瑞信:升瑞聲(2018.HK)評級至“中性” 目標價上調至50港元
瑞信發表報告表示,瑞聲科技(2018.HK)
今年第三季收入優於該行預期9%,主因精密機械業務表現高於預期,不過業務毛利率較低而運營開支上升,導致集團季度純利較該行預期低3%。由於精密機械的出貨量增加,該行預計瑞聲今年第四季的毛利率將保持疲弱。瑞信下調對瑞聲今年的每股盈利預測4%,以反映毛利率受壓,但外殼/光學業務明年及2021年的每股盈利預測則分別上調1%及10%。
另外,該行又上調瑞聲股份評級,由“
跑輸大市
”升至“
中性
”,目標價由31港元上調至50港元,此相當預測明年市盈率17.8倍,主要由於聲學業務的競爭趨於穩定;觸覺/外殼業務面對的壓力已在股價反映;在5G智能手機替換週期下的出貨量復甦;以及光學業務貢獻而有重估。
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