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星展:上調瑞聲科技(2018.HK)目標價至100港元 評級“買入”
格隆匯 01-21 16:07

星展發佈報告稱,將瑞聲科技(2018.HK)目標價調升55.9%,由原來的56港元升至100港元,予“買入”評級。

該行稱,預計瑞聲今年盈利將上升57%至36.67億元人民幣,較市場共識高17%。該行預計,瑞聲來自蘋果的放緩增長將被來自安卓客户升級的增長所抵消,且隨着產品結構和良率的提高,光學利潤率得到了顯著增長。

該行還稱,預計2020年光學產品的毛利率將達到14%,雖然市場認為瑞聲今年毛利率40%目標具有挑戰性。但該行認為這是可實現的,主要由於公司已經在2019年4季度向小米交付6P透鏡組,相信混合透鏡組的出貨量可能會在1H20出現。這意味着產品結構和良率都有顯著改善,預計光學產品的毛利率將從2019年的1%,增加到2020年的15%,因此,將2020年的淨利潤預測提高15%。

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