《大行報告》匯豐研究降瑞聲(02018.HK)評級至「持有」 目標價下調至24.1元
匯豐研究發表研報指,在光學業務去庫存的情況下,瑞聲(02018.HK)去年第四季純利預期減少約71%至79%,表現遠遜於預期,拖累2021年全年淨利潤將按年下降12%至16%。年初至今瑞聲的股價已按年下跌約24%,對比同期恆指上升4.5%。
該行表示,雖然有預計到第四季度光學業務利潤率受壓,但下降幅度超出預期。此外,在Android需求疲軟的情況下,供應鏈中斷和運營成本上漲等一次性問題預料會繼續為瑞聲帶來經營壓力。
匯豐研究指,塑膠鏡頭庫存水平高,加上相機模組競爭加劇,光學元件去庫存於今年上半年將持續,估計塑膠鏡頭及相機模組上半年佔光學業務總銷售額比例將超過95%。平均售價持續受壓,加上利用率較低,匯豐研究相應將2022年光學業務毛利率預測由22%大幅下調至8%。
匯豐研究認為,光學業務長期增長前景主要在海外Android市場,同時蘋果2022年iPhone出貨量的樂觀指引亦利好公司發展,認為若光學業務下半年市場份額增長較預期快,將有重新評級的機會。該行將瑞聲評級由「買入」下調至「持有」,2021至2023年淨利潤預測下調16%至28%,目標價由41.6元下調至24.1元。
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