大和下调瑞声(2018.HK)目标价至39.5港元维持“持有”评级
大和总研发表研究报告指,瑞声科技(2018.HK)第二季毛利率表现差,虽然下半年将有好转,但按年增长仍受压。该行又指,虽然公司新业务进程理想,但市场竞争加剧,令价格受压。该行续维持“持有”投资评级,目标价由47港元下调15.96%至39.5港元。
大和表示,新iPhone及季节性因素带动出货量增长,并预期毛利率在第三及第四季能恢复至32.3%至32.7%,但仍较2013至2018年同期的37至43%为低,而今年下半年的盈利则按年下跌11%。
另外,大和乐见集团光学板块进展强劲,料其能在2019-2021年为总收入贡献7-13%。不过,由于现时iPhone的定价及销量压力,加上新产品低产量,该行预期瑞声的毛利率在2019年维持30%的低位,2020年则为32%。
该行将瑞声2019-2021年每股盈利预测下调10-17%,以反映更为保守的利润率假设。
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