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富瑞:上調瑞聲(2018.HK)目標價至48港元 評級“持有”
格隆匯 11-05 15:38

富瑞發表研究報告指,瑞聲(2018.HK)將在11月8日公佈第三季業績,該行料其毛利率達31%,收入及盈利會大致符合預期。該行指,瑞聲近期的股價受iPhone銷售及安卓採用觸覺產品的正面影響支持,但該行對瑞聲仍維持審慎的態度。該行維持其“持有”投資評級,將目標價由40港元上調20%至48港元。

富瑞表示,2020年iPhone的利潤將會有限,加上步進電機模組的數量下調,及安卓觸覺產品的平均售價平穩,故對瑞聲的前景保持審慎。該行預期,瑞聲第三季收入達46.8億元人民幣及淨利潤達7.32億元人民幣。另外,該行料毛利率為31%,較早前預期下調2.5個百分點,以反映較低的聲學產品利潤及低利潤混合無線射頻(RF)套管和光學收入增長

富瑞下調瑞聲2019/2020財年收入分別0.4%/2.5%,以反映步進電機模組的數量下調。另外,該行分別下調瑞聲2019/2020財年毛利率1.4個百分點/1.9個百分點,及下調淨利潤7.1%/13.1%。

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