花旗：下調瑞聲科技目標價至 14 港元 評級沽售

美港電訊
2022.06.07 08:37
6 月 7 日訊，花旗發表研究報告，考慮到手機鏡頭市場競爭激烈及原材料價格上升，將瑞聲今明兩年盈測分別下調 28% 及 23%。為反映中期不確定性，以今年下半年至明年上半年預測市盈率 11 倍為基礎 (屬過去五年曆史低位)，目標價由 17 港元降至 14 港元，維持沽售評級。報告稱，瑞聲光學產品庫存由 3 月底的介乎 4 至 5 個月，進一步減少至次季中段介乎 3 至 4 個月，受累銷貨成本上升及產能利用率下滑，料持續去庫存將壓抑次季毛利率。展望今年下半年，因市場減緩採納高端相機鏡頭款式，銷售均價壓力料持續。
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