《大行報告》大摩相信瑞聲(02018.HK)戰略投資者著眼於晶圓級玻璃鏡片突破
大摩發表研究報告指瑞聲(02018.HK)在重組後的光學業務引入四位策略投資者,包括小米和OPPO,該行相信該批投資者的焦點是晶圓級玻璃(WLG)的潛力,而非在瑞聲的低端塑膠鏡頭擴張產能。該行予瑞聲目標價60元,評級「與大市同步」。
該行指,在好的情況預期下,公司料可以獲50%內地手機製商商,中至低端鏡頭需求,相等於每年6億件的需求。以均價3元人民幣及利潤為10%計算,料每年增1.8億盈利。
不過,該行指WLG鏡能否實現突破,以及小米和OPPO在採用WLG作大量生產的協同效益尚有待觀察。該行仍認為混合鏡片難以取替塑膠鏡,主要是大量生產上的問題,塑膠鏡在過去多年已發展完備,其光學質素未必差過WLG鏡。
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