《大行報告》摩通下調瑞聲(02018.HK)目標價至39元 評級「中性」
摩根大通發表研究報告,重申對瑞聲科技(02018.HK)的「中性」評級,預期今年度銷售額及盈利表現將按年持平,而明年不利因素估計仍然存在,包括全球智能手機需求乏力、光學產品競爭持續及產品組合導致的潛在利潤率攤薄等,因此將2021至2022年每股盈利預測分別削減32%及23%。該股過去三個月股價累跌22%,跑輸恆指同期跌9%,料已反映Android手機需求疲弱,聲學產品干擾及光學產品毛利率受壓等早已預期的負面因素。
但摩通又指,同時見到股價有下行支撐,認為市場對瑞聲的預期已降至較低水平,其資本支出估計於今年見頂,以及部分車載產品明年進入批量生產或可帶動銷量,目標價由50元降至39元,對應2022年預測市盈率20倍。
展望今年第四季,該行預測每股盈利達0.31元人民幣,相當於按年跌50%,按季升107%,低於市場預期24%。考慮到iPhone銷售穩健、Android需求穩定及越南生產恢復正常,該行假設瑞聲第四季銷售可增長10%,毛利率反彈3個百分點,經營開支則按季持平。
摩通預期瑞聲明年每股盈利將按年增長30%至1.58元人民幣,受Android聲學出貨組合調整及攝像頭模組銷售增長的推動,預測銷售額將增長9%,全年毛利率料升至26.5%。
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