《大行报告》野村上调瑞声(02018.HK)目标价至48元 评级「中性」
野村发表的研究报告指,瑞声科技(02018.HK)首季盈利胜市场预期43%,与其盈利预告表现一致,期内毛利率升至31.1%,主要受惠声学及光学毛利率表现胜预期,该行认为部分盈利扩张因素属结构性转变,包括是受惠小腔体设计致安卓声学毛利改善,另外在塑胶镜头的经营效率亦有改善等。不过短期而言安卓智能手机市场弱势或继续影响公司次季及第三季初的表现,该行将其2021/22财年盈利预测升10%及6%,以反映声学及光学毛利改善的影响,维持「中性」评级,目标价由45.5元升至48元。
该行认为首季公司表现强劲,主要受惠声学收入按季升1%、按年升47%至21亿元人民币(下同),贡献整体销售的49%,而毛利率亦升至37.4%。在光学方面期内收入按季升26%至6.74亿元,贡献整体销售的15.7%,公司塑胶镜头出货量达1.46亿组,按季持平,平均销售单价3.37元则按季升2%,毛利率达36.3%。手机模组镜头(CCM)销售亦升至占光学销售的25%,毛利率则为高单位数。
管理层估计安卓声学的毛利在未来数季将继续呈上升势头,主要因为新设计体积缩细20-30%但质素无受影响,加上生产标准化产品有助改善效率及成本架构。该行认为公司塑胶镜头及CCM销售将继续增长,不过第二至第三季或受安卓智能手机市场影响呈弱势。尽管如此,管理层相信受惠成本效益提升,塑胶镜头毛利将继续扩张。另一方面该行估计安卓智能手机弱势只会持续一至两季,料公司次季销售将仅升2%,而毛利率料将降至26.9%。
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