Investment Rating - The report maintains a "Buy" rating for Yuanyuan Group (00551) [1] Core Views - Yuanyuan Group's performance in manufacturing remains stable, with a high dividend payout ratio maintained for the year [6] - The company reported a revenue of USD 8.03 billion for 2025, a decrease of 1.8% year-on-year, and a net profit attributable to shareholders of USD 381 million, down 2.9% year-on-year [6] - The manufacturing business showed resilience with a revenue of USD 5.65 billion, a slight increase of 0.5% year-on-year, while the retail business faced challenges with a revenue decline of 7.2% [6] - The company anticipates increased demand driven by several sports events in 2026, which is expected to boost shipment volumes [6] Financial Data and Profit Forecast - Revenue projections for Yuanyuan Group are as follows: - 2024A: USD 8.18 billion - 2025A: USD 8.03 billion - 2026E: USD 8.07 billion - 2027E: USD 8.37 billion - 2028E: USD 8.85 billion - Net profit attributable to shareholders is forecasted as: - 2024A: USD 392 million - 2025A: USD 381 million - 2026E: USD 373 million - 2027E: USD 387 million - 2028E: USD 423 million - The report indicates a projected PE ratio of 9 for 2026 and 8 for 2028, with a target PE of 12 times for 2026 based on comparable companies [5][12][6]
裕元集团（00551）：制造业务表现稳健，全年维持高分红比例