《大行報告》瑞銀:瑞聲(02018.HK)首季盈利大跌 料股價短期反應負面
瑞銀發表的研究報告指,瑞聲科技(02018.HK)發盈警,料首季盈利跌85-90%至4,300-6,300萬元人民幣,主要因為農曆年後內地生產停擺,疫情亦增加了額外成本和特殊費用。公司於兩周前的業績電話會議中已表示,2月份產能利用率低,並於3月中全面復產,該行相信公司盈利大跌對市場屬負面,管理層亦承認雖然3月中產能回復正常,但疫情爆發為需求帶來不確定性,中長期而言仍然保持審慎樂觀態度。
瑞銀認為公司核心業務有定價壓力,當中包括聲學及觸控馬達。該行的成本分析顯示,相關零件在5G智能手機上定價壓力較大,主要因為市場競爭激烈及設計上並無升級。雖然公司對光學業務產品組合升級等感到樂觀,但該行認為假如疫情拖累需求進一步惡化,情況或較困難,而公司的手機鏡頭產能擴張計劃比較進取,將令公司更處下風。
瑞銀指出雖然投資者已預計今年首季公司業績較差,但盈利按年大跌將令股價短期呈弱勢,部份投資者對公司的光學鏡頭業務看法正面,但估計短期難有顯著突破,目標價32元 ,評級「沽售」。(el/u)
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