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《大行報告》裏昂下調瑞聲(02018.HK)目標價至24元 料競爭持續激烈
裏昂發表研究報告指,瑞聲科技(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%,主要來自於光學業務競爭加劇,其中同業舜宇光學(02382.HK)去年第三季起加強拓展低端手機鏡頭領域,而大立光(03008.TW)則通過專利擠壓市場空間,預計未來競爭將維持激烈。 瑞聲管理層重申,儘管外部因素阻礙業務發展,但已採取相應措施,包括擴大市場份額及提高運營效率,對增長前景保持樂觀,對中長期前景則持謹慎樂觀態度。該行指出,瑞聲科技手機鏡頭產能強勁,但低端產品市場發展停滯,將面臨着較大挑戰。 考慮到盈警,裏昂下調對瑞聲去年第四季及今年手機鏡頭出貨量及利潤率預測,將2021至2022年盈利預測分別下降5%及13%,調低對其目標價由28元降至24元,相當預測2022年市盈率17倍,重申「沽售」評級。
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