一文综合券商於瑞声(02018.HK)公布季绩後最新评级、目标价及观点
瑞声科技(02018.HK)今日股价受压，最新报43.25元跌3.7%，高盛指其上季利逊市场预期31%，惟料玻璃晶圆级镜片明年上半年起可付运。该公司上周五(13日)中午公布截至9月底止首三季业绩，纯利按年跌49%至7.51亿元人民币，每股盈利0.62元人民币。营业额按年跌1.8%至123.57亿元人民币。期内毛利率按年减少5.1个百分点至23.3%，净利率按年减少5.5个百分点至6.1%。截至9月底止净资产负债率为7.8%，现金余额56.1亿元人民币。
瑞声今年第三季纯利按年跌38%至4.3亿元人民币，按季升61%，每股季度盈利为0.36元人民币。季度收入按年跌10%至45.2亿元人民币，其中声学分部销售额按年跌5%至21.6亿元人民币；光学分部销售额按年升52%至4.74亿元人民币；电磁传动及精密结构件业务销售额按年跌29%至15.2亿元人民币，主要受该板块产品价格及金属中框出货量同比下滑影响。公司指，集团继续推动提升产品线管理的组织转型计划，并通过全方面成本管控措施降低成本，提升人均生产效率。
【季绩逊预期 关注毛利率】
花旗指出，瑞声仍需时间让毛利达标，重申「沽售」评级并下调目标价由40元降至36港元。该行认为瑞声股价相等明年预测市盈率20倍，且欠缺正面催化剂并不吸引。该行又指，六镜头业务收入贡献未达标，受相关手机项目延误影响，且镜头毛利水平仍未达标，相信需要多个季度改善，晶圆级玻璃镜头表现仍有待观察。该行亦指，公司表明下半年维持高研发比率，并将投资新产品研发，或为经营溢利率带来压力。
瑞信指出，瑞声季绩有多项正面信息，包括光学毛利率按季改善10.8个百分点至24.6%，晶圆级玻璃镜头订单确定且定於明年付运，在美国客户的订单占比亦回稳。但亦有多项负面信息，包括光学销售及交付落後目标，且因产品组合及客户订货时间改变导致均价按季下跌，市场光学产品月产出持续上升。该行下调对瑞声目标价由59.2元降至52.9港元，维持「跑赢大市」评级，认为光学业务有能见度，且市场预期低落，股价下行空间有限。
【瑞声季绩後股价受压】
本网最新综合16间券商对其投资评级及目标价，8间券商下调目标价：
券商│投资评级│目标价(港元)
中信证券│买入│74.7元
海通国际│跑赢大市│72元->65元
招商证券国际│买入│68元->65元
银河联昌证券│增持│63.4元->59.5元
国盛证券│买入│53.8元
瑞信│跑赢大市│59.2元->52.9元
国泰君安国际│中性│52元
野村│中性│51元
摩根大通│中性│48元
大和│持有│51元->47元
麦格理│跑输大市│42.7元->38元
摩根士丹利│减持│38元
美银证券│跑输大市│38元->36.5元
花旗│沽售│40元->36元
瑞银│沽售│32元
高盛│沽售│31元
-----------------------------
券商│观点
中信证券│大客户新机种延後，致业绩阶段性受压
海通国际│吸纳迎接明年盈利反弹
招商证券国际│曙光初现，聚焦光学业务
银河联昌证券│料明年经营全面复苏
国盛证券│光学进展符预期，毛利率有改善空间
瑞信│季绩逊预期，但光学毛利率胜预期
国泰君安国际│季绩逊预期，将检讨目标价及投资评级
野村│季度销售及毛利率逊预期，光学仍处上升轨
摩根大通│镜头业务持续改善，其他业务毛利严竣
大和│投资者须更多耐性
麦格理│季绩受手机机壳业务拖累
摩根士丹利│原有业务维持受压
美银证券│毛利改善较预期慢，盈利逊预期
花旗│镜头毛利率改善未能解决问题
瑞银│另一个令人失望的季度
高盛│手机镜头销售录增长，核心业务及镜头模组毛利受压
(fc/w)
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