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《大行报告》瑞信下调瑞声(02018.HK)目标价至62.9元 评级「跑赢大市」
阿思达克 08-25 10:11
瑞信发表的研究报告指,瑞声(02018.HK)次季收入及净利分别按年升12%及跌21%,虽然收入表现符预期,但净利则差过预期,毛利率按年收窄1.8个百分点至23.3%,较该行预测低2.7个百分点。

该行指出期内所有分部的毛利率均逊预期,但光学方面按季确有改善,公司指出次季产量为每月6,000万,而平均销售单价为3.75元人民币,但就将第三季的生产目标由原先的每月1亿组降至8,000-9,000万组。在6P镜头方面则料第四季产量会升至每月700万组,WLG的产量预测则由原先的3,000万组降至2,000万组。该行指出管理层预期生产毛利率可由第二季的25.9%升至第三季的35%,相信有望带来支撑。

该行将公司2020-22年的盈利预测分别降20%、5%及5%,以反映毛利复苏较慢的情况等,目标价由66.4元降至62.9元,评级「跑赢大市」,认为其光学业务可见性有改善。

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