《大行報告》富瑞降瑞聲(02018.HK)評級至「持有」 目標價下調至17.77元
富瑞發表研究報告指,瑞聲科技(02018.HK)上半年收入按年下跌2%,較該行及市場預期低15.5%及14.7%,毛利率跌至14.1%,亦較該行及市場預期低5.1及4.3 個百分點,相信是由於需求疲軟持續所影響,其中聲學業務受到Android規格下降趨勢所打擊;同時因平均售價下降,令期內光學業務繼續出現毛損。
考慮到消費市場結構性疲弱,該行下調瑞聲2023至2026年的收入及純利預測,目標價下調至17.77元,其中光學業務估值為今年預測市賬率的0.7倍,非光學業務估值為今年預測市盈率10倍,投資評級從「買入」降至「持有」。
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