瑞信下调瑞声(2018.HK)目标价至32.8港元维持“跑输大市”评级
瑞信发表报告表示,瑞声(02018.HK)第二季业绩差过预期,当中收益按年及按季分别升1%及2%至38亿元人民币(下同),轻微高过该行预期;毛利率按年跌10个百分点至25%,更跌至历史低位,低过该行预期5个百分点;纯利按年跌48%至3.38亿元,亦低过该行预期34%。

该行认为,声学业务之销售及毛利率于下半年会较上半年有所改善,当中技术平台超线性结构(SLS)扩张至中价智能电话会有所带动;触控马达(haptics)则因美国客户流失及需求下降而拖累下半年或有下行表现;公司计划扩大高端产品占比等可改善毛利率表现。
瑞信下调该公司2019/20/21年每股盈利预测18%、8%及6%,反映在价格竞争及收益下跌令毛利率持续受压,目标价相应由35.6港元下调至32.8港元,相当于2020年预测市盈率11倍,维持“跑输大市”评级。
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