《大行報告》瑞信下調瑞聲(02018.HK)目標價至18.2元 評級「中性」
瑞信發表研究報告指,瑞聲科技(02018.HK)首季收入按年增長14%,較該行預期低4%,盈利則按年下跌61%,較該行預期高9%。瑞信表示,期內瑞聲毛利率大幅下跌,是由於產品均價受壓所致,預期第二季盈利仍然受壓。
光學業務首季毛利率降至3.5%,管理層預計第二季疫情緩解,生產成本下降,利用率、自動化水平及產能提升,毛利率將於第二季末回升,並相信庫存消化後,毛利率將在下半年持連續改善。
瑞聲旗下崑山工廠於4月停工,影響收入約3%至5%,瑞信指出,疫情及封城將導致第二季毛利率受到約0.5至1個百分點的負面影響,由於第二季是主要客戶的出貨淡季,預計收入及盈利會下跌。
瑞信憧憬光學業務可改善,但整體業務仍因Android需求疲軟、市場競爭加劇等因素影響。由於毛利率下調,瑞信相應下調2022至2024年每股盈利預測約6%至7%,目標價下調6%至18.2元,維持「中性」評級。
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