《大行報告》《大行報告》麥格理下調瑞聲(02018.HK)目標價至11.94元 評級「跑輸大市」
麥格理發表報告,下調瑞聲(02018.HK)目標價31%至11.94元,維持「跑輸大市」評級。該行指,瑞聲首季收入48.96億元人民幣,較該行及市場共識高8%及13%,但毛利率按年跌11.7個百分點至19.5%,差於該行及市場預期2.2及2.3個百分點,受觸動部件及塑膠鏡片毛利率蠶食多於預期所影響。經營溢利按年跌63%至2.39億元人民幣,亦較該行及市場預期低19%及10%。
該行指,瑞聲聲學業務收入較該行及市場預期高11%及12%,受惠來自蘋果(AAPL.US)的收益強勁。鏡頭模組收入亦較該行預期高1.73倍,受銷售按季增長1.29倍至4,200萬個帶動,公司在低端模組的市值上升。但塑膠鏡片首季銷售按年跌13%至1.35億套,平均售價按年跌30%至2.37元人民幣,毛利率跌32個百分點至4.4%,受市場需求疲弱、進取定價策略及使用率低所影響,以及產能過度擴張等因素拖累。
該行下調瑞聲今年至2024年淨利潤預測18%至38%,反映毛利率蠶食及低毛利率鏡頭業務佔比加大。股價催化劑為第二季盈利,該行對瑞聲次季盈利較市場預期低八成。
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