《大行报告》大摩下调瑞声(02018.HK)目标价至52元 射频套管及镜头业务库存面临风险
摩根士丹利发表报告表示,瑞声(02018.HK)今年第二季表现较该行及市场预期差20%,主要因为毛利率较低,而触控及无线射频结构件业务毛利率跌至22.8%,此外光学的规模及毛利率表现亦逊预期,指旗下射频套管及镜头业务库存面临风险,下调对其2020年至2022年纯利预测各14%、12%及13%。
在光学业务方面,瑞声次季销量平均每月为3,300万组,低於指引的每月6,000万组,而光学毛利率仅13.8%,而管理层则指次季的生产毛利率达25.9%,表示是基於1.5月库存带来的影响。而公司将2020年WLG(晶圆级玻璃)的生产指引由原先的3,000万组降至2,000万组,但仍对年底前量产有信心。
展望下半年,该行认为瑞声旗下无线射频结构件方面存下行风险,而公司与华为的接触面较大,其他客户未必会转向,另外iPhone市场方面触控马达的市占亦有机会进一步降至40%以下。该行认为未来要留意公司能否提升去化规模,而实际生产及销量中间的差异亦令该行对库存忧虑增加,将公司目标价由60元降至52元,评级「与大市同步」。(el/w) ~
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