《业绩前瞻》券商料瑞声(02018.HK)中期纯利按年跌近47% 关注光学业务毛利率
瑞声科技(02018.HK)将於下周一(24日)公布今年中期业绩业绩，由於新冠疫情在全球蔓延，明显影响全球智能手机的供应链，本网综合9间券商预测，瑞声科技今年上半年纯利介乎3.44亿至4.99亿元人民币，较2019年中期7.7亿人民币，按年下跌35.2%至55.3%，中位数为4.11亿人民币，按年跌46.6%。
综合7间券商预测，瑞声科技今年上半年毛利率料介乎23.5%至25.3%，按年减少2.2至4百分点。中位数为24.3%，按年跌3.2百分点。投资者将关注瑞声管理层对各业务包括产品付运及毛利率的最新指引、特别是光学业务表现及毛利率展望。
【受益iPhone SE订单 关注光学业务】
中金上月下旬发表报告，预计瑞声今年中期纯利将按年跌50%至3.89亿元人民币，料收入按年跌8%至77.59亿元人民币；该行估计瑞声今年第二季纯利，可由首季5,270万人民币升至3.36亿人民币，料其第二季度业绩将稳健增长，主要考虑苹果订单增加及光学业务改善。该行认为近期小米和OPPO战略投资瑞声的光学子公司，突显了公司的技术实力，长期有望释放企业价值。考虑到第二季度iPhone SE订单增加，预计单季度毛利润率和净利润率将环比改善1.8和6.5百分点(各至24.9%及8%)。
瑞信预计瑞声今年上半年纯利按年倒退55%至3.44亿人民币，料第二季纯利按年跌14%至2.91亿人民币，低於市场预估，基於毛利率料仅为25.9%，及期内经营开支达6.98亿元。中期纯利则按年跌55%至3.44亿元人民币。该行认为瑞声毛利率仍将受海外市场转弱，尤其来自三星的订单，与及公司较少向高端手机供货，同时面对光学业务研发成本上升。该行认为瑞声光学业务第二季毛利率不能达到30%水平，但毛利率按季扩张则可达。
汇丰环球研究则预期瑞声中期纯利按年跌逾46%，料其第二季纯利按年升7%至3.6亿元人民币，受惠於产能利用率及员工效率显着改善。该行亦预期瑞声的光学业务在第二季毛利率达25%，部分地受惠於单价上升。
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本网综合9间券商预测，瑞声科技今年上半年纯利介乎3.44亿至4.99亿元人民币，较2019年中期7.7亿人民币，按年下跌35.2%至55.3%，中位数为4.11亿人民币，按年跌46.6%。
券商│今年上半年纯利预测(人民币)│按年变幅
华兴资本│4.99亿元│-35.2%
花旗│4.16亿元│-46%
招商证券国际│4.15亿元│-46.1%
汇丰环球研究│4.127亿元│-46.4%
美银证券│4.11亿元│-46.6%
中金│3.89亿元│-49.5%
建银国际│3.76亿元│-51.2%
招银国际│3.55亿元│-53.9%
瑞信│3.44亿元│-55.3%
按瑞声2019年上半年纯利7.7亿元人民币计算
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综合7间券商预测，瑞声科技今年上半年毛利率料介乎23.5%至25.3%，按年减少2.2至4百分点。中位数为24.3%，按年跌3.2百分点。
券商│今年上半年毛利率预测│按年变幅
招商证券国际│25.3%│-2.2百分点
美银证券│25.2%│-2.3百分点
华兴资本│24.9%│-2.6百分点
建银国际│24.3%│-3.2百分点
中金│24%│-3.5百分点
招银国际│23.5%│-4百分点
花旗│23.5%│-4百分点
按瑞声2019年上半年毛利率27.5%计算
(fc/w)
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