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大和:升瑞声(2018.HK)目标价至47.2港元 评级“持有”
格隆汇 11-11 11:27
大和发表研究报告,指瑞声科技(2018.HK) 对安卓业务感正面,其第三季的利润转弱印证了对该行对公司的担忧看法,相信目前公司仍处于最坏情况,对利润改善的前景有限,新镜头模组业务正处于不稳,故维持 “持有” 评级,目标价由39.5港元升至47.2港元,此相当预测市盈率17倍,以反映最新的市盈率预期,及料明年增长可以复苏。
该行指,瑞声对主要业务,包括声学、触控马达及光学、RF/机械业务都会因安卓升级和5G的机遇有正面影响,并视光学为其长远增长动力,并将大量生产晶圆级玻璃和混合镜片,以应付高端产品的需求。公司同时计划进军镜头模组行业,虽然毛利只有5-10%。
大和预期,瑞声在光学的进展,相信可以在2019-21年收入贡献7-18%,不过因应价格压力,和在iPhone的占比减少,相信毛利只会由今年的30%升至2020-21年的31-32%,与过去37.2-41.3%的有一段差距,降2019每股盈利5%,以反映最新的表现,但升2020-21年每股盈利预期1%,以反映光学贡献。

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