《大行報告》瑞銀降瑞聲(02018.HK)評級至「沽售」 削目標價至16.5元
瑞銀發表研究報告,指出基於尚未解決的供應鏈問題及需求低迷,智能手機品牌定價壓力或令瑞聲(02018.HK)毛利率進一步受壓,至於零件短缺及營運成本上升,為公司帶來額外的毛利壓力。此外,公司的手機零件多元化仍處於初步階段。該行預期公司的成本上升,將至少至2022年底持續對公司毛利造成影響。
該行認為,市場對瑞聲的預期過高,該行則對公司2022及2023財年的每股基本盈測分別下調35%及43%,較市場預期低5%及22%,以反映毛利下行風險。另預期公司的毛利率及經營利潤率將由2021年的24.7%及8.4%,下降至2022年的21.5%及6.9%。評級由「中性」降至「沽售」,目標價由37元削減至16.5元。
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