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野村:下调瑞声(2018.HK)评级至减持 降目标价至39.3港元
格隆汇 05-18 13:08

野村发表研究报告,将瑞声科技(2018.HK)评级由中性降至减持,目标价由46港元降至39.3港元,该行指出虽然公司仅15%收入来自华为,但认为华为是瑞声安卓机中重要的策略买家,认为其2019-21年收入及盈利增长可抵销来自苹果业务的结构性压力,惟美国针对华为的禁令或拖累瑞声未来6-12个月的增长展望,故将其2020/21年盈利预测降25%及19%,认为iPhone及华为需求风险增加。

该行指出,瑞声过去两年于iPhone的声学及触控马达方面均流失部分市场份额,并开始转向内地的智能手机客户,现时公司正积极令产品组合多元化,并加强新业务等,而华为亦是内地品牌中高端机销量最高,留意到公司为华为提供多种产品包括是声学、触控马达及光学零件等,此外公司在华为的机械零件及镜头市占有所提升,估计美国对华为的禁令将影响公司的策略计划,认为瑞声或需要时间调整策略应对。

基于管理层在业绩会议上的意见,相信公司将受惠次季生产效率改善,但该行认为iPhone订单风险及美国针对华为的禁令或对公司带来负面影响。

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