《大行報告》麥格理降瑞聲(02018.HK)評級至「跑輸大市」 目標價下調至20.8元
麥格理發表研究報告指,瑞聲(02018.HK)日前發盈警,預計2021年第四季度純利將按年下降71%至 79%,均遜於該行及市場預期。
報告指,瑞聲去年第四季度塑膠鏡片出貨量按季或改善,來自小米(01810.HK)的訂單回升,但瑞聲一直在推動3P、4P及5P塑膠鏡片降價以提升市場份額,導致整體鏡片業務平均價格下跌。在聲學產品方面,麥格理預計Android 聲學產品毛利率因年底庫存影響,將按季下降,蘋果聲學產品毛利率則持平。
該行指,智能手機鏡頭行業競爭激烈,主因預期智能手機的鏡頭需求持平,瑞聲科技目標今年提升塑膠鏡片出貨量,估計公司將利用價格優勢取得更多份額,由於競爭加劇,相應下調鏡頭出貨量、平均售價和利潤率預測,並將2021至2023年淨利潤預測下調19%、31%及29%,以反映光學業銷售額及整體毛利率較低水平,目標價由30.13元下調至20.8元,評級自「中性」下調至「跑輸大市」。
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