高盛:維持瑞聲(2018.HK)“中性”評級 目標價40港元
高盛發表報告表示,瑞聲科技(2018.HK)
代表昨日出席該行舉行的大中華科技研討日,公司更新了包括智能手機鏡頭、晶圓級玻璃鏡片等業務況,該行對瑞聲旗下智能手機鏡頭進程感正面,但指其核心業務面臨挑戰,包括聲學及觸感器(haptics)業務市佔從蘋果公司中流失,維持對其“
中性
”評級及目標價40港元,此相當預測明年市盈率13倍。
該行指,瑞聲正在流失蘋果公司產品的聲學份額,管理層指相關高端型號(如iPhone 11 Pro 系列)市佔率介乎40至60%,並估計iPhone聲學部件三大供應商,即瑞聲、歌爾股份(002241.SZ)及立訊精密(002475.SZ)已平穩分佈。
至於智能手機鏡頭方面,瑞聲管理層指基於使用率較低,今年上半年相關業務毛利率錄下滑,但指相關付運量強勁,從今年首季4500萬件,至今年第二季達9000萬件,管理層計劃將2019年年底或2020年初每月產能提升至7000萬件,隨着產品組合升級及使用率提升,料毛利率潛在上升。
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