《大行報告》匯豐研究下調瑞聲(02018.HK)目標價至51.2元 評級「買入」
匯豐環球研究發表報告指,瑞聲科技(02018.HK)於上周四(8日)發盈警,料今年首季純利將按年下跌85%至90%,至介乎4,300萬至6,300萬元人民幣。純利下跌主因新型肺炎疫情致停工,對收入造成負面影響;季節性的定價壓力及消費者需求下滑;和應急程序及恢復工作安排的開支增加。另外,集團亦提到有關干擾及挑戰會否在今年餘下時間繼續仍然未明朗。
該行預期,瑞聲今年首季的收入將按年下跌5%至35.73億元人民幣,毛利率由去年首季的30.1%,及去年第四季的29%,下降至今年首季的23%。匯豐認為,集團來自蘋果公司的訂單相對有韌性,而Android在今年首季則是拖累,預期因首季的延遲導致生產積壓,智能手機訂單在第二季可有按季改善,部分抵銷疲弱的需求。
匯豐研究下調對瑞聲股份目標價,由63.4元降至51.2元,評級維持「買入」,並下調集團今年至2022年各年盈利預測分別32%、0.1%及1%,以反映經營及研發成本提升。
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