《大行報告》大摩下調瑞聲(02018.HK)目標價至40元 評級「與大市同步」
摩根士丹利發表研究報告,維持瑞聲(02018.HK)「與大市同步」投資評級,目標價由原來的45元下調至40元,指公司公布的首季盈警數字低於該行預期,主要是由於毛利率下降及營運開支增加所致。
該行注意到,公司第二季的表現會持續疲弱,料盈利按年下跌20%,這是因為海外市場,尤其是iPhone的影響將會在第二季大致表現出來。根據該行的渠道檢查顯示,聲學及觸控產品的升級周期受限,認為智能手機中這兩個組件的價格增長相對有限。另外,市場對於公司的鏡頭業務抱有很大期望,但其渠道調查顯示質量與同業相比仍相差甚遠,因此仍難以直接比較,尤其是目前市場正處於整固階段。
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