摩通:對內地手機供應鏈維持謹慎看法
摩通發表研究報告,指對中國手機供應鏈維持審慎看法,因需求轉弱,而且在新型肺炎的影響下,令銷售呆滯以及存貨增加,加上5G的應用率仍然十分低,因此將內地今年手機付運量預測由持平,降至高單位數跌幅,因應5G的應用率下降,相信舜宇(2382.HK)
、瑞聲(2018.HK)
會於短期受影響。
該行指,瑞聲和舜宇分別有5個及3個生產基地是受影響地區,因需求減弱,對今年首季的銷售和盈利變得更審慎,瑞聲的中國客户佔比為30-35%,而舜宇為80-85%,而四大中國手機商佔瑞聲銷售約25%,舜宇為60%,相信未來利潤會受累人工上升、利用率亦會受交通和檢疫要求影響,雖然肺炎影響超出預期,但相信兩公司的增長和市佔率提升都會成為今年的催化劑。
該行又指,預期整個供應鏈會受生產暫停和智能手機需求影響,予瑞聲“
中性
”評級,目標價45港元;舜宇“
中性
”評級,目標價125港元。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.