收入承压，负向经营杠杆下利润率下降。 ❑ 制造业务量价齐升收入持续增长，关税战下中国区收入承压 25Q1 制造业务收入 13.3 亿美元，其中出货量达 6190 万双（同比+5.3%），ASP 为 20.0 美元（同比-2.5%），量价齐升收入稳步增长，4 月制造收入同比+10.5%， 主力客户 Adidas、Asics 零售持续向上，25 年订单有望稳健增长。 ...

证券研究报告|港股公司点评报告 [Table_Date] 2025 年 05 月 13 日 [Table_Title] Q1 毛利率受产能负载不均及工费影响，ASP 转正 [Table_Title2] 裕元集团(0551.HK) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 0551 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价(港元)： | 18.34/10.44 | | 目标价格(港元)： | | 总市值(亿港元) | 194.15 | | 最新收盘价(港元)： | 12.1 | 自由流通市值(亿港元) | 194.15 | | | | 自由流通股数(百万) | 1,604.56 | [Table_Summary] 事件概述 公司 25Q1 收入/归母净利分别为 20.29/0.76 亿美元，同比增长 1.3%/-24.2%，业绩低于市场 预期，净利下降主要由于各个制造厂区的产能负载不均、生产效率欠佳，加上各地新增人力及薪 资上涨，推高人工成本。 分析判断: Q1 制造 ASP 一反连续 5 个季度下跌趋势。1） ...

Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid information, materials, opinions and statements constitutes or will be viewed as investment advice or an offer, or a solicitation, recommendation or suggestion by Yue Yuen or Pou Sheng to deal in any investment products in ...

相关事件 裕元集团(00551.HK)一季度纯利跌24.22%至7575.8万美元 整体毛利率跌至22.9% 裕元集团(00551.HK)： 4月综合经营收益净额6.58亿美元 同比增加1.25% 惟复杂多变的全球经济格局导致经营环境的波动，部分制造产区的订单满单率及产能利用率大幅高于均 值，造成产能负载不均情况；以及新造产线及新设鞋面加工厂爬坡进度不如预期，导致生产效率未达设 定标准、无法如期降低加班需求及其他相关成本。此外，制造业务人数同比上升7.5%，加上各地薪资 上涨高单位数百分比，推高人工成本；与此同时，生产效率未达预期，不足抵销薪资成本压力。整体而 言，上述因素均对集团制造业务的短期盈利能力产生负面影响。 同时，中国大陆电商环境竞争激烈，集团旗下零售附属公司宝胜国际(控股)有限公司(「宝胜」)凭藉不 断提升的全渠道实力，秉持高度灵活敏捷的决策模式，其线上销售趋势继续优於线下零售。与此同时， 尽管消费环境愈趋多变而折价竞争日渐严峻，客流量持续波动，宝胜仍持续提升其零售店舖的销售转换 率，动态管理店舖组合、优化店效。 格隆汇5月12日丨裕元集团(00551.HK)公布，截至2025年3月31日止三个月 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 YUE YUEN INDUSTRIAL (HOLDINGS) LIMITED * 裕 元 工 業（ 集 團 ）有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00551） 截至二零二五年三月三十一日止三個月之 未經審核綜合業績 摘要 裕元工業（集團）有限公司之董事茲公佈本集團截至二零二五年三月三十一日止三 個月之未經審核綜合業績。本公告乃就本公司每季公佈財務業績之現行慣例及按 照上市規則第13.09(2)段及證券及期貨條例第XIVA部而發表。 截至二零二五年三月三十一日止三個月，本公司擁有人應佔之未經審核綜合溢利 約為75.8百萬美元。 裕元工業（集團）有限公司（「本公司」）之董事（「董事」）乃根據本公司及其附屬公司 （統稱「本集團」）每季公佈財務業績之現行慣例及按照香港聯合交易所有限公司證 券上市規則（「上市規則」）第13.09(2)段及證券及期貨條例（香港法例第571章）（「證券 及期貨 ...

