大華繼顯:上調瑞聲(2018.HK)目標價至36.8港元 評級升至“持有”
大華繼顯發研報指出,瑞聲科技(2018.HK)第三季純利按年下跌57.4%至1.83億元人民幣,處盈警區間中間價,相信瑞聲最壞時刻已經過去,惟因瑞聲表現持續跑輸對手,故對該股仍持審慎態度,下調瑞聲今年盈利預測2.2%,但將評級升至“持有”,目標價亦上調26.5%至36.8港元。
大華繼顯指出,瑞聲第三季盈利倒退,主要因為元件成本上漲,平均售價下跌,以及芯片短缺令出貨延遲甚至取消,同時,第三季收入按年減少6.1%,亦遜預期,主要受累於光學業務收入下跌17.3%,但部分被聲學業務表現較佳所抵銷。至於電磁傳動及精密結構件業務收入下跌7.9%,以及微機電系統器件業務收入下降31.1%,則在預期以內,符合大華繼顯的預測。

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