《大行報告》匯豐研究下調瑞聲(02018.HK)目標價至56元 評級「買入」
匯豐研究發表報告,指瑞聲(02018.HK)去年表現勝預期,其中第四季純利為7.56億元人民幣,毛利率按季反彈4.5個百分點至28.1%,塑膠鏡頭付運量亦達歷史高位的1.46億件。
該行指,公司的光學產品營運符預期,料今年利潤持續改善,安卓觸控產品繼續取得新設計,同時資本開支會減少10-15%。匯豐降瑞聲今明兩年盈利預期各3%,以反映收入預期下調,利潤率預期則獲得上調因成本改善,目前料2020至22年利潤年複合增長率為43%。目標價由64.2元降至56元,維持「買入」評級。
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