《大行報告》匯豐研究下調瑞聲(02018.HK)目標價至18.4元 評級「持有」
匯豐研究發表研究報告指出,瑞聲科技(02018.HK)首季純利2.06億元人民幣,遠遜該行及市場預期,主要由於光學業務毛利復甦令人失望,以及上海「封城」令公司營運支出負擔持續增加。不過,相機模組出貨量增加(產能利用率約90%),加上來自Android客戶的市場份額有所提升,公司首季光學業務銷售額按年升37%,至9.24億元人民幣,仍然高過預期。
瑞聲股價本年至今累跌約48%,大幅跑輸同期恆指跌約17%。該行歸咎於市場對光學業務盈利的憂慮及手機元件需求疲弱。基於對傳統淡季及對中國智能手機需求受限的預測,該行將瑞聲的2022至2024財年盈利預測分別下調15%、11%及2%,目標價由21.8元降至18.4元,考慮短期光學業務逆風及新業務訂單可見度仍低,維持「持有」評級。
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