大和:料瑞聲(2018.HK)下半年強勁盈利增長 上調評級至優於大市
大和發表研究報告指,瑞聲科技(2018.HK)的最壞情況將會完結,料下半年將回復強勁每股盈利增長,因此將其評級由“持有”上調至“優於大市”,惟將目標價由47.2港元下調至45港元。
大和表示,儘管集團去年第四季度業績疲弱,未達預期,但集團看好今年下半年表現,尤其是光學業務,認為現時瑞聲的風險回報具吸引力。該行指,由於iphone的價格壓力和光學產品成本的上漲,集團去年毛利率為29%,低於該行和市場預期的31-32%。
該行預測,今年第一季度集團的收入為36億元人民幣,按季下降33%,按年下降5%,為全年低谷,但隨著塑膠鏡頭的規模效益及晶圓級玻璃的大規模生產,集團在光學領域有穩步發展。該行又預計,到2020-21年,集團光學產品的收入貢獻將增長到14-20%,而毛利率將增長到28-34%,對比2019年為5%,同時預計今年下半年至明年每股盈利可回覆26-28%增長,相對於2018-19年錄得29-41%按年跌幅。

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