大摩:予瑞聲科技(2018.HK)目標價60港元 評級“與大市同步”
大摩予瑞聲科技(2018.HK)目標價60港元,評級“與大市同步”。
大摩發表報告稱,瑞聲科技旗下的光學業務經過重組之後,吸引了四位策略投資者,其中包括小米(1810.HK)和OPPO,目前大摩相信這些科技巨頭投資者的焦點在於該公司晶圓級玻璃(WLG)的未來發展潛力,而非瑞聲在低端塑膠鏡頭方面擴大產能。
大摩認為在未來發展的理想預期下,該公司或將獲得50%來自內地手機制商的中端以及低端的鏡頭需求,而這相等於瑞聲科技將通過該業務板塊獲得每年6億件的生產需求。以均價3元人民幣及利潤為10%計算,預計該公司每年盈利將增漲1.8億元人民幣。
不過大摩指出該公司的WLG鏡業務能否實現突破,以及小米和OPPO能否採用WLG技術大量生產目前尚有待觀察。大摩仍認為目前混合鏡片難以取替塑膠鏡片,該項目目前問題主要集中在能否實現大批量生產;由於塑膠鏡片在過去多年已發展完備,因此WLG鏡的光學素質能否強於塑料鏡片,還是一個未知數。

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