Aac Technologies Holdings Inc - Stock Analyst Research

Target Price*HKD 38.35
Recommendation ACCUMULATE
Market Cap*2280000
Publication Date26 Nov 2021

*At the time of publication

瑞聲科技 (02018.HK) 3Q21 業績低於預期,展望第四季業績靠穩回升

投資概要
瑞聲科技公佈公司截至 2021 年 9 月 30 日的前三季業績,期內收入為 128.6 億元人民
幣,同比增加 4.0%,毛利率為 26.3%,同比增加 3.0 個百分點,淨利潤為 11.0 億元人
民幣,同比增長 47.1%。而 2021 年第三季的業績承壓,主要國內客戶(如 OPPO、Vivo)
因晶片短缺而推遲及取消部分機型導致需求減弱和受海外疫情的影響,導致安卓聲學
業務上的毛利率下跌。第三季收入為 42.5 億元人民幣,同比下降 6.1%,毛利率為
22.7%,同比下跌 0.9 個百分點,而淨利潤和淨利率則分別為 1.8 億元人民幣和 4.3%,
同比下跌 57.4%和 5.2 個百分點。我們預期公司第四季整體業績有望維持環比增長,並
維持 2021 年全年淨利潤恢復同比增長的預期,惟下調 2021 年全年淨利潤的預測約 23%
至 15.8 億元人民幣(前預計:20.5 億元人民幣)。
安卓聲學產品佔比提升 預期第四季毛利率環比回升
3Q21 公司聲學業務收入為人民幣 22.0 億元人民幣,同比增長 1.9%,環比增長 7.8%;
毛利率則為 26.3%,同比輕微下跌 0.3 個有分點,環比下跌 2.1 個百分點,主要因海外
疫情的影響延續到第三季,導致安卓聲學產品的毛利率環比下降了 7.4 個百分點。隨著
第四季越南工廠已經全面恢復正常生產,產能和良率將得到改善。以及公司的標準化
小腔體聲學模組,在安卓聲學產品上的佔比已接近 10%,並持續提升,預計標準化產
品出貨量的提升將會進一步提高安卓聲學產品上的毛利率水平,並通過逐漸滲透中低
端智能手機市場,擴闊公司的客戶群。另外,公司正與車企合作開發全新概念車的智
能座艙音響系統,同時亦與一家國內頭部造車新勢力合作開發量產產品,預計公司車
載聲學系統產品未來將搭載於其新車型上。

About the author

Samuel Sung
Analyst
Research

宋承軒先生 (Samuel Sung) 分析師 宋承軒先生本科畢業於香港科技大學數學系,以優異成績畢業於英國紐卡素大學獲取國際金融分析碩士學位。宋先生現為輝立証券持牌分析師,主要覆蓋TMT行業。 Samuel Sung graduated from Hong Kong University of Science and Technology with BSc in Mathematics and obtained Master’s Degree with distinction in International Financial Analysis from Newcastle University. Samuel is currently a licensed research analyst at Phillip Securities and covers the TMT sector.

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