《大行報告》匯豐研究下調瑞聲(02018.HK)目標價至41.6元 評級「買入」
匯豐發表研究報告,將瑞聲科技(02018.HK)的目標價由52.4元下調至41.6元,削減其2021至2023財年的盈利預測約20%至24%,維持「買入」評級。
該行指出,瑞聲此前發盈警料第三季股東應佔溢利介乎1.66億至2.1億元人民幣,按年跌51%至61%,按季跌46%至57%,遠遜該行預期,相信主因聲學和光學業務表現疲弱所致,當中包括由於越南第三季受疫情影響,導致產能利用率下降,以及受額外轉移製造資源的成本影響;iPhone的設計發生變化;第三季市場對Android需求低迷,導致鏡頭和相機模組出貨量下滑;晶片短缺令部分智能手機型號的延誤和取消;第三季或錄匯兌損失,或匯兌收益大幅減少。
不過,該行認為瑞聲盈利將於第四季反彈,因越南工廠自9月起全面復產,估計生產中斷等一次性問題應在第四季得到解決;產品組合優化,獲得更高級的iPhone等模型訂單,料提振毛利率。光學方面,預期第四季出貨量及利潤率將恢復至正常水平。此外,該行預期瑞聲未來幾個季度力爭推出更多混合鏡頭產品,或吸引更多客戶興趣,而競爭對手因限電而停產,估計瑞聲的金屬外殼業務將有所復甦。
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