《大行報告》中金下調丘鈦(01478.HK)目標價至4元 評級「跑贏行業」
中金髮表研究報告指出,丘鈦(01478.HK)中期收入按年跌23%至54.8億元人民幣,純利跌87%至2,100萬元人民幣,超過公司早前盈警料純利按年下跌60%至80%水平,並低於該行預期的1.68億元人民幣。
該行認爲,丘鈦上半年面臨的短期壓力歸因於期內環球手機需求疲弱,公司手機模組出貨量按年跌21%至1.67億部,影響產能利用率和主營業務盈利能力;人民幣兌美元匯率波動,導致以美元計價的材料成本上升,對公司毛利造成負面影響; 非手機領域相機模組無利可圖。
此外,該行考慮到全球手機需求相對疲弱,可能會給丘鈦帶來短期壓力,將公司今明兩年的盈利預測各下調63%及34%,至1.27億與2.99億元人民幣。另監於公司在汽車、增強現實(AR)和虛擬現實(VR)光學產品方面的長期增長前景,維持對其「跑贏行業」評級,惟由於目前市場對下半年手機需求好轉持謹慎態度,該行將公司目標價下調39.4%至4元,相當於今明兩年預測市盈率31.4倍及13倍。
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