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《大行报告》瑞银:瑞声(02018.HK)首季盈利大跌 料股价短期反应负面
阿思达克 04-09 09:31
瑞银发表的研究报告指,瑞声科技(02018.HK)发盈警,料首季盈利跌85-90%至4,300-6,300万元人民币,主要因为农历年後内地生产停摆,疫情亦增加了额外成本和特殊费用。公司於两周前的业绩电话会议中已表示,2月份产能利用率低,并於3月中全面复产,该行相信公司盈利大跌对市场属负面,管理层亦承认虽然3月中产能回复正常,但疫情爆发为需求带来不确定性,中长期而言仍然保持审慎乐观态度。

瑞银认为公司核心业务有定价压力,当中包括声学及触控马达。该行的成本分析显示,相关零件在5G智能手机上定价压力较大,主要因为市场竞争激烈及设计上并无升级。虽然公司对光学业务产品组合升级等感到乐观,但该行认为假如疫情拖累需求进一步恶化,情况或较困难,而公司的手机镜头产能扩张计划比较进取,将令公司更处下风。

瑞银指出虽然投资者已预计今年首季公司业绩较差,但盈利按年大跌将令股价短期呈弱势,部份投资者对公司的光学镜头业务看法正面,但估计短期难有显着突破,目标价32元 ,评级「沽售」。(el/u)

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