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《大行報告》匯豐研究升瑞聲(02018.HK)目標價至21.2元 相信鏡頭業務可受惠小米-W(01810.HK)產品週期
匯豐研究發表報告指,瑞聲科技(02018.HK)股價在過去三個月累升約66%,相對同期恆指下跌約4%,主要因為去年第四季受惠Android手機補庫存,推動其光學業務改善,定價亦溫和復甦;蘋果(AAPL.US)即將推售頭戴式設備Vision Pro,都令投資者受到鼓舞。 該行預料瑞聲的光學業務將會錄得毛收益扭虧為盈(gross profit turnaround),因為產品結構改善,由於鏡頭業務定位良好,可以受惠小米-W(01810.HK)的產品周期。不過該行認為,光學業務面對競爭壓力,而今年智能手機市場需求復甦亦欠缺能見度。觸碰馬達產品方面,該行承認早前低估毛利率復甦的進度,現時估計去年第四季毛利率改善至大約30%,高於之前的25%至27%,主要因為Android客戶採用較高端產品。 該行將瑞聲去年純利預測略為調整,今明兩年的盈利預測分別上調14%及29%,基於最新的每股盈測及人民幣匯價預測,目標價由16元上調至21.2元,維持「持有」評級。
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