《大行報告》野村上調瑞聲(02018.HK)目標價至48元 評級「中性」
野村發表的研究報告指,瑞聲科技(02018.HK)首季盈利勝市場預期43%,與其盈利預告表現一致,期內毛利率升至31.1%,主要受惠聲學及光學毛利率表現勝預期,該行認為部分盈利擴張因素屬結構性轉變,包括是受惠小腔體設計致安卓聲學毛利改善,另外在塑膠鏡頭的經營效率亦有改善等。不過短期而言安卓智能手機市場弱勢或繼續影響公司次季及第三季初的表現,該行將其2021/22財年盈利預測升10%及6%,以反映聲學及光學毛利改善的影響,維持「中性」評級,目標價由45.5元升至48元。
該行認為首季公司表現強勁,主要受惠聲學收入按季升1%、按年升47%至21億元人民幣(下同),貢獻整體銷售的49%,而毛利率亦升至37.4%。在光學方面期內收入按季升26%至6.74億元,貢獻整體銷售的15.7%,公司塑膠鏡頭出貨量達1.46億組,按季持平,平均銷售單價3.37元則按季升2%,毛利率達36.3%。手機模組鏡頭(CCM)銷售亦升至佔光學銷售的25%,毛利率則為高單位數。
管理層估計安卓聲學的毛利在未來數季將繼續呈上升勢頭,主要因為新設計體積縮細20-30%但質素無受影響,加上生產標準化產品有助改善效率及成本架構。該行認為公司塑膠鏡頭及CCM銷售將繼續增長,不過第二至第三季或受安卓智能手機市場影響呈弱勢。儘管如此,管理層相信受惠成本效益提升,塑膠鏡頭毛利將繼續擴張。另一方面該行估計安卓智能手機弱勢只會持續一至兩季,料公司次季銷售將僅升2%,而毛利率料將降至26.9%。
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