大和:升瑞聲(2018.HK)目標價至47.2港元 評級“持有”
大和發表研究報告,指瑞聲科技(2018.HK)
對安卓業務感正面,其第三季的利潤轉弱印證了對該行對公司的擔憂看法,相信目前公司仍處於最壞情況,對利潤改善的前景有限,新鏡頭模組業務正處於不穩,故維持
“持有”
評級,目標價由39.5港元升至47.2港元,此相當預測市盈率17倍,以反映最新的市盈率預期,及料明年增長可以復甦。
該行指,瑞聲對主要業務,包括聲學、觸控馬達及光學、RF/機械業務都會因安卓升級和5G的機遇有正面影響,並視光學為其長遠增長動力,並將大量生產晶圓級玻璃和混合鏡片,以應付高端產品的需求。公司同時計劃進軍鏡頭模組行業,雖然毛利只有5-10%。
大和預期,瑞聲在光學的進展,相信可以在2019-21年收入貢獻7-18%,不過因應價格壓力,和在iPhone的佔比減少,相信毛利只會由今年的30%升至2020-21年的31-32%,與過去37.2-41.3%的有一段差距,降2019每股盈利5%,以反映最新的表現,但升2020-21年每股盈利預期1%,以反映光學貢獻。
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