《大行報告》建銀國際升瑞聲(02018.HK)目標價至26元 復甦當中
建銀國際發表報告,上調對瑞聲科技(02018.HK)2025年及2026年盈利預測16%,反映公司正在復甦,毛利率展望改善、整合收購的Premium Sound Solutions(PSS)及該行改變對稅率的假設。該行把瑞聲目標價由18.5元上調至26元,相當於預測2024年市盈率22倍,高於原來的18倍,以反映公司業績展望改善,並維持「跑贏大市」投資評級。
該行指,瑞聲去年下半年收入按年持平,較上半年則升21%,低於市場預期2%。電磁驅動與精準機器及光學部門增長部分地被聲學及微機電系統產品抵銷。去年下半年毛利率按年升1.5個百分點至19.2%,經營溢利按年升29%,經營溢利率6.5%。
報告稱,瑞聲去年下半年純利按年升25%,較上半年則升2.93倍,高於市場預期24%。瑞聲去年下半年盈利復甦,受益於期內智能手機市場反彈,尤其安卓中高端市場,產能使用率及平均售價改善,以及有利的產品組合改動。
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