花旗降瑞声(2018.HK)目标价至44港元评级“买入”
花旗发表报告指,瑞声(02018.HK)最怀情况已过,中期业绩推动因素主要在光学产品及产品升级。次季业绩表现受累均价及销售量表现逊预期,收入稍好于该行预期。毛利率按年及按季分别下跌10个百分点及5个百分点,纯利则较该行预期差35%。

基於中期业绩表现,该行下调瑞声今年盈利预测29%,2020年及2021年则分别下调28%及5%,目标价相应自56港元下调至44港元,相信现价已反映智能手机行业弱势,料5G手机推出後可推动销售及毛利表现,维持“买入”评级。
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