《大行報告》野村下調瑞聲(02018.HK)評級至「減持」 降目標價至39.3元
野村發表的研究報告將瑞聲科技(02018.HK)評級由「中性」降至「減持」,目標價由46元降至39.3元,該行指出雖然公司僅15%收入來自華為,但認為華為是瑞聲安卓機中重要的策略買家,認為其2019-21年收入及盈利增長可抵銷來自蘋果業務的結構性壓力,惟美國針對華為的禁令或拖累瑞聲未來6-12個月的增長展望,故將其2020/21年盈利預測降25%及19%,認為iPhone及華為需求風險增加。
該行指出,瑞聲過去兩年於iPhone的聲學及觸控馬達方面均流失部分市場份額,並開始轉向內地的智能手機客戶,現時公司正積極令產品組合多元化,並加強新業務等,而華為亦是內地品牌中高端機銷量最高,留意到公司為華為提供多種產品包括是聲學、觸控馬達及光學零件等,此外公司在華為的機械零件及鏡頭市佔有所提升,估計美國對華為的禁令將影響公司的策略計劃,認為瑞聲或需要時間調整策略應對。
基於管理層在業績會議上的意見,相信公司將受惠次季生產效率改善,但該行認為iPhone訂單風險及美國針對華為的禁令或對公司帶來負面影響。
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