《大行報告》麥格理下調瑞聲(02018.HK)目標價至38元 評級「跑輸大市」
麥格理發表研究報告,維持瑞聲科技(02018.HK)「跑輸大市」投資評級,目標價由原來的42.7元下調至38元,相當於明年預測市盈率17倍。該行指,公司第三季收入按年下跌10%,毛利率按年收窄6個百分點,均差過市場預期,主要是由於iPhone 12延後推出、傳統產品的平均售價下跌,以及華為金屬外殼訂單減少所致。
另外,公司光學業務收入按年增加51%至4.74億元人民幣,較市場預期低出25%,但毛利率按季上升10.8個百分點至24.6%,好過市場預期。
隨著iPhone 12在第四季推出,該行預期公司聲學及觸控業務的收入及毛利率會有所改善。至於光學業務的收入應會錄季度連續上升,這是由於公司穩步擴大規模,但平均售價或會持平,因為高端智能手機銷售疲弱。該行預期瑞聲第四季收入按年下跌3%,毛利率按年跌0.5個百分點,將公司2020至2022年的純利預測分別下調14%、11%及9%。
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