《大行报告》高盛:瑞声(02018.HK)纯利逊市场预期31% 惟料玻璃晶圆级镜片明年上半年起可付运
高盛发表报告表示,瑞声(02018.HK)今年第三季纯利按年跌38%至4.3亿元人民币,较该行及市场原预期各低出28%及31%,季内收入按年跌10%至45.2亿元,亦较该行及市场原预期各低出13%及14%,毛利率仅录23.6%,较该行及市场原预期各26.2%及27.4%为低,营业费用率按季改善,但仍较2019年第三季为高,高於该行及市场原预期各13%及14.3%。
该行指,瑞声旗下手机镜头业务於今年第三季收入升52%至4.74亿人民币,占总收入10.5%,毛利率由第二季13.8%改善至季内24.6%,纯胶手机镜头月度付运录520万个,毛利率升至27.8%。该行引述瑞声管理层指旗下玻璃晶圆级镜片(Wafer Level Glass,WLG)可於明年上半年开始付运,今年亦会付运玻璃镜头100万个,并可支持其混合镜头(hybrid lens)明年付运表现。
高盛表示,重申对瑞声「沽售」评级及目标价31元,此相当预测明年市盈率13倍。(wl/a)
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