《大行報告》麥格理降瑞聲(02018.HK)評級至「中性」 削目標價至12.1元
麥格理發表報告,將瑞聲科技(02018.HK)評級由「跑贏大市」下調至「中性」,反映Android聲學配件復甦放緩、iPhone銷量較低及觸感配件升級推遲至2024年,將目標價下調43%至12.1元。
該行預期今年Android攝像鏡頭市場出貨量按年跌12%至32.3億件,主要因為規格降級至中端,由三鏡頭降至兩鏡頭。手機行業的市場毛利率自2020年開始收窄,情況令人關注,若果鏡頭毛利率沒有改善,舜宇(02382.HK)盈利面對較大下調風險,維持其「中性」評級。
該行在同業當中首選比亞迪電子(00285.HK),預期受惠蘋果業務及新能源車配件增長,產品組合較佳,將會推動毛利率改善。
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