大摩:下調瑞聲(2018.HK)目標價至38港元 評級調至減持
摩根士丹利發表研究報告指出,考慮到華為問題和潛在的市佔率流失,瑞聲科技(2018.HK)的機殼業務和觸覺業務將拖累公司下半年利潤率,同時對公司的光學業務維持保守,並關注實際銷量情況。大摩下調瑞聲科技評級至減持,並降低目標價27%至38港元。
大摩在報告中指出,瑞聲科技最近股價調整,反映了收入下滑的風險,但是市場忽略了公司利潤率的風險,公司的機殼業務集中在華為,並且該業務對產能利用率敏感。
大摩對瑞聲科技今明兩年的盈利預測分別較市場一致預期低32%和34%。

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