《大行報告》瑞銀料瑞聲(02018.HK)股價短期波動 評級「沽售」
瑞銀發表研究報告,指瑞聲(02018.HK)公布其子公司瑞聲通訊集團將引入4名戰略投資者,包括湖北小米長江產業基金、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。融資所得的資金將用於其光學業務的資本支出及研發費用。
該行引述管理層指,引入戰略投資者並非因財務困難,而公司擁有充足的財務資源。同時,戰略投資者不會管理瑞聲通訊的業務營運,不管有沒有戰略投資人,公司都會照常與所有客戶開展業務。公司相信,戰略投資人將提升公司在光學行業的地位,使其股權結構多樣化、加速業務並優化其資源。另外,投資將有助公司建立一個獨立的融資平台。
該行認為,市場對於此交易會有不一的解讀,並會令短期股價出現波動。該行給予瑞聲「沽售」評級,目標價看30元。另一方面,小米(01810.HK)及OPPO的戰略投資對公司的光學業務或有正面作用,但有憂慮關注到小米及OPPO的投資會否導致其他智能手機代工生產業務減少。此外,公司將其光學業務歸到瑞聲通訊之下,並將戰略投資者的投資放到此子公司中,市場憧憬公司或會計劃將光學業務分拆上市,但現時公司仍未有相關資訊提供。
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