《大行報告》高盛下調瑞聲(02018.HK)目標價至23.9元 評級「買入」
高盛發表報告指,瑞聲(02018.HK)手機鏡頭出貨量在去年第四季持續增長,導致全年出貨量在智能手機市場下滑的情況下可上升單位數。鑑於激烈的競爭和對高端相機的低需求,產品均價及毛利率均處於下行趨勢。儘管如此,在品牌製造商爭奪回購買家的支持下,該行預計,瑞聲次季將會推出更好相機規格並帶動智能手機市場。
該行表示,將瑞聲2023至2025財年的淨收入預測分別下調45%、30%及17%,目標價由28元下調至23.9元,維持「買入」評級。
高盛預計瑞聲至2027年手機鏡頭和相機模組的毛利率將有所改善,因為公司的市場份額增加和更穩定的智能手機市場支持利用率上升,以及集團更關注以高端相機的戰略推動盈利。
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