《大行报告》瑞信微升瑞声(02018.HK)目标价至48.5元 评级「跑赢大市」
瑞信发表的研究报告指,瑞声科技(02018.HK)首季收入胜该行预期14%,而净利则接近其盈利预告的中间点,首季毛利率较该行及市场预期高3.9个百分点及5个百分点,主要受惠声学及光学业务毛利率较高,期内经营利润率较该行预期高2.6个百分点,而受惠收入及毛利率表现,净利亦胜预期。
该行指出首季6P以上镜头占比达12%,而塑胶镜头毛利率则达36.3%,管理层维持塑胶镜头长远目标40%。手机模组镜头(CCM)毛利转正,4,800万像镜头正在出货,公司亦正研究1.08亿像模组。
该行认为声学收入增长主要是受惠安卓客户补货及苹果的季节性转变,并受惠於安卓毛利率改善及标准化小腔体扬声器模组将在次季出货。公司触控马达在苹果方面市占维持稳定,而在安卓方面则有快速增长,其金属外壳客户出货则下跌,另外MEMS增长及毛利均维持稳健。
该行维持对其2021-23年每股盈测大致不变,考虑到首季业绩强劲及次季收入及盈利较低影响,目标价由48.4元升至48.5元,评级维持「跑赢大市」。(el/k) ~
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