一表綜合券商對瑞聲(02018.HK)業績後最新目標價及觀點
瑞聲科技(02018.HK)今早股價受壓，最新報34.75港元下滑近6%，花旗指其業績最壞時刻已過，但料其未來前景仍弱，降其2019年至2021年盈利預測各29%、28%及5%，不少券商擔心其毛利率前景。該公司上周五(23日)中午公布中期純利按年跌56.7%至7.7億元人民幣(下同)，每股盈利0.64元，派中期息0.4港元。期內營業額按年跌10.2%至75.68億元人民幣，當中聲學業務收入和毛利率同比分別下降15%和7.4個百分點，至36.5億元及30.1%。
公司光學業務收入按年增長73%至4.17億元；電磁傳動及精密結構件業務收入則按年下跌12%至30.3億元；微機電系統器件業務收入按年增長11%至3.8億元。上半年集團毛利率按年下跌9.2個百分點至27.5%，主要受市場整體疲弱，以及一些新的設計方案仍處於早期市佔率上升且尚未量產達到一定規模的階段所拖累。
【績後股價挫 關注毛利率】
瑞信認為，瑞聲科技下半年聲學產品銷售，產品均價及毛利率將較上半年改善，見到超線性揚聲器(SLS)開始向中端手機滲透。觸控反饋銷售料會向下，受美國客戶市佔損失及步進馬達需求放緩影響。另外，公司計劃年底生產高端混合鏡頭，與及塑膠鏡頭明年產量上升，會使明年毛利率顯著改善。該行下調瑞聲科技今年至2021年每股盈利預測6%至18%，目標價由35.6港元降至32.8港元，維持「跑輸大市」評級。
美銀美林維持對瑞聲「買入」評級，將目標價由58港元降至50港元。該行亦下調公司今明兩年每股盈利預測27%及21%，反映對毛利率更保守假設。該行認為，瑞聲科技銷售及毛利率受美國客戶業務競爭影響。
本網最新綜合10間券商對其投資評級及目標價：
券商│投資評級│目標價(港元)
中金│跑贏行業│70-55元
美銀美林│買入│58元-50元
野村│中性│47.8元高盛│中性│44元
花旗│買入│56元-44元
摩根大通│中性│45元-38元
摩根士丹利│減持-與大市同步│38元
瑞銀│沽售│36元-34元
交銀國際│中性│45元-33元
瑞信│跑輸大市│35.6元-32.8元券商│觀點
中金│料季績已見底，但未來增長缺乏推動力
美銀美林│仍處轉型階段，下半年見改善跡象
野村│第二季業績受毛利率拖累遜預期
高盛│第二季純利遜預期
花旗│最壞情況已過，光學及產品規格轉移為中期動力
摩根大通│最壞情況或過去，但復甦之路仍顛簸
摩根士丹利│大部分負面因素已反映，欠缺催化劑
瑞銀│第二季業績令人意外地下行
交銀國際│料下半年毛利率將遜預期
瑞信│次季業績遜預期，毛利率料續受壓
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