《大行報告》麥格理升瑞聲(02018.HK)評級至「中性」 目標價上調至43.9元
麥格理發表研究報告,指瑞聲(02018.HK)第二季收入持平,但高於其他券商預期2%,毛利按年增加1.8個百分點,惟按季下跌6.2個百分點至25%,低於預期,主因均價下降以及生產利用率受疫情影響。
經營溢利提升31%,低於預期,純利增45%,主要來自非經營收入和有效稅率。看好光學業務收入和鏡頭模組收入增長;不看好其來自聲學與電磁傳動收入與毛利、塑膠鏡頭的均價跌幅擴大,及毛利下跌。
該行認為,下半年安桌增加微型音響的採用,將有利公司在高端至中端的市佔率,除智能手機客戶外,公司亦積極拓展手提電腦金屬外殼業務。降2021至23年純利預期3%、18%及22%,目標價由33.6元升至43.9元,評級「中性」。(ic/u) ~
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