《大行報告》瑞銀:瑞聲(02018.HK)首季業績反映價格壓力持續 評級「中性」
瑞銀發表研究報告指,瑞聲科技(02018.HK)今年首季純利按年跌61%至2.05億元人民幣,較該行預期低11%,較市場預期亦低12%,主要由於首季內地手機市場需求疲弱及來自客戶的價格壓力所致。
該行表示,雖然在光學業務市佔擴張下,首季收入超出預期,但主要客戶的價格壓力導致毛利率按年及按季大幅下跌,低於該行及市場預期。
瑞聲表示,海外大客戶需求基本沒有改變,內地智能手機品牌仍處於高庫存狀態,又指疫情停產對第二季增長影響有限,預期次季銷售額將較首季改善。管理層並預計,透過提升利用率及交付較低成本的庫存,光學業務毛利率將可改善,維持全手機鏡頭出貨量按年增長50%的目標,預計手機鏡頭均價將持平,當中第二季均價或下跌,然後於下半年反彈。
瑞銀預計,瑞聲科技手機零部件業務將持續受壓,將繼續觀察其在汽車領域的新業務是否會取得成果,維持「中性」評級及目標價37元。
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