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《大行報告》匯豐研究升瑞聲(02018.HK)評級至「買入」 指調整後供買入良機
阿思達克 03-05 11:13
匯豐環球研究發表報告,決定上調對瑞聲科技(02018.HK)投資評級,由「持有」升至「買入」 ,指其目前估值吸引,僅相當今年動態市盈率0.8倍,較中國智能手機行業平均的1.2倍低,提供良好的風險與回報比率,指近期股價回落後正提供買入良機,而長線前景持續改善。該行指,下調對瑞聲目標價由68.9元降至66.5元,調低對公司今明兩年純利預測各10%及1%,反映今明兩年智能手機付運預測疲弱、首季產能使用率較低會令毛利率承壓,估計公司於2019年至2021年純利複合增長率為28%。匯豐環球研究料瑞聲去年第四季純利將按年跌20%至8.33億元人民幣,與市場同業預期相近,料旗下聲學及電磁傳動收入可各升16%及6%,指旗下光學業務上季表現及今年指引可成催化劑,料瑞聲今年旗下鏡頭業務毛利率可提升至27%。
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