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《大行報告》高盛:瑞聲(02018.HK)鏡頭業務獲客戶支持 對其他供應商為負面訊號
阿思達克 07-23 10:00
高盛發表報告指,瑞聲科技(02018.HK)公布,將其所有主要從事光學業務的子公司重組為「瑞聲通訊集團」,並引入4名戰略投資者,包括湖北小米長江產業基金(其控股股東為小米產業投資管理有限公司,由小米(01810.HK)董事長雷軍所控制)、OPPO廣東移動通信、深圳市惠友豪創科技投資,以及南京華睿睿軍創業投資中心,合計增資11.5億元人民幣,共取得瑞聲通訊增資擴股後約9.58%股權。融資所得的資金用於增加集團營運資金如資本開支、僱員開支和研發費用等。

該行表示,小米及OPPO等品牌製造商投資瑞聲的光學業務,表明集團的鏡頭業務(手機鏡頭、相機模組)正獲得客戶支持,使未來的出貨量看來正面,對集團的手機鏡頭出貨量增長持正面態度,不過未來相機模組業務或會影響其綜合毛利率及估值。

高盛稱,瑞聲鏡頭業務獲客戶支持,對其他現有包括供應商包括大立光電(3008.TW)、舜宇光學(02382.HK)及歐菲光(002456.SZ)而言為負面訊號,因會導致競爭加劇。另外,現時所有龍頭相機模組供應商都有自家的手機鏡頭,因此瑞聲需要建立自己的相機模組生產線,以為客戶提供整體解決方案。

該行維持瑞聲科技的「沽售」評級,目標價31元。

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