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《大行報告》高盛:瑞聲(02018.HK)純利遜市場預期31% 惟料玻璃晶圓級鏡片明年上半年起可付運
阿思達克 11-13 16:12
高盛發表報告表示,瑞聲(02018.HK)今年第三季純利按年跌38%至4.3億元人民幣,較該行及市場原預期各低出28%及31%,季內收入按年跌10%至45.2億元,亦較該行及市場原預期各低出13%及14%,毛利率僅錄23.6%,較該行及市場原預期各26.2%及27.4%為低,營業費用率按季改善,但仍較2019年第三季為高,高於該行及市場原預期各13%及14.3%。

該行指,瑞聲旗下手機鏡頭業務於今年第三季收入升52%至4.74億人民幣,佔總收入10.5%,毛利率由第二季13.8%改善至季內24.6%,純膠手機鏡頭月度付運錄520萬個,毛利率升至27.8%。該行引述瑞聲管理層指旗下玻璃晶圓級鏡片(Wafer Level Glass,WLG)可於明年上半年開始付運,今年亦會付運玻璃鏡頭100萬個,並可支持其混合鏡頭(hybrid lens)明年付運表現。

高盛表示,重申對瑞聲「沽售」評級及目標價31元,此相當預測明年市盈率13倍。(wl/a)

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