《大行報告》高盛下調瑞聲(02018.HK)目標價至20.5元 評級「買入」
高盛發表報告指,瑞聲(02018.HK)中期收入按年跌2%,符合低單位數按年跌幅指引,但毛利率進一步降至14.1%,導致毛利按年跌27%,差於該行及市場預期兩成。縱使公司經營開支比率由14.7%改善至14.4%,在匯兌收益、利息收及及投資收入增加下,收入及毛利下降令經營變為虧損,淨利潤則較指引中位數高8%。
該行基於瑞聲中期業績,下調對其今年至2027年淨利潤預測12%至16%,主要基於收入預期及毛利下降,反映智能手機鏡頭競爭劇烈及智能手機終端市場表現緩慢。該行繼續預期公司下年收入增長及毛利率復甦,並預期下半年收入按年升18%,受主要客戶推出新智能手機,以及中國品牌更多地使用高端聲音、機械部件及鏡頭。
該行下調對瑞聲目標價至20.5元,為明年預測市盈率16倍,維持「買入」投資評級。
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