高盛:降瑞聲(2018.HK)評級至“沽售” 目標價下調至35港元
高盛發表報告將瑞聲(02018.HK)評級由“中性”降至“沽售”,指公司擴張低毛利業務,預期公司進入利潤率下跌的階段,當中包括鏡頭模組業務(毛利5%-10%)、無線耳機組裝業務(毛利15%),均遠低於公司今年三季的整體毛利水平。管理層正準備透過上述兩項新業務,幫助帶動更多手機品牌商的直銷合約,及阻止其他對手透過組裝服務搶佔零件市場份額。
該行將公司2019-21年每股盈利調低11%、13%及12%,目標價降13%至35港元,該行指,公司參與的新業務將加劇價格競爭,故更看好舜宇(02382.HK)及立訊精密(002475.SZ)。

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