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汇丰研究降瑞声(2018.HK)目标价至30.1元评级“持有”
格隆汇 08-27 11:55

汇丰研究报告指瑞声(02018.HK)第二季业绩倒退并远逊预期,主因毛利率意外仅得25%,远低过首季及市场预期的30%及31%,而且利润率受压是结构性而非周期性,主要原因是产品组合由高利润的美国苹果客户改变至内地安卓客户;过时产品的售价压力;及光学塑胶镜产能闲置。目前未能看到新的增长动力,相信需至光学业务产能利用率改善,及新的晶圆级玻璃(WLG)产品推出,才可见曙光。

该行指,公司计划将塑料镜片付运量提升两倍至每月6,000万件,及於今年年底起大规模生产WLG。该行调升集团2019-21年收入预期分别5%、10%及10%,以反映新的光学镜头付运量提升,目标价由35.4港元降至30.1港元,评级“持有”

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