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招商證券香港料瑞聲(02018.HK)本季營運好轉 料光學業務可成催化劑
阿思達克 05-15 11:09
招商證券香港近日發表報告表示,預計瑞聲(02018.HK)今年首季度收入按年下降5%(按季下降32%)至36億人民幣,料淨利潤將收窄至盈虧平衡,指該行的預期低於市場預測,但該行認為瑞聲首季度的疲軟已為市場預料並且反映於股價中,因此料業績公告將帶來的下行壓力有限。

該行認為,瑞聲首季營運承壓,第一是價格壓力、第二是新冠肺炎導致生產中斷及客戶需求減少,該行預計價格競爭將於2020年持續,然而自3月下旬以來中國的手機供給和需求狀況已經有所恢復。中國信通院的數據顯示,4月中國智能手機出貨量大幅反彈至4,080萬台(按年增長17%,為三年來最高增幅),表明2020年首季度累積需求強勁。該行認為今年首季度將是瑞聲近期底部,隨後第二至第四季度將有所改善。

招商證券香港認為瑞聲科技的光學業務進展是其主要的上行催化劑。隨著光學業務的毛利潤率顯著提高(估計2019年四季度達到超過10%,對比前三季度則虧損),該行預計2020年光學業務的收入將接近翻倍至19億人民幣,同時隨著毛利潤率達到15%左右,盈利水平繼續提升。管理層的目標是WLG(晶圓級玻璃)於今年二季度開始出貨,並且在2020全年達到3,000萬的出貨量,這可能是未來幾年公司成長的重要推動力。而該行下調瑞聲目標價由44元降至42元,維持「中性」評級。

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