瑞聲科技(02018.HK)：最壞時候已經過去，Q3開始復甦，維持“買入”評級
機構：國信證券
評級：買入
2019年Q3收入同比增3%，環比增長31%
2019Q3收入50億元微升3%，業務呈現出逐步復甦的趨勢(18Q4同比下降32.2%，19Q1同比下降19.1%，19Q2同比增長0.8%)。2019Q2是公司自2005年上市以來的業績最低點，單季度毛利率下降至25%，2019Q3毛利率回升至29.5%，我們認為大客户的供應商戰略調整和智能手機出貨量增速放緩的影響已經過去，公司業績從2019Q3開始復甦。
聲學業務收入和毛利率環比雙升
2019年Q3聲學收入和毛利率繼續改善，收入環比增長29%至人民幣23億元，毛利率環比提升6.1個百分點至33.3%。2019年前九個月，聲學分部收入同比下降13%至人民幣59億元，毛利率同比下跌6.6個百分點至31.3%。
光學：年底出貨量有望突破6000萬
2019年Q3光學Q3收入同比增長80%至人民幣3.13億元，2019年前九個月收入同比增長76%至人民幣7.3億元。2019年年底單月出貨量突破6000萬。公司的WLG潛望鏡鏡頭產品計劃於2020年全面上市。
電磁傳動及精密結構件：收入和毛利率均上升
2019年Q3收入與毛利率均強勁增長，收入環比增長37%至21億元，毛利率提升2.6個百分點至29.5%。
維持“買入”評級
我們上調盈利預測，預計2019~2021年收入分別為177.6億元/210.4億元/247.7億元（原170.5億元/187.1億元/209.5億元），增速-2.1%/18.5%/17.7%，2019~2021淨利潤分別為21.4億元/26.8億元/31.5億元（原20.3億元/22.3億元/23.9億元），增速為-43.6%/25.2%/17.3%。因為公司的業績環比逐漸改善，我們上調公司2019年合理PE估值區間至28~30倍（原24~25倍），對應股價56~59港元（原44~46港元），維持“買入”評級。
風險提示
智能手機創新進展緩慢，競爭對手低價搶市場，光學業務進展緩慢。
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