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大摩:下调瑞声(2018.HK)目标价至40港元 评级与大市同步
格隆汇 04-09 13:42

摩根士丹利发表研究报告,维持瑞声(2018.HK)与大市同步投资评级,目标价由原来的45港元下调至40港元,指公司公布的首季盈警数字低于该行预期,主要是由于毛利率下降及营运开支增加所致。

该行注意到,公司第二季的表现会持续疲弱,料盈利按年下跌20%,这是因为海外市场,尤其是iPhone的影响将会在第二季大致表现出来。根据该行的渠道检查显示,声学及触控产品的升级周期受限,认为智能手机中这两个组件的价格增长相对有限。另外,市场对于公司的镜头业务抱有很大期望,但其渠道调查显示质量与同业相比仍相差甚远,因此仍难以直接比较,尤其是目前市场正处于整固阶段。

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