大行評級|建銀國際:上調瑞聲目標價至38港元 上調2024至26財年盈測
建銀國際發表研究報吿指,瑞聲所有細分市場的積極發展,將推動其2024財年銷售額及利潤率於今年餘下時間延續復甦。該行預計,瑞聲2024財年上半年營業收入將按年增長24%,同時較2023財年下半年增長2%。該行估計,瑞聲收購Premium Sound Solutions(PSS)的事項,或為其2024財年上半年貢獻13億元收入,併為2024財年全年貢獻32億元收入。該行亦預期,瑞聲2024財年上半年淨利潤為6.16億元,按年增長310%;2024財年全年則為15.4億元,按年增長108%。
各個細分市場預測方面,該行預期瑞聲旗下聲學業務營業收入將穩定增長;光學業務將於2024財年次季恢復利潤;電磁傳動業務於Android市場將實現穩健復甦;微機電系統業務亦將受惠於人工智慧對高性能麥克風需求上升,推動瑞聲的市場份額進一步擴大。
建銀國際表示,瑞聲的前景持續改善主要得益於智慧手機市場反彈;來自美國主要客户的人工智慧驅動機會;提高利用率及平均售價;產品結構發生有利變化等因素。該行將瑞聲2024至2026財年的盈利預測分別上調21%、15%、11%,同時將其目標價由26港元上調至38港元,維持“跑贏大市”評級。
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