Financial Performance - Revenue rose by 3.7% to $8,182.2 million compared to $7,890.2 million in 2023[10] - Profit attributable to owners increased by 42.8% to $392.4 million, up from $274.7 million in the previous year[10] - Basic earnings per share rose by 42.9% to 24.37 cents, compared to 17.05 cents in 2023[10] - The company reported a significant increase in orders, contributing to improved production efficiency and capacity utilization[30] - The company's overall revenue increased by 3.7% to approximately $8.2 billion, driven by strong performance in the manufacturing business[31] - The company reported a 42.8% increase in profit attributable to shareholders, reaching approximately $392.4 million[32] - The manufacturing business's total revenue was $5,620.8 million, reflecting an 11.1% increase from the previous year[49] - Gross profit rose by 3.5% to $1,992.7 million, with an overall gross margin of 24.4%[57] - The group achieved a gross profit margin of 24.4% for the fiscal year 2024, maintaining the same level as in 2023, while the operating profit margin increased to 6.7% from 5.1% in 2023[181] - The net profit margin improved to 5.2% in 2024, up from 3.9% in 2023, indicating a positive trend in profitability[181] Cash Flow and Dividends - Free cash flow decreased by 56.2% to $325.8 million, down from $744.1 million in 2023[10] - Cash flow from operating activities was $537.1 million, down from $944.7 million in 2023[66] - The company declared a total annual dividend of 1.30 HKD per share, a 44.4% increase from 0.90 HKD in 2023[10] - The board has declared a final dividend of HK$0.90 per share for 2025, up from HK$0.70 per share in 2023, resulting in a total annual dividend of HK$1.30 per share[81] - The company declared an interim dividend of HKD 0.40 per share for the six months ending June 30, 2024, and proposed a final dividend of HKD 0.90 per share, totaling approximately HKD 1,444,094,000, subject to shareholder approval[111] Operational Efficiency - The gross profit margin for the manufacturing business improved by 0.7 percentage points to 19.9%, achieving the highest operating profit margin since 2010[31] - Retail sales in the Greater China region decreased by 8.0% year-on-year in RMB terms, reflecting weak consumer confidence[30] - The company aims to fully implement the SAP ERP system and integrated operation platform by 2025 to enhance production efficiency[33] - The company is focusing on digital transformation and smart manufacturing to enhance short-term and long-term profitability[33] - The company plans to focus on optimizing store efficiency and selectively adjusting or renovating stores as part of its refined retail strategy[51] Market Trends and Demand - Total footwear shipments increased by 16.9% year-on-year to 255.3 million pairs in 2024[10] - Global footwear demand showed a significant recovery, with Vietnam's footwear exports rising by 13.0% to $22.9 billion in 2024[30] - The company’s sports/outdoor footwear accounted for 53.8% of total revenue, while casual shoes and sports sandals made up 9.4%[52] Sustainability and ESG - The company received a "BB" rating from MSCI ESG and improved its scores in various sustainability assessments, outperforming 87% of companies in the textile, apparel, and luxury goods sector[35] - The company’s ESG score improved to 48 in 2024 from 41 in 2023, outperforming 87% of companies in the textile, apparel, and luxury goods sector[45] - The company aims to achieve a 46.2% reduction in absolute greenhouse gas emissions by 2030, using 2019 as the baseline year[184] - The group plans to achieve carbon neutrality by 2025 through the procurement of renewable energy and enhancing energy efficiency[184] Employee and Governance - The group employed approximately 285,500 employees as of December 31, 2024, a 7.9% increase from 264,700 employees in 2023[83] - The board of directors includes a mix of executive and independent non-executive members, ensuring a diverse governance structure[121] - The company emphasizes the importance of employee development and communication channels, including internal websites and surveys, to enhance talent capital and sustainable competitiveness[189] Risk Management - The company has established a risk management framework to address various operational risks, including labor law compliance and data security, by hiring local experts and implementing high-security communication systems[195][197] - The company is focused on diversifying its revenue sources by continuously analyzing brand client orders and exploring new brands and profit sources to mitigate operational risks[198] - The company is prepared to activate contingency plans in response to significant events or abnormal price fluctuations affecting operational costs[200] Capital Expenditure and Investments - The group’s total capital expenditure for 2024 is $211.3 million, an increase from $200.6 million in 2023, with manufacturing capital expenditure at $159.8 million, up from $152.0 million[72] - The group plans to invest approximately ₹23 billion (approximately $276 million) in a production base in an economic zone in Tamil Nadu, India, with the project already underway[73] - The company invested $142.2 million in product development, focusing on innovation and sustainable materials[62] Shareholder Relations - The total number of issued shares is 1,604,556,486 shares[135] - The company has adopted stock option and share award plans to incentivize directors and eligible employees, aligning their interests with the company's performance[127] - The company confirmed a net expense of $2,766,000 related to the Yu Yuan Share Incentive Plan for the year ending December 31, 2024, as equity-settled share-based payments[147]

Investment Rating - The report maintains a "Buy" rating for the company with a target price yet to be specified [5] Core Viewpoints - The company anticipates a decline in net profit for Q1 2025, projecting a decrease of no more than 25% compared to the same period in 2024, primarily due to rising production costs and decreased efficiency [1] - The manufacturing business showed stable growth with Q1 revenue around $2.03 billion, reflecting a year-on-year increase of 1.3%, while retail revenue decreased by 5.4% [2] - The company holds an optimistic outlook for the mid to long-term development, expecting a 6% compound annual growth rate in the global sports goods industry from 2024 to 2029, with the market size projected to reach $548 billion by 2029 [3] - The company is implementing organizational restructuring and cost-reduction plans to enhance overall profitability, while also focusing on digital smart manufacturing management [3] Summary by Sections Q1 Performance - The company forecasts a net profit of approximately $100 million for Q1 2025, with a reduction of up to 25% compared to the previous year [1] - The manufacturing segment's revenue is expected to grow by 5.9% year-on-year, while retail sales are projected to decline by 5.4% [2] Long-term Growth Prospects - The company is confident in its sustainable growth potential, driven by strong demand for quality suppliers in the global footwear and sports industry [3] - Despite short-term uncertainties such as global tariffs and inflation, the company believes its strategies will solidify its core operational strengths [3] Financial Projections - Revenue forecasts for 2025 to 2027 are adjusted to $8.4 billion, $8.9 billion, and $9.5 billion respectively, with net profits projected at $400 million, $430 million, and $480 million [4] - Corresponding EPS estimates are revised to $0.25, $0.27, and $0.30, with PE ratios of 6x, 5x, and 5x [4]

Core Viewpoint - The company anticipates a decrease of no more than 25% in profit attributable to shareholders for the three months ending March 31, 2025, compared to the same period in 2024, primarily due to fluctuations in the global economic environment and rising manufacturing costs [1] Financial Performance - The expected profit for the period is projected to be less than $75 million, down from $100 million in the same period last year [1] - The decline in profit is attributed to increased operational challenges and higher costs associated with footwear manufacturing, including decreased production efficiency and rising labor costs [1]