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摩通:維持瑞聲科技(2018.HK)中性評級 目標價50港元
格隆匯 11-12 12:58

摩根大通發表研究報吿指,瑞聲科技(2018.HK)的毛利率持續下跌,以及費用上升,集團第三季每股盈利較該行和市場預期低約60%。而由於鏡頭規格進步空間有限,加上中國智能手機需求未有起氣,相信光學業務的頹勢仍將在未來數季延續。但認為集團近期增加產能,有助提升公司估值。該行維持其“中性”評級及目標價50港元。

報吿提到,瑞聲在經歷較疲弱的第三季後,管理層對第四季和明年的前景看法正面,這是因為疫情的影響減少、市場份額趨於穩定、iphone近期的季節性需求表現更好,及車截鏡頭業務的可預視性上升等。

摩通認為,看好集團擴大產品供應的同時,又能保持克制;但質疑手機制造商在面對手機定

價調整空間有限及成本壓力上升,手機鏡頭模組能否有足夠的誘因作升級。此外,管理層擬擴展其產品的應用至平板和手提電腦,但市場競爭激烈,故不太看好相關發展。

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