《大行報告》野村升瑞聲(02018.HK)評級至「中性」 目標價上調至51元
野村發表的研究報告指,相信美國針對華為的禁令會為瑞聲(02018.HK)帶來影響,認為公司第二季盈利表現較弱部份是因為華為受禁令影響呈弱勢,但該行認為針對華為的影響日後會逐步減少。
瑞聲預期隨著塑膠鏡頭出貨量增加及利潤改善,加上WLG鏡頭開始出貨,料光學在下半年會更有建設性,該行將公司2020-22年盈利預測分別下調14%、6%及7%,以反映聲學銷售較低等,但將目標價由39.3元升至51元,相信來自華為的影響已逐步遠離。評級亦由「減持」上調至「中性」。
野村指出雖然第二季光學表現差過市場預期,但留意到在平均銷售單價及毛利方面都有改善,展望下半年該行預期塑膠鏡頭出貨量會繼續增長,利潤亦將進一步改善,而WLG鏡頭要在年尾前出貨相信亦不難做到,總體而言預期公司的光學業務銷售佔比到2021年將升至21%。
野村指出公司主要業務均受高端安卓手機銷售較弱所拖累,另外亦受華為禁令影響,但第三季度iPhone出貨量穩健而安卓市場亦見復甦,相信有助下半年的前景,不過非光學業務方面的盈利能力或需時恢復,而疫情後非5G零件的性能升級將減慢。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.