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《大行报告》花旗下调瑞声(02018.HK)目标价至46元 评级「中性」
阿思达克 05-17 10:37
花旗发表的研究报告指,瑞声(02018.HK)首季业绩符早前的盈喜,期内毛利率高过预期,主要因为iPhone产品周期有所延迟,加上安卓声学毛利复苏。该行估计次季公司收入及毛利将按季下跌,主要因为传统淡季抵销了安卓声学毛利改善的影响,料公司在毛利方面所面对的挑战将减少,而苹果在其声学、触控马达及光学业务的影响则仍要观察。该行维持公司「中性」评级,目标价由47元降至46元。

该行指出首季公司业绩符预期,盈利5.32亿元人民币(下同),与早前盈喜一致亦符该行预测,期内毛利率31%主要受惠声学毛利增长、iPhone产品周期延迟及安卓声学毛利复苏等。花旗料次季公司收入将向下,因为主要美国客户处於淡季,而中国智能手机市场则遇挑战,料第二季毛利率亦将向下。

不过该行重申对公司的看法,解释为何不给予「沽售」评级,因该行认为公司在毛利层面的挑战减少,主要因为声学方面小腔体扬声器的新设计料到下半年将占整体组合的10-15%,而ED/PM方面获更广泛采纳,估计其毛利率在2021/22年将逐步改善。(el/k) ~

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