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《大行報告》摩通下調瑞聲(02018.HK)目標價至18元 評級「中性」
阿思達克 05-18 11:16
摩根大通發表研究報告表示,計及瑞聲科技(02018.HK)首季業績表現及最新行業前景後,認為公司正在努力度過市場逆境,預期基本面的復甦將分兩個階段進行,首先今年銷售料強勁反彈,但利潤率預期下降,至明年銷售及利潤率溫和增長。 摩通表示,將瑞聲今明兩年的銷售額預測分別上調17%及22%,至按年增長分別16%及8%,大致符市場預期,並將毛利率預測下調3.9及3.2個百分點,至分別20.3%及20.5%,預期瑞聲在 iPhone和鏡頭等競爭激烈的領域,目前難以同時達到銷售增長及維持盈利空間,指出人力及原材料成本上升為毛利率持續帶來壓力,但在行業競爭下增加的成本不太可能轉嫁給客戶。 該行表示,考慮到現時智能手機銷量低迷及宏觀經濟環境疲軟,建議投資者保持觀望態度,降今明兩年每股盈測分別36%及17%,維持「中性」評級,目標價由22.1元下調至18元,對應2023年預測市盈率約15倍。
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