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一文綜合券商於瑞聲(02018.HK)公布中期業績後最新評級、目標價及觀點
阿思達克 08-26 10:38
瑞聲科技(02018.HK)今早股價捱沽,盤中曾低見42.5元一度下挫9.3%。海通國際指瑞第二季純利3.89億人民幣按季跌27%(按年升45%),低於該行及市場原預期各23%及12%,主要受累毛利率較低,毛利率按季跌6.2%至25%,並指管理層對下半年審慎樂觀;該行認為瑞聲旗下光學業務產品平均售價及毛利率面臨不明朗因素,維持「中性」評級,目標價由50元下調至48元。 瑞聲昨中午公布今年上半年中期業績,營業額86.09億元人民幣按年升9.9%。純利9.21億人民幣按年升187.4%;每股盈利0.76元人民幣。毛利率為28.1%,升4.9個百分點。派每股中期息0.2港元,上年同期為0.1港元。第二季度收入為43.17億元人民幣,按年上漲0.9%,毛利率為25.0%,上漲1.7個百分點。淨利潤為3.89億人民幣上漲45.2%。 公司董事總經理莫祖權重申對下半年審慎樂觀的看法,認為第二季的毛利跌幅只是反映某一季節和板塊情況,公司會著重繼續研發投入,未來會更著重技術面,以及垂直產業的投資。 【季績遜預期 毛利率疲弱】 國泰君安表示,瑞聲今年上半年業績符合預期,收入升1.87倍主要是收入及毛利率同時上升,但由於海外疫情令越南工廠的產能利用率降低及主要客戶聲學產品單價季節性下降,令相關業務收入按季跌2.6%。該行料瑞聲旗下越南工廠的不利影響因素會持續至今年第三季,估計計聲學業務的毛利率在今年下半年仍會受到影響,料電磁傳動和精密結構業務將承受來自產品價格和客戶需求的壓力,維持對其「中性」評級及目標價46.8元,基於毛利率低預期,正計劃下調對其盈利預測。 野村指,瑞聲今年第二季業績遜市場預期,因毛利率遜色,但見公司早期復甦訊號,如高端手機製造商正考慮在未來兩年引入瑞聲鏡頭產品,但有關旗下越南廠房會受到疫情影響,但同時認為現估值水平吸引,決定上調對其評級由「中性」升至「買入」,調高目標價由48元至54.2元。 -------------------------------------------------- 本網綜合10間券商列出對瑞聲公布中期業績後最新的投資評級、目標價及觀點: 券商│投資評級│目標價(港元) 高盛│買入│66元 招商證券國際│買入│63元 美銀證券│買入│64.5元→60元 瑞信│跑贏大市│63.1元→59.2元 里昂│跑贏大市│62元→55.5元 野村│中性→買入│48元→54.2元 大和│跑贏大市│51元→52.5元 海通國際│中性│50元→48元 國泰君安│中性│46.8元 花旗│中性│46元→45元 券商│觀點 高盛│第二季業績符預期,料基本面已在上季觸底 招商證券國際│次季業績因季節性不及預期,但光學業務仍是正向驅動 美銀證券│季績符預期,iPhone訂單成第三季業績關鍵 瑞信│次季業績符預期,對下半年復甦轉樂觀 里昂│業績受淡季所影響,指光學業務逐步增長 野村│次季業績遜預期,但見早期復甦訊號,上調評級 大和│短期表現放緩,正提供良好介入點 海通國際│第二季毛利遜預期 國泰君安│越南工廠不利因素會持續至第三季,估聲學業務毛利率下半年會受影響 花旗│第二季毛利率遜預期
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