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野村:升瑞声(2018.HK)目标价至53.3港元 评级“中性”
格隆汇 11-11 11:33
野村发表报告表示,瑞声(2018.HK) 第三季表现逊预期,主因毛利较弱,该行决定下调对瑞声2019年盈利预期9.4%,以反映第二及第三季的表现都逊预期,同时升2020年至2021年销售预期,以反映新iPhone的销售量、未来5G升级潮,及公司由光学与精密机械的贡献。
该行指,瑞声毛利复苏的速度慢于预期,故只微升2020-21年盈利预期分别0.6%及2.9%,维持“ 中性 ”评级,目标价由47.8港元升至53.3港元,相信盈利可因5G周期而有温和增长,而股价亦已大致反映2020年的增长情况。
野村称,瑞声预期胶镜头付运量可于12月达至6000万,明年3-4月可达至1亿,明年的均价将在4-5元人民币,该行的估算是基于假设公司的光学收入明年可有双倍增长,毛利25-30%。公司亦重申其安卓客户的声学产品将于今年付运1500万件预测,料相关收入可于明年有数倍的增长。
至于iPhone方面,若iPhone应用双声学产品,将有助贡献公司盈利增长,但目前仍未有足够证据证明公司明年下半年的表现。公司正计划整合更多部件,以增加其金属外壳产品的附加值,同时晶圆级玻璃亦是主要的高端光学产品,未来这类产品的收支平衡有助提升预期。

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