一表综合券商对瑞声(02018.HK)业绩後最新目标价及观点
瑞声科技(02018.HK)今早股价受压，最新报34.75港元下滑近6%，花旗指其业绩最坏时刻已过，但料其未来前景仍弱，降其2019年至2021年盈利预测各29%、28%及5%，不少券商担心其毛利率前景。该公司上周五(23日)中午公布中期纯利按年跌56.7%至7.7亿元人民币(下同)，每股盈利0.64元，派中期息0.4港元。期内营业额按年跌10.2%至75.68亿元人民币，当中声学业务收入和毛利率同比分别下降15%和7.4个百分点，至36.5亿元及30.1%。
公司光学业务收入按年增长73%至4.17亿元；电磁传动及精密结构件业务收入则按年下跌12%至30.3亿元；微机电系统器件业务收入按年增长11%至3.8亿元。上半年集团毛利率按年下跌9.2个百分点至27.5%，主要受市场整体疲弱，以及一些新的设计方案仍处於早期市占率上升且尚未量产达到一定规模的阶段所拖累。
【绩後股价挫 关注毛利率】
瑞信认为，瑞声科技下半年声学产品销售，产品均价及毛利率将较上半年改善，见到超线性扬声器(SLS)开始向中端手机渗透。触控反馈销售料会向下，受美国客户市占损失及步进马达需求放缓影响。另外，公司计划年底生产高端混合镜头，与及塑胶镜头明年产量上升，会使明年毛利率显着改善。该行下调瑞声科技今年至2021年每股盈利预测6%至18%，目标价由35.6港元降至32.8港元，维持「跑输大市」评级。
美银美林维持对瑞声「买入」评级，将目标价由58港元降至50港元。该行亦下调公司今明两年每股盈利预测27%及21%，反映对毛利率更保守假设。该行认为，瑞声科技销售及毛利率受美国客户业务竞争影响。
本网最新综合10间券商对其投资评级及目标价：
券商│投资评级│目标价(港元)
中金│跑赢行业│70-55元
美银美林│买入│58元-50元
野村│中性│47.8元高盛│中性│44元
花旗│买入│56元-44元
摩根大通│中性│45元-38元
摩根士丹利│减持-与大市同步│38元
瑞银│沽售│36元-34元
交银国际│中性│45元-33元
瑞信│跑输大市│35.6元-32.8元券商│观点
中金│料季绩已见底，但未来增长缺乏推动力
美银美林│仍处转型阶段，下半年见改善迹象
野村│第二季业绩受毛利率拖累逊预期
高盛│第二季纯利逊预期
花旗│最坏情况已过，光学及产品规格转移为中期动力
摩根大通│最坏情况或过去，但复苏之路仍颠簸
摩根士丹利│大部分负面因素已反映，欠缺催化剂
瑞银│第二季业绩令人意外地下行
交银国际│料下半年毛利率将逊预期
瑞信│次季业绩逊预期，毛利率料续受压
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