《大行》匯豐研究降瑞聲(02018.HK)目標價至56元 上半年盈利遜預期
匯豐研究發表報告指,撇除收購PSS的一次性公允價值收益,瑞聲(02018.HK)上半年經常性淨利潤為6.52億元人民幣(下同),淨利潤為8.76億元,低於市場預期。儘管收入按年增長18%至133億元符合預期,但盈利未達預期主要是由於聲學及感測器的毛利率低於預期所致。另一方面,光學業務則表現出強勁的增長動能,收入按年增長20%,毛利率也在產品組合優化的帶動下有所改善。
報告引述瑞聲光學管理層強調主要的增長動力及正面因素,包括塑膠鏡片及混合鏡片毛利率將於下半年及打後繼續擴大,長遠目標為達到40%及35%。在相機模組方面,瑞聲正積極推出新產品,並計劃利用其自製OIS模組及混合鏡頭能力,推出包括潛望鏡在內的更多高端產品。
匯豐研究維持瑞聲「買入」評級,目標價由59.9港元下調至56港元。
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