《大行報告》摩通:對瑞聲(02018.HK)前景維持保守看法 評級「中性」
摩根大通發表報告指,瑞聲科技(02018.HK)首季業績差過預期,維持對公司前景保守看法,因爲今年智能手機銷量疲軟、光學產品的競爭持續,以及毛利率較低的外殼和鏡頭模組銷售佔比增加,導致毛利率攤薄。該行維持其「中性」評級,目標價22.1元。
摩通表示,雖然投資者可能認爲未來料較少出乎預期的負面因素出現,但目前對瑞聲看法轉正還爲時過早,因爲光學產品毛利率復甦路徑不確定,汽車業務的貢獻輕微,以及瑞聲可能難以向客戶轉嫁勞工及原材料通脹成本。
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