匯豐研究:升瑞聲(2018.HK)目標價至68.9港元 指光學業務執行力仍是焦點
匯豐環球研究發表報告指,瑞聲科技(02018.HK)的光學業務執行力仍是焦點,集團現時正致力增加鏡頭出貨量,該行預計至今年12月,其鏡頭的每月出貨量將增加至5,000萬,對比今年第三季的每月平均出貨量為3,800萬,出貨量增加主要由於持續的設計優勝及收益率改善。
該行上調對瑞聲股份目標價,由54.1港元升至68.9港元,重申“持有”評級。匯豐估計,五片式(5P)鏡頭目前佔瑞聲鏡頭出貨量80%以上,而集團最近亦開始大量生產六片式(6P)鏡頭。雖然集團於入門級5P鏡頭上可有合理利潤,且在高檔5P鏡頭的技術及規模不斷提高,但目前階段高檔5P鏡頭產品的低毛利,削弱了整體光學業務的毛利率。
匯豐上調對瑞聲今年至2021年的盈利預測分別3%、3%及4%,以反映對集團鏡頭及Android聲學/觸覺業務的正面看法。該行預計,瑞聲在今年至2021年的盈利年均複合增長率為29%,中期盈利年均複合增長率則為25%。

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