《大行報告》瑞信下調瑞聲(02018.HK)目標價至48.4元 評級「跑贏大市」
瑞信發表研究報告,指瑞聲科技(02018.HK)去年收入符該行預期,純利勝該行預期,但遜市場預期約4%。去年末季瑞聲毛利率高於該行預期,並符市場預期,主因聲學、震動馬達和金屬外殼毛利率擴張;因此,經營溢利高於預期4%,受惠稅務優惠,純利表現勝預期。受累銷售均價下降及手機模組鏡頭(CCM)擴大生產,光學收入及毛利率遜預期。
該行指出,6P以上鏡頭組合,以及塑膠鏡頭毛利率稍遜預期,但見持續改善,步入正軌。瑞信稱,公司目前維持6P以上鏡頭佔組合15%至20%,塑膠鏡頭毛利率目標40%。公司於首季起付運WLG產品,CCM產量年底將增至每月1,500萬件。
瑞信表示,聲學、馬達和金屬外殼毛利按季持續改善,主因利用率上升和成本下降,公司將繼續擴大安卓聲學與馬達產品至中低端市場,以及為其他IoT裝備提供金屬外殼。瑞聲手機微機電(MEMS)收入和毛利均遜預期。由於光學擴張有限,瑞聲今年資本開支指引按年跌10%至15%。
考慮光學產品付運及銷售均價預測下調,及更新其他板塊毛利率預估,瑞信降瑞聲2021至2022年每股盈測分別3.3%及1.3%,目標價由50元降3%至48.4元,相當於今年每股盈測21.1倍,維持「跑贏大市」評級,認為利潤已見底反彈。
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