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《大行报告》瑞银料瑞声(02018.HK)股价短期波动 评级「沽售」
阿思达克 07-23 10:06
瑞银发表研究报告,指瑞声(02018.HK)公布其子公司瑞声通讯集团将引入4名战略投资者,包括湖北小米长江产业基金、OPPO广东移动通信、深圳市惠友豪创科技投资,以及南京华睿睿军创业投资中心,合计增资11.5亿元人民币。融资所得的资金将用於其光学业务的资本支出及研发费用。

该行引述管理层指,引入战略投资者并非因财务困难,而公司拥有充足的财务资源。同时,战略投资者不会管理瑞声通讯的业务营运,不管有没有战略投资人,公司都会照常与所有客户开展业务。公司相信,战略投资人将提升公司在光学行业的地位,使其股权结构多样化、加速业务并优化其资源。另外,投资将有助公司建立一个独立的融资平台。

该行认为,市场对於此交易会有不一的解读,并会令短期股价出现波动。该行给予瑞声「沽售」评级,目标价看30元。另一方面,小米(01810.HK)及OPPO的战略投资对公司的光学业务或有正面作用,但有忧虑关注到小米及OPPO的投资会否导致其他智能手机代工生产业务减少。此外,公司将其光学业务归到瑞声通讯之下,并将战略投资者的投资放到此子公司中,市场憧憬公司或会计划将光学业务分拆上市,但现时公司仍未有相关资讯提供。

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