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大行評級 | 花旗:瑞聲科技三季度淨利潤未達預期,下調公司目標價

彭博報道,花旗稱,瑞聲科技第三季度淨利潤較市場預期低31%,而利潤率尚需時日才能達到公司的目標,因此下調公司目標價。

分析師Arthur Lai等人在報告中指出,毛利率低於預期,因傳統產品面臨平均售價和升級速度放緩的壓力。

公司未達到其2020年6P鏡頭收入貢獻的指引,其貢獻率低於10%(目標15%-20%),部分由於華爲等方面的延誤;鏡頭利潤率水平也未達到目標的40%。扭轉這一局面將需要超過一個季度的時間,因競爭激烈。

2021/2022年毛利率預測分別降至26.3%/27.9%

目標價下調10%至36港元,維持賣出評級。

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