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《大行报告》麦格理降瑞声(02018.HK)评级至「跑输大市」 目标价下调至36.73元
阿思达克 04-09 09:53
麦格理发表研究报告指,瑞声科技(02018.HK)发盈警,预期在季节性价格压力、农历新年假期後产能收缩、复工成本增长及光学业务研发费用影响下,首季净利润将按年跌下降85%至90%,与早前第四季业绩电话会议上管理层的乐观态度形成鲜明对比。

该行指,现今市况下智能手机前景差,预期首季及次季智能手机需求将分别按年跌25%和26%,然後底於第三及第四季回复2%及6%,估计全年出货量可能下降10.2%,当中iPhone出货量预测降低至1.71亿部。

麦格理又预期,竞争压力增加下,瑞声今年的声学市场份额或由33%降至31%,并於明年再跌至28%。考虑到上述负面因素,麦格理将2020至2022年净收入预测下调22%、6%及4%,目标价降至36.73元,以反映2020至2022年净收入年复合增长率降低12%以及需求下降,评级降至「跑输大市」。

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