《大行報告》美銀證券下調瑞聲(02018.HK)目標價至60元 評級「買入」
美銀證券發表研究報告指,瑞聲(02018.HK)次季盈利按季下跌27%,按年比較則上升45%,盈利及銷售額均符合該行預期,但由於越南疫情影響及iPhone季節性均價下降,令毛利率略為落後。
美銀認為,Android聲學產品毛利率於第二季按季改善,而馬達出貨量更按年增長超過4倍。展望第三季度,該行指出iPhone是增長關鍵,組件持續短缺及疫情影響下,iPhone出貨量具不確定性,可能導致增長放緩,但由於季節性因素及來自喇叭等標準化產品銷售貢獻提升,預期第四季銷售及盈利可強勁回升 。
該行將2021年盈利預測下調 7%,以反映對第三季潛在負面影響,但保持2022至2023年盈利預測基本不變,將目標價由64.5元下調至60元,反映今年下半年至明年上半年預測市盈率25倍,重申「買入」評級,看好瑞聲效率提高、光學業務擴張及電動汽車支持下可實現穩健盈利增長。
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