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《大行報告》花旗降瑞聲(02018.HK)評級至「中性」 目標價下調至46元
阿思達克 05-18 10:10
花旗發表的研究報告,將瑞聲科技(02018.HK)評級由「買入」降至「中性」,認為公司中期將面對困難,包括是整體智能手機需求有風險,加上性能未有顯著提升均拖累平均銷售單價及利潤表現。此外,在鏡頭科技上亦需要時間才有成果。

該行指出公司首季業績符預期,毛利率及經營利潤率分別為23.1%及2.7%,差過該行及市場預期。公司目標是隨著次季人手效率提升,所有分部利潤均有復甦,另外該行亦料觸控馬達利潤將低於聲學,因為公司正聚焦滲透安卓手機。

公司指出首季鏡頭利潤僅10%,該行估計鏡頭利潤需要時間才有改善。該行指出公司股價已跌39%,相信已反映2020年的弱勢,另外晶圓級玻璃鏡片(WLG)的高端技術相信可助改善影像質素及降低厚度,相信倘量產對內地代工商有益處,該行將公司2020/21年每股盈利預測分別下調33%及32%,以反映智能手機增長遜預期,目標價由57元降至46元。

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