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高盛瑞声(2018.HK)第二季纯利远逊市场预期维持“中性”评级
格隆汇 08-23 15:27
高盛发表报告指,瑞声科技(2018.HK) 今年第二季纯利远逊市场预期,按年下跌48%至3.38亿元人民币,较该行预期低出20%,较市场预期更大幅低出41%,主要由于毛利率表现差于预期,由去年同期的35%,缩窄至今年第二季的25%,为自2010年以来的低位。
该行表示,集团管理层将毛利率下跌归因于市场需求疲弱,及部分新设计的解决方案仍在早期阶段,虽然市场占有率正提升,但并未达最佳规模。
高盛维持对瑞声的“ 中性 ”评级及目标价44港元,相当于明年预测市盈率 13倍。该行称,集团毛利率逊预期呼应了该行对其基本面的谨慎看法,即使集团手机镜头业务不断增长,但未足以抵销声学和触控马达业务市占下降。
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