星展:重申瑞聲(2018.HK)“買入”評級 目標價升至56港元
瑞聲科技(2018.HK)
將於下月初公佈第三季業績,星展發表研究報告,預測其第三季純利將按年跌43%至5.51億元人民幣,全年毛利率料降至28.9%。但報告亦指,隨着Android智能手機推陳出新,相信有助帶動業務復甦,2020年度可迎來轉折點,預期瑞聲明年度純利增幅可回升至57%的高水平,較市場預期的50%為高。
該行指,根據供應鏈企業反饋,未來將有更多旗艦機款會採用曲面屏,令明年內地智能手機市場的邊緣觸控技術應用率將提升至10%,遠高於市場的預期介乎2%至3%,料瑞聲可因此受惠。星展預期,瑞聲的毛利率未來有望見底回升,由2017年度的41.3%,降至去年及今年度的37.2%及28.9%後,2020年或可輕微反彈至29.4%,將瑞聲目標價由45港元上調至56港元,重申“
買入
”評級。
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