《大行報告》野村下調瑞聲(02018.HK)目標價至46元 評級「中性」
野村發表的研究報告指,瑞聲科技(02018.HK)去年第四季表現分別較該行及市場預期差20%及17%,考慮到2020年宏觀環境,管理層指出將聚焦光學業務,之後則為MEMS麥克風,並會繼續升級其聲學至更高端超線性結構產品(SLS),並推動安卓智能手機方面無線射頻結構件(RF mechanics)的收入。但管理層表示受宏觀不確定性影響,未能提供今年的資本開支指引,該行將公司今明兩年盈利預測分別降15%及8%,以反映對iPhone出貨量預測下調等的影響,目標價由53.3元降至46元,維持評級「中性」。
報告指,公司對光學業務的目標包括是安排60kk及100kk的塑膠鏡頭分別於4月及7月出貨、於第二季量產手機模組鏡頭(CCM),並開始製作創新解決方案(WLG)鏡頭。隨著鏡頭出貨量規模增,相關毛利在去年第四季有所提升,而管理層亦估計2020年亦會有所擴張,該行料公司的塑膠鏡頭今年出貨量將由3億個增至5.5億個以上,而其預測現時遠低於公司預期,但由於公司與其他CCM生產商存在利益衝突,故較難估計對毛利的影響。
雖然安卓智能手機增加採用SLS及觸控馬達,但認為公司受疫情影響仍面對需求的不確定性,公司估計今年次季需求未有轉變,但就指出下半年需求方面的可見性仍較低,如疫情未能短期受控,光學及MEMS方面的增長或會被聲學及觸控馬達等所抵銷。(el/k)
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