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摩通:升瑞聲(2018.HK)目標價至45港元 評級“中性”
格隆匯 11-11 11:22
摩根大通發表報告指,瑞聲科技(2018.HK) 舉行第三季電話會議後,但該行認為公司仍未能迴應很多問題。首先,管理層對鏡頭擴張維持樂觀,但該行認為管理層應該更專注改善收益率及盈利能力;其次,公司目標擴張外殼及打入相機模組業務。該行認為瑞聲新策略部分反映其現時業務仍然受壓。
該行表示,將瑞聲2020年銷售預測調高10%至207.87億元人民幣,以反映公司對外殼和光學業務的決心,但將每股基本盈利調低12%至2.48元人民幣,反映利潤率下跌及加晶圓級玻璃(WLG)鏡頭盈利能力不清晰。同時,亦憂慮利潤率下跌可能限制估值進一步上升,不過仍將目標價由38港元升至45港元,是基於2020年市盈率預測18倍,維持評級“ 中性 ”。

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