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野村:下調丘鈦(1478.HK)盈測 降目標價至11.3港元
格隆匯 07-02 12:56

野村發表研究報告指,下調丘鈦科技(1478.HK)2020-21財年盈測9-12%。雖然丘鈦科技上半財年有潛在的健康盈利增長,但下半財年將轉審慎,故維持其中性投資評級,目標價由12.8港元下調至11.3港元。

野村表示,早前已在報告中警告,UDFP模組惡化趨勢,但料惡化速度較預期快。該行預期,丘鈦科技的鏡頭式UDFP集成電路╱模組價格會由上半財年由3-3.5美元╱4.5-5美元大幅下跌至2021年初的1.5-2美元╱3-3.5美元。雖然該行認為丘鈦仍能維持UDFP模組的市場份額,但整個潛在市場的萎縮以及不斷惡化的組合和定價將損害丘鈦指紋識別模組業務的盈利增長。

野村又指,智能電話客户似乎都保留其光學規格,不採取升級,這會對零部件供應鏈的平均售價造成壓力,加上下半年復甦未及預期,相信下半年的產品組合改善會減慢。

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