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《大行報告》大和升瑞聲(02018.HK)目標價至30元 今明兩年前景光明
阿思達克 03-22 10:02
大和發表報告指出,瑞聲(02018.HK)去年下半年業績超預期,錄得收入112億元人民幣,按年持平,符合該行及市場預期。基於產品結構不斷改善,去年下半年毛利率19.2%,相對於去年上半年的14.1%及2022年下半年的17.8%有所提升,並高過該行及市場預期的17.3%至18.5%。去年下半年經營溢利爲4.86億元人民幣,按年增長39%,相對於去年上半年則錄經營虧損2,900萬元人民幣。整體而言,公司去年下半年純利5.9億元人民幣,每股盈利49分人民幣,按年增長26%,較該行及市場預期高出30%至40%。 此外,瑞聲於今年2月完成收購PSS的80%股權,該行認爲公司汽車業務貢獻增加,是驅動增長的積極舉措,並預計PSS將於今明兩年貢獻瑞聲純利總額約10%至15%。 該行認爲,瑞聲的光學/聲學盈利能力不斷提高,因此對其今明兩年盈利預測實現增長33%至95%,扭轉2018至2023年按年跌10%至42%的下行趨勢。另考慮到PPS的貢獻及毛利預測提高,將公司今明兩年每股盈利預測上調25%至29%。目標價由20元上調至30元,維持「買入」評級。
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