《大行報告》野村下調瑞聲(02018.HK)目標價至42.4元 評級「買入」
野村發表報告,指瑞聲科技(02018.HK)今年第三季純利低過市場預期39%,符合原先盈警指引,主要由於越南Android聲學業務受疫情影響,光學業務有訂單因爲需求疲弱和集成電路短缺而取消,以及物料和勞工成本壓力。野村認爲,在銷售均價和需求壓力下,將瑞聲今明兩年盈測下調27%及22%,將目標價下調22%,由54.2元降至42.4元,維持「買入」評級。
不過野村認爲,集團在光學業務有初步正面跡象,未來兩年晶圓級玻璃有更多業務機會,精密零件擴展至高檔手提和平板電腦,盈利能力有望比智能手機高。集團預測,手提和平板電腦佔精密零件銷售佔比在今年會超過15%,並已公佈以4.5億元人民幣,收購東陽精密機器(崑山),其財務預計在明年入賬,管理層預計汽車產品在2023年開始貢獻業績。
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