摩通:料瑞聲(2018.HK)旗下核心業務會繼續承壓 維持“中性”評級
就瑞聲科技(2018.HK)
近期股價抽升,遠遠跑贏同期大市,摩根大通發表報告表示,主要是市場憧憬iPhone及華為推出Mate 30需求會優於預期,但該行仍認為瑞聲旗下聲學及觸感迴應器業務仍會承壓,並估計公司旗下光學業務仍需時間以取得有意義的盈利貢獻。該行維持瑞聲
“中性”
投資評級,及目標價38港元(相當預測明年市盈率13倍)、盈利預測。
摩根大通表示,就新一代iPhone聲學部件上,相信立訊精密(002475.SZ)會持續從同業瑞聲及歌爾股份(002241.SZ)中取得市場份額,料立訊精密今年相關市場份額會升至介乎30%至40%(對比2018年為20%),劇烈的競爭會令產品價格受壓,令iPhone聲學部件均價上較低,均價會由2018年每件7至8美元,至2019年降至介乎5至6美元。
至於觸感迴應器方面,市場估計高端型的iPhone會潛在採用雙觸感迴應器(dual-haptics),或扭轉瑞聲相關業務的盈利能力,但無論如何,該行認為憧憬只屬炒作,估計iPhone不大可能在2020年度採用雙觸感迴應器,而安卓手機相關貢獻佔比有限,料瑞聲旗下非蘋果手機的觸感迴應器收入貢獻僅屬低單位數字。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.