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《大行报告》美银证券下调瑞声(02018.HK)目标价至60元 评级「买入」
阿思达克 08-30 11:48
美银证券发表研究报告指,瑞声(02018.HK)次季盈利按季下跌27%,按年比较则上升45%,盈利及销售额均符合该行预期,但由于越南疫情影响及iPhone季节性均价下降,令毛利率略为落后。 美银认为,Android声学产品毛利率于第二季按季改善,而马达出货量更按年增长超过4倍。展望第三季度,该行指出iPhone是增长关键,组件持续短缺及疫情影响下,iPhone出货量具不确定性,可能导致增长放缓,但由于季节性因素及来自喇叭等标准化产品销售贡献提升,预期第四季销售及盈利可强劲回升 。 该行将2021年盈利预测下调 7%,以反映对第三季潜在负面影响,但保持2022至2023年盈利预测基本不变,将目标价由64.5元下调至60元,反映今年下半年至明年上半年预测市盈率25倍,重申「买入」评级,看好瑞声效率提高、光学业务扩张及电动汽车支持下可实现稳健盈利增长。
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