Insights

蘋果概念+港版納指 瑞聲科技值得長揸?

瑞聲科技(SEHK:2018)表現反覆,仍值得長揸嗎? –

恒指成份股瑞聲科技(SEHK:2018)成功晉身恒生科技指數,成為市場少有的雙料藍籌股。最近集團公布2020上半年業績,表現如何?值得長揸嗎?

半年少賺近60%

瑞聲科技主要從事開發微型技術元件的業務,包括聲學元件、光學元件等電子消費品的重要配備。疫市期間全球智能手機出貨量受挫,為手機設備產業帶來不利影響,但瑞聲的銷售表現依然硬朗,上半年收入按年微增3.6%至78億元(人民幣.下同),第二季收入更有12.1%同比增長。

然而,集團的盈利能力持續被削弱,上半年毛利為18億元,同比跌幅約13%,淨利潤更按年減少近6成至3.2億元。

核心業務持續衰退

雖然瑞聲科技指出核心聲學業務已隨著中國內地疫情持續緩和而有所復甦,第二季聲學業務收入更錄得約8%同比增長,約34%環比增長。然而,聲學業務在上半年的毛利率較去年同期下降3.8個百分點至26.3%,反映聲學元件的定價能力依然不振。

事實上,瑞聲科技的整體業務毛利率由2017年以來連年倒退,過去3個財年累計錄得約13個百分點跌幅。這意味著激烈市場競爭下,瑞聲的技術優勢持續被削弱,定價能力因而受挫,而情況在今年上半年依然未有改善,前景黯淡。

光學業務蓄勢待發

雖然瑞聲的核心業務表現不振,但集團近年積極拓展新業務——光學業務。智能手機升級戰場已由屏幕轉至鏡頭,多鏡頭設計常態化下,鏡頭及模組需求大幅擴張,光學元件市場增長潛力持續釋放。瑞聲這時候積極拓展光學業務有望借勢翻身。

在今年上半年,瑞聲的光學業務實現可觀增長,銷售額按年增加近50%,毛利率更由第一季的9.8%大幅提升4個百分點至第二季的13.8%,反映行業需求急速擴張下,供應商定價能力持續鞏固。

此外,第二季產業鏈復甦勢頭強勁,瑞聲的光學業學在第二季錄得同比增長約43%,環比增長更達55%。然而,目前光學業務貢獻依然有限,上半年收入僅為6.3億,相對期內總收入約78億元。

結語

瑞聲的聲學業務在期內依然未能翻身,幸而光學業務增長強勁,惟現階段仍不足以為集團帶來可觀貢獻,而且瑞聲競爭失勢的情況重現在光學市場的風險不容小覷。

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!