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法巴:首予瑞聲(2018.HK)“減持”評級 目標價36港元
格隆匯 10-02 15:37

法巴發表報告,首次覆蓋研究瑞聲科技(02018.HK) ,予其“減持”評級,目標價36港元。該行表示,瑞聲在過去十年受惠於蘋果公司的崛起,為對方提供聲學和觸控組件,佔了集團銷售額的48%。

不過,該行認為,瑞聲須忍受蘋果公司放慢採用新揚聲器和觸控反饋技術的步伐,以及蘋果供應鏈內的競爭加劇。因此,瑞聲的投資資本回報率(ROIC)由2010年的38.9%,降至去年的19.1%。

法巴估計,隨着蘋果公司使用更多的資金升級其他組件,例如記憶芯片、鏡頭及屏幕,揚聲器和觸控反饋的產品週期將會延長。此外,由於產品範圍更加廣泛,該行預計瑞聲還將銷售擴至Android的中低檔市場,而此舉或會使瑞聲的回報受壓,令其ROIC由去年的19.1%,進一步降至2023年的15.1%。

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