汇丰研究:升瑞声(2018.HK)评级至“买入” 调整后供买入良机
汇丰环球研究发表报告,决定上调对瑞声科技(2018.HK)投资评级,由“持有”升至“买入” ,指其目前估值吸引,仅相当今年动态市盈率0.8倍,较中国智能手机行业平均的1.2倍低,提供良好的风险与回报比率,指近期股价回落后正提供买入良机,而长线前景持续改善。
该行指,下调对瑞声目标价由68.9港元降至66.5港元,调低对公司今明两年纯利预测各10%及1%,反映今明两年智能手机付运预测疲弱、首季产能使用率较低会令毛利率承压,估计公司于2019年至2021年纯利复合增长率为28%。
汇丰环球研究料瑞声去年第四季纯利将按年跌20%至8.33亿元人民币,与市场同业预期相近,料旗下声学及电磁传动收入可各升16%及6%,指旗下光学业务上季表现及今年指引可成催化剂,料瑞声今年旗下镜头业务毛利率可提升至27%。

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