《大行報告》光大證券:瑞聲(02018.HK)聲學及馬達業務回暖 光學盈利能力有望改善
光大證券發表報告指,由於全球智能手機需求疲弱,上半年瑞聲(02018.HK)安卓聲學業務延續去年第四季開始的降規格趨勢,平均售價、毛利率承壓,上半年聲學毛利率按年下降1.7個百分點至25.5%。伴隨今年第三季智能手機庫存去化、疊加華為Mate60系列回歸,帶動安卓聲學規格升級重啟,預計下半年安卓聲學業務逐步回暖,毛利率有望環比提升。
另外,光大證券指,由於今年A客戶新機並未如期新增1-2顆馬達模擬側邊虛擬鍵觸覺反饋,馬達業務收入不及該行預期,預計明年公司在A客戶馬達份額有望補償性回升,帶動A客戶馬達收入按年上升。
光大證券指,暫不考慮PSS併表影響,上半年安卓聲學業務盈利承壓,及A客戶馬達業務收入不及預期,下調全年淨利潤預測46%至5.75億元人民幣;鑒於A客戶馬達升級不確定性,小幅下調明年淨利潤預測7%至13.16億元人民幣。該行看好公司精密結構件業務持續增長;光學盈利能力改善,新增後年15.6億元人民幣淨利潤預測,維持「增持」評級。
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