Core Viewpoint - Yu Yuan Group (00551) shows resilience in its manufacturing business despite seasonal impacts, with a positive outlook for Q4 2025 driven by strong order composition and pricing [1] Group 1: Financial Performance - Yu Yuan Group's third-quarter OEM revenue and net profit were reported at 1.434 billion and 109 million USD, respectively, exceeding UBS's expectations by 62% due to higher-than-expected gross margins [1] - UBS raised Yu Yuan's target price from 16 HKD to 18 HKD, reflecting a 5% to 6% increase in net profit forecasts for 2025 to 2027 based on the better-than-expected gross margins in the OEM business [1] Group 2: Market Conditions - The global consumer market is showing steady development, with the back-to-school sales in the US outperforming expectations [1] - However, new tariff policies and geopolitical tensions continue to create uncertainties, posing challenges to the operating environment [1] Group 3: Operational Insights - Despite the negative impact on footwear revenue from declining shipment volumes, the strong order mix has helped to maintain average selling prices [1] - The company is expected to maintain positive growth in FOB for Q4 [1]
裕元集团涨近3% 第三季度优质订单组合持续推升平均单价 OEM毛利率高于市场预期