《大行報告》大摩下調瑞聲(02018.HK)目標價至52元 射頻套管及鏡頭業務庫存面臨風險
摩根士丹利發表報告表示,瑞聲(02018.HK)今年第二季表現較該行及市場預期差20%,主要因為毛利率較低,而觸控及無線射頻結構件業務毛利率跌至22.8%,此外光學的規模及毛利率表現亦遜預期,指旗下射頻套管及鏡頭業務庫存面臨風險,下調對其2020年至2022年純利預測各14%、12%及13%。
在光學業務方面,瑞聲次季銷量平均每月為3,300萬組,低於指引的每月6,000萬組,而光學毛利率僅13.8%,而管理層則指次季的生產毛利率達25.9%,表示是基於1.5月庫存帶來的影響。而公司將2020年WLG(晶圓級玻璃)的生產指引由原先的3,000萬組降至2,000萬組,但仍對年底前量產有信心。
展望下半年,該行認為瑞聲旗下無線射頻結構件方面存下行風險,而公司與華為的接觸面較大,其他客戶未必會轉向,另外iPhone市場方面觸控馬達的市佔亦有機會進一步降至40%以下。該行認為未來要留意公司能否提升去化規模,而實際生產及銷量中間的差異亦令該行對庫存憂慮增加,將公司目標價由60元降至52元,評級「與大市同步」。(el/w) ~
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