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《大行報告》美銀證券下調瑞聲(02018.HK)目標價至42元 受疫情影響較預期大
阿思達克 04-14 10:57
美銀證券發表報告指,瑞聲(02018.HK)日前發表首季盈利預警,估計首季溢利按年減少約85%至90%,較市場預期及美銀之前預測低約89%,相信是由於受疫情影響較預期大所致。

報告指,瑞聲盈利表現差過預期,主要由於疫情引致停工、復工成本較高及終端需求疲軟所致,受影響程度甚至較同行更大。美銀指出,管理層對光學業務的前景仍然樂觀,但該行認為光學業務回升需時,公司的出貨目標似乎具有挑戰性。

美銀相信,考慮到聲學及觸控反饋產品規格升級速度較慢,同時競爭對手都在降低利潤令收入快速增長,預期瑞聲很難使毛利率回到40%以上的水平。

該行將2020至2021年每股盈利預測下調34%及19%,以反映首季表現疲軟或延續至第二季,目標價由48元降至42元,反映今年下半年至明年上半年約16倍預測市盈率,認為光學業務貢獻未來或可抵消其他業務的不利影響,令瑞聲前景變得更樂觀。

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