野村:升瑞聲(2018.HK)目標價至53.3港元 評級“中性”
野村發表報告表示,瑞聲(2018.HK)
第三季表現遜預期,主因毛利較弱,該行決定下調對瑞聲2019年盈利預期9.4%,以反映第二及第三季的表現都遜預期,同時升2020年至2021年銷售預期,以反映新iPhone的銷售量、未來5G升級潮,及公司由光學與精密機械的貢獻。
該行指,瑞聲毛利復甦的速度慢於預期,故只微升2020-21年盈利預期分別0.6%及2.9%,維持“
中性
”評級,目標價由47.8港元升至53.3港元,相信盈利可因5G週期而有温和增長,而股價亦已大致反映2020年的增長情況。
野村稱,瑞聲預期膠鏡頭付運量可於12月達至6000萬,明年3-4月可達至1億,明年的均價將在4-5元人民幣,該行的估算是基於假設公司的光學收入明年可有雙倍增長,毛利25-30%。公司亦重申其安卓客户的聲學產品將於今年付運1500萬件預測,料相關收入可於明年有數倍的增長。
至於iPhone方面,若iPhone應用雙聲學產品,將有助貢獻公司盈利增長,但目前仍未有足夠證據證明公司明年下半年的表現。公司正計劃整合更多部件,以增加其金屬外殼產品的附加值,同時晶圓級玻璃亦是主要的高端光學產品,未來這類產品的收支平衡有助提升預期。
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