《大行報告》建銀國際下調瑞聲(02018.HK)目標價至19.5元 評級「跑贏大市」
建銀國際發表研究報告指,瑞聲科技(02018.HK)發盈警,預期上半年綜合淨利下跌至1.22億至1.57億元人民幣,按年減少約55%至65%,遜市場預期;收入按年相比輕微減少。該行相信,這是由於集團重組的預期效益提升成效滯後、全球和國內智能手機市場疲軟、競爭激烈及產品組合擴大不利於產品結構。
該行預計,上半年集團的聲學業務銷售額將按年下降18%,主要是由於Android聲學產品在出貨量和平均售價方面表現疲弱。在新手機發布和「6.18」活動的幫助下,該行料集團第二季將按季錄得改善,又預計上半年電磁傳動及精密結構件業務按年增約20%,而光學收入將下降約14%。該行預計,光學業務的毛利率將繼續為負數,上半年毛損率約為15%。而在非智能手機領域,集團在汽車市場取得突破,並在聲學、鏡頭、WLG等方面與新能源汽車車廠合作。
該行下調集團2023至24財年的盈測22至42%,目標價由22元降至19.5元,維持「跑贏大市」評級。
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