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《大行報告》瑞信微升瑞聲(02018.HK)目標價至48.5元 評級「跑贏大市」
阿思達克 05-17 09:39
瑞信發表的研究報告指,瑞聲科技(02018.HK)首季收入勝該行預期14%,而淨利則接近其盈利預告的中間點,首季毛利率較該行及市場預期高3.9個百分點及5個百分點,主要受惠聲學及光學業務毛利率較高,期內經營利潤率較該行預期高2.6個百分點,而受惠收入及毛利率表現,淨利亦勝預期。

該行指出首季6P以上鏡頭佔比達12%,而塑膠鏡頭毛利率則達36.3%,管理層維持塑膠鏡頭長遠目標40%。手機模組鏡頭(CCM)毛利轉正,4,800萬像鏡頭正在出貨,公司亦正研究1.08億像模組。

該行認為聲學收入增長主要是受惠安卓客戶補貨及蘋果的季節性轉變,並受惠於安卓毛利率改善及標準化小腔體揚聲器模組將在次季出貨。公司觸控馬達在蘋果方面市佔維持穩定,而在安卓方面則有快速增長,其金屬外殼客戶出貨則下跌,另外MEMS增長及毛利均維持穩健。

該行維持對其2021-23年每股盈測大致不變,考慮到首季業績強勁及次季收入及盈利較低影響,目標價由48.4元升至48.5元,評級維持「跑贏大市」。(el/k) ~

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