高盛降瑞声(2018.HK)目标价至40港元维持“中性”评级
高盛发表研究报告指,瑞声(2018.HK)
第二季盈利较该行及市场预期低20%及41%,毛利率更跌至25%的历史低位。瑞声表现不理想亦呼应了高盛对公司在苹果公司声学(acoustics)及触感器(haptics)市占率下跌,短期难以被新手机镜头业务所抵消的观点。
报告指,公司6月份手机镜头业务利用率维持于50%,影响了毛利率及表明了该行此前预料,瑞声手机镜头出货量急升是过于进取。该行将瑞声2019年至2021年盈利预测调低8%、5%、3%,分别至25.31亿元人民币、33.2亿元人民币及36.44亿元人民币。同时,将毛利率预测分别降低至33.3%、36.1%及36.5%,以反映第二季表现逊预期及研发支出增加。并将目标价由44港元降至40港元,维持“
中性
”评级。
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