《大行報告》美銀證券下調瑞聲(02018.HK)目標價至12.5元 評級「跑輸大市」
美銀證券發表研究報告指,據報由於技術問題,蘋果(AAPL.US)可能會推遲今年將側鍵升級為虛擬側鍵的計劃。該行認為,如果設計變更,將對瑞聲科技(02018.HK)產生負面影響,因為瑞聲與立訊精密(Luxshar)都是重要的觸感供應商。該行提到,潛在的升級可能會在今年為瑞聲帶來單位數的銷售增長。儘管銷售貢獻相對有限,但潛在的設計變化將對其估值產生負面影響,因為瑞聲多年來一直沒有從蘋果獲得顯著的手機規格升級。
該行指出,蘋果的供應鏈在iPhone出貨方面變得更加保守,認為潛在的出貨量疲弱和停滯不前的手機規格可能會影響其銷售額和利潤率。另外,集團目前的庫存水平仍處於4至5個月的高位,惟終端需求仍然疲軟。集團今年專注的高端業務作出撇帳和可能加劇的價格競爭或會進一步影響其利潤率和盈利。
該行下調集團2023至24財年的盈測8至9%,以反映利潤率負擔,目標價由13.8元下調至12.5元,重申「跑輸大市」評級。
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