《大行報告》美銀證券下調瑞聲(02018.HK)目標價至14.3元 評級「跑輸大市」
美銀證券發表研究報告指,瑞聲科技(02018.HK)首季盈利按年下跌61%至2.05億元人民幣,較該行預期高出23%,則較市場預期低15%。期內手機鏡頭模組收入貢獻上升,整體收入表現好過預期,但經營利潤率受到主要客戶的平均售價下降及疫情期間成本上升所影響,期內按年跌10個百分點至4.9%,遜預期。
報告指,中國智能手機疲弱,加上迎來主要客戶蘋果的淡季,管理層預期第二季銷售額將按季下跌。雖然管理層預期業務自第三季起將開始復甦,但美銀表示,對智能手機市場需求仍保持謹慎看法,指出中國及歐洲宏觀經濟疲軟,加上美元升值,可能導致新興市場購買力減弱。
美銀將其2022至2023年盈利預測下調11%及9%,以反映首季業績及業務前景,並將目標價由16元下調至14.3元,重申「跑輸大市」評級。
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