《大行报告》大摩相信瑞声(02018.HK)战略投资者着眼於晶圆级玻璃镜片突破
大摩发表研究报告指瑞声(02018.HK)在重组後的光学业务引入四位策略投资者,包括小米和OPPO,该行相信该批投资者的焦点是晶圆级玻璃(WLG)的潜力,而非在瑞声的低端塑胶镜头扩张产能。该行予瑞声目标价60元,评级「与大市同步」。
该行指,在好的情况预期下,公司料可以获50%内地手机制商商,中至低端镜头需求,相等於每年6亿件的需求。以均价3元人民币及利润为10%计算,料每年增1.8亿盈利。
不过,该行指WLG镜能否实现突破,以及小米和OPPO在采用WLG作大量生产的协同效益尚有待观察。该行仍认为混合镜片难以取替塑胶镜,主要是大量生产上的问题,塑胶镜在过去多年已发展完备,其光学质素未必差过WLG镜。
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