《大行报告》瑞信下调瑞声(02018.HK)目标价至48.4元 评级「跑赢大市」
瑞信发表研究报告,指瑞声科技(02018.HK)去年收入符该行预期,纯利胜该行预期,但逊市场预期约4%。去年末季瑞声毛利率高於该行预期,并符市场预期,主因声学、震动马达和金属外壳毛利率扩张;因此,经营溢利高於预期4%,受惠税务优惠,纯利表现胜预期。受累销售均价下降及手机模组镜头(CCM)扩大生产,光学收入及毛利率逊预期。
该行指出,6P以上镜头组合,以及塑胶镜头毛利率稍逊预期,但见持续改善,步入正轨。瑞信称,公司目前维持6P以上镜头占组合15%至20%,塑胶镜头毛利率目标40%。公司於首季起付运WLG产品,CCM产量年底将增至每月1,500万件。
瑞信表示,声学、马达和金属外壳毛利按季持续改善,主因利用率上升和成本下降,公司将继续扩大安卓声学与马达产品至中低端市场,以及为其他IoT装备提供金属外壳。瑞声手机微机电(MEMS)收入和毛利均逊预期。由於光学扩张有限,瑞声今年资本开支指引按年跌10%至15%。
考虑光学产品付运及销售均价预测下调,及更新其他板块毛利率预估,瑞信降瑞声2021至2022年每股盈测分别3.3%及1.3%,目标价由50元降3%至48.4元,相当於今年每股盈测21.1倍,维持「跑赢大市」评级,认为利润已见底反弹。
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