《大行報告》花旗下調瑞聲(02018.HK)目標價至46元 評級「中性」
花旗發表的研究報告指,瑞聲(02018.HK)首季業績符早前的盈喜,期內毛利率高過預期,主要因為iPhone產品週期有所延遲,加上安卓聲學毛利復甦。該行估計次季公司收入及毛利將按季下跌,主要因為傳統淡季抵銷了安卓聲學毛利改善的影響,料公司在毛利方面所面對的挑戰將減少,而蘋果在其聲學、觸控馬達及光學業務的影響則仍要觀察。該行維持公司「中性」評級,目標價由47元降至46元。
該行指出首季公司業績符預期,盈利5.32億元人民幣(下同),與早前盈喜一致亦符該行預測,期內毛利率31%主要受惠聲學毛利增長、iPhone產品週期延遲及安卓聲學毛利復甦等。花旗料次季公司收入將向下,因為主要美國客戶處於淡季,而中國智能手機市場則遇挑戰,料第二季毛利率亦將向下。
不過該行重申對公司的看法,解釋為何不給予「沽售」評級,因該行認為公司在毛利層面的挑戰減少,主要因為聲學方面小腔體揚聲器的新設計料到下半年將佔整體組合的10-15%,而ED/PM方面獲更廣泛採納,估計其毛利率在2021/22年將逐步改善。(el/k) ~
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.