《大行報告》中金升瑞聲(02018.HK)目標價至27.2元 業績勝預期
中金發表報告指,瑞聲(02018.HK)去年業績勝預期,收入按年下滑1%至204.2億元人民幣(下同),表現高於該行此前預期3%,主要得益於結構件收入的增長以及光學產品的拉貨;純利按年下滑10%至7.4億元,高於該行預期28%,高於市場一致預期19%。
中長期看,中金看好瑞聲科技在聲學領域鞏固市場地位,同時在結構件、光學分部形成新的收入增量,成為優質的消費電子交互解決方案供應商。
中金指,考慮到光學行業競爭格局相對放緩,上調公司今年純利預測22%於11.7億元,同時引入明年純利預測於13.8億元。該行維持瑞聲「跑贏行業」評級,基於公司光學及聲學業務的正向恢復趨勢,上調目標價49%至27.2港元。
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