《大行報告》摩通下調瑞聲(02018.HK)目標價至22.1元 評級「中性」
摩根大通發表研究報告,指出瑞聲科技(02018.HK)去年第四季每股盈利0.18元人民幣,按年跌71%,按季跌19%,遠遜市場預期52%。毛利率20.5%,亦較市場預期24.6%為低。
該行認為,全球智能手機需求增長持平,加上光學產品業務的競爭持續,以及由於毛利率較低的手機外殼及鏡頭模組的收入佔比增加下,整體毛利率會被拖累,估計行業表現將於今年持續不利。不過,市場對瑞聲的預期已重新設定為較低水平,估計公司資本開支應在2021年見頂,並於2022年變得較為保守,而且2022年少許汽車產品項目可量產,這些因素都為公司帶來下行支持。
摩通將瑞聲2022及2023財年每股盈利預測分別下調24%和32%,分別較預期低4%及21%。目標價由39元下調至22.1元,維持「中性」評級。
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