《大行報告》匯豐研究下調瑞聲(02018.HK)目標價至16.8元 評級「持有」
匯豐研究發表研報指,瑞聲(02018.HK)去年第四季業績符合預期,毛利率按年下降近4個百分點至16.6%,遠低於預期,表現令人失望,主要是由於去庫存及利用率下降導致光學產品毛利率低於預期。
該行指出,受惠於季節性因素及產品供應改善,聲學組件第四季銷售額實現約6%增長。考慮到光學業務利潤的前景疲軟,該行將該業務今明兩年毛利率預測下調3.3及1個百分點,淨利潤預測相應下調4%至6%,目標價從17元下調至16.8元,維持「持有」評級。
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