《大行報告》瑞信下調瑞聲(02018.HK)目標價至59元 降內地手機付運預測
瑞信發表報告表示,基於iPhone 11銷售較高,上調瑞聲科技(02018.HK)去年每股盈利預測2%,但同時料內地能手機付運疲弱,調低對公司2020年及2021年每股盈利預測分別5%及3%,料今年毛利率承壓及營業費用較高,維持對瑞聲「中性」投資評級,將目標價由62元降至59元,此相當預測今年市盈率22倍。該行指,瑞聲將於3月25日公布去年第四季業績,估計其季績將遜市場預期,因Android手機的聲學及外殼均價承壓、來自蘋果公司業務的市場份額降低。考慮到受內地疫情所影響,該行料瑞聲2020年首季收入將按季跌31%(按年跌5%),毛利率降至23%,料純利將按季下滑63%(按年跌35%)。瑞信下調全球智能手機2020年及2021年付運量預測各1%及5%,華為智能手機2020年付運預測由2.68億部降至2.1億部,將華為智能手機2021年付運預測由2.84億部降至2.14億部。但該行上調對iPhone於2020年付運預測由1.95億部升至2.07億部,將iPhone於2021年付運預測由2.01億部升至2.13億部。該行亦下調中國今年首季智能手機付運預測21%至4,800萬部(按年跌34%),降中國今年智能手機付運預測4%至3.78億部(按年升1%),反映受新冠狀病毒疫情的影響。
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