一文綜合券商於瑞聲(02018.HK)公布業績後最新目標價及觀點
瑞聲科技(02018.HK)今日早市股價升逾5%，券商指公司管理層對今年對安桌智能手機旗下光學業務前景指引趨樂觀，大和上調評級至「跑贏大市」，指疫情影響屬短期性。該公司昨日(25日)中午收市後公布去年業績，純利按年跌41.5%至22.22億元人民幣，差於本網綜合25間券商預測之中位數23.49億元人民。每股盈利1.84元。營業額按年跌1.4%至178.84億元人民幣。毛利率按年下跌8.6個百分點至28.6%，差於本網綜合21間券商預測之中位數29.3%。
瑞聲去年聲學業務收入按年下跌5.8%至81.7億元人民幣，毛利率跌6.2個百分點至31%；光學業務收入則增長94%至10.7億元人民幣。瑞聲表示，光學業務仍處於快速增長階段，尚未達到最佳規模，有信心今年可從晶圓級玻璃(WLG)鏡頭項目中獲得更大的收入貢獻，正在籌備生產光學鏡頭模組的產能，並計劃於今年年中量產。
【高盛料毛利率續受壓】
公司為在疫情下增加流動性，宣布不派末期息，在疫情影響下，瑞聲預期上半年度環球市場將出現經濟衰退，預計新年假期後等待復工時間變長，價格壓力預期變高，以及消費者對收入降低的預期而影響購買智能手機需求，將令今年首季收入、毛利和淨利潤受到不利影響。
高盛指，瑞聲科技去年第四季毛利率降至29%，純利較市場預期低16%。毛利率持續處於下行趨勢。在新型冠狀病毒疫情及加入低毛利率業務下，預計公司毛利率持續受壓。該行給予該股「沽售」評級，目標價35港元。花旗則維持對瑞聲的「買入」評級，目標價由66港元降至57港元，該行認為公司面對智能手機市場整體風險，與及中國品牌失去市佔風險，但公司從舜宇光學(02018.HK)取得光學鏡頭市佔，目前預測市盈率並非過高。
-------------------------
本網最新綜合10間券商對其投資評級及目標價，1間券商上調投資評級，6間券商下調目標價，4間給予「買入」、「收集」或「跑贏大市」評級：
券商│投資評級│目標價(港元)
國泰君安│收集│72元
海通國際│買入│85元->68元
花旗│買入│66元->57元
摩根士丹利│與大市同步│55元
摩根大通│中性│52元->48元
瑞信│中性│59元->46元
野村│中性│53.3元->46元
大和│持有->跑贏大市│47.2元->45元
高盛│沽售│35元
瑞銀│沽售│32元
券商│觀點
國泰君安│業績基本符預期
海通國際│光學業務強勁指引符該行預期
花旗│從舜宇光學(02382.HK)佔取光學業務市佔
摩根士丹利│上季業績符預期
摩根大通│光學鏡頭毛利率改善為亮點，關注需求疲弱及市場競爭
瑞信│毛利率壓力於今年持續
野村│去季銷售及毛利率均遜預期
大和│對安卓系統手機光學業務樂觀，每股盈利下半年恢復強勁增長
高盛│去季毛利率繼續下行趨勢
瑞銀│管理層表現樂觀
(fc/w)
~
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.
