《大行報告》花旗上調瑞聲(02018.HK)目標價至14元 評級「沽售」
花旗發表研究報告指,瑞聲科技(02018.HK)第三季業績勝市場預期,主要是由於非營運收益所帶動。收入和利潤率因季節性因素而有所改善,但在智能手機需求疲弱的情況下繼續受到鏡頭業務低迷的拖累。即使管理層對明年前景感謹慎,惟公司股價表現已超預期。該行認為,隨著競爭格局的改善和潛在的規格升級,該股應獲重新評級,維持其「沽售」評級。
報告提到,集團對明年智能手機出貨量前景維持保守態度,並預計最多只有低單位數增長。管理層希望庫存水平能在2023年降到介乎3至4個月,並通過新客戶、產品升級和OIS升級達到雙位數的收入增長。至於資本支出將下降15%到20%至介乎16億至17億元人民幣。
該行認為,近期股價走勢已經反映了大部分正面因素,而管理層評論並無增加信心。同時,整體消費需求前景和市場行情依然受壓,鏡頭業務未有好轉跡象。以目前的估值來看,風險回報並不吸引,但考慮最新的盈利前景,將其盈利預測上調2至10%,目標價由13元上調至14元。
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