《大行報告》里昂降瑞聲(02018.HK)評級至「沽售」 目標價下調至15元
里昂發表研究報告指,舜宇(02382.HK)與瑞聲(02018.HK)在手機鏡頭 (HLS)業務上激烈競爭,導致雙方去年下半年業績均遜於預期,價格戰主要由於瑞聲HLS產能利用率提高,預期舜宇將加以反擊,競爭或持續一年以上,直至瑞聲分拆旗下誠瑞光學持有的光學業務上市,或者瑞聲面臨財務壓力的時候,情況才會改變。
該行指出,競爭將導致舜宇利潤每年損失9億元人民幣,對瑞聲利潤拖累約4億至5億元人民幣。由於競爭激烈,瑞聲HLS業務毛利率於2021第三及第四季下降至25%及-6%,下半年光學業務綜合毛利亦較上半年下降87%。
對於瑞聲科技,里昂認為近期光學業務指引及戰略仍會拖累其盈利能力,計及HLS平均售價及利潤率下降,該行將今年盈利預測下調8%,並基於今年預測市盈率約13 倍,將目標價由19元下調至15元,評級降至「沽售」。
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