《業績前瞻》券商料瑞聲(02018.HK)中期純利按年跌近47% 關注光學業務毛利率
瑞聲科技(02018.HK)將於下周一(24日)公布今年中期業績業績，由於新冠疫情在全球蔓延，明顯影響全球智能手機的供應鏈，本網綜合9間券商預測，瑞聲科技今年上半年純利介乎3.44億至4.99億元人民幣，較2019年中期7.7億人民幣，按年下跌35.2%至55.3%，中位數為4.11億人民幣，按年跌46.6%。
綜合7間券商預測，瑞聲科技今年上半年毛利率料介乎23.5%至25.3%，按年減少2.2至4百分點。中位數為24.3%，按年跌3.2百分點。投資者將關注瑞聲管理層對各業務包括產品付運及毛利率的最新指引、特別是光學業務表現及毛利率展望。
【受益iPhone SE訂單 關注光學業務】
中金上月下旬發表報告，預計瑞聲今年中期純利將按年跌50%至3.89億元人民幣，料收入按年跌8%至77.59億元人民幣；該行估計瑞聲今年第二季純利，可由首季5,270萬人民幣升至3.36億人民幣，料其第二季度業績將穩健增長，主要考慮蘋果訂單增加及光學業務改善。該行認為近期小米和OPPO戰略投資瑞聲的光學子公司，突顯了公司的技術實力，長期有望釋放企業價值。考慮到第二季度iPhone SE訂單增加，預計單季度毛利潤率和淨利潤率將環比改善1.8和6.5百分點(各至24.9%及8%)。
瑞信預計瑞聲今年上半年純利按年倒退55%至3.44億人民幣，料第二季純利按年跌14%至2.91億人民幣，低於市場預估，基於毛利率料僅為25.9%，及期內經營開支達6.98億元。中期純利則按年跌55%至3.44億元人民幣。該行認為瑞聲毛利率仍將受海外市場轉弱，尤其來自三星的訂單，與及公司較少向高端手機供貨，同時面對光學業務研發成本上升。該行認為瑞聲光學業務第二季毛利率不能達到30%水平，但毛利率按季擴張則可達。
匯豐環球研究則預期瑞聲中期純利按年跌逾46%，料其第二季純利按年升7%至3.6億元人民幣，受惠於產能利用率及員工效率顯著改善。該行亦預期瑞聲的光學業務在第二季毛利率達25%，部分地受惠於單價上升。
--------------------------------------------
本網綜合9間券商預測，瑞聲科技今年上半年純利介乎3.44億至4.99億元人民幣，較2019年中期7.7億人民幣，按年下跌35.2%至55.3%，中位數為4.11億人民幣，按年跌46.6%。
券商│今年上半年純利預測(人民幣)│按年變幅
華興資本│4.99億元│-35.2%
花旗│4.16億元│-46%
招商證券國際│4.15億元│-46.1%
匯豐環球研究│4.127億元│-46.4%
美銀證券│4.11億元│-46.6%
中金│3.89億元│-49.5%
建銀國際│3.76億元│-51.2%
招銀國際│3.55億元│-53.9%
瑞信│3.44億元│-55.3%
按瑞聲2019年上半年純利7.7億元人民幣計算
----------------------
綜合7間券商預測，瑞聲科技今年上半年毛利率料介乎23.5%至25.3%，按年減少2.2至4百分點。中位數為24.3%，按年跌3.2百分點。
券商│今年上半年毛利率預測│按年變幅
招商證券國際│25.3%│-2.2百分點
美銀證券│25.2%│-2.3百分點
華興資本│24.9%│-2.6百分點
建銀國際│24.3%│-3.2百分點
中金│24%│-3.5百分點
招銀國際│23.5%│-4百分點
花旗│23.5%│-4百分點
按瑞聲2019年上半年毛利率27.5%計算
(fc/w)
~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
