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《大行報告》美銀證券下調瑞聲(02018.HK)目標價至12.3元 評級「跑輸大市」
阿思達克 08-29 11:53
美銀證券發表報告指,由於研發支出低於預期及少數股權調整,瑞聲(02018.HK)今年次季盈利1.45億元人民幣,按年增63%,按季則跌29%,優於該行及市場預期。毛利率則達18.3%仍遜該行及市場預期。 該行引述管理層表示,下半年來自蘋果訂單,有助推動銷售,惟在Android 方面,仍存在不確定性;另外,Android不斷地規格降級將會影響利潤率,即使在如此艱難的環境下,管理層目標下半年維持縮減營運支出,惟該行預計由明年起,其研發支出比例將會上升,主要因推出多項新業務舉措,包括外殼、機械零件、汽車、VR或AR。 美銀證券將瑞聲今年全年盈測上調8%,以反映次季業績表現,並基於未來可見度較低,將明年及2024年盈測大致上維持不變,故將其目標價由13元下調至12.3元,重申其評級為「跑輸大市」。
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