《大行报告》高盛:瑞声(02018.HK)镜头业务获客户支持 对其他供应商为负面讯号
高盛发表报告指,瑞声科技(02018.HK)公布,将其所有主要从事光学业务的子公司重组为「瑞声通讯集团」,并引入4名战略投资者,包括湖北小米长江产业基金(其控股股东为小米产业投资管理有限公司,由小米(01810.HK)董事长雷军所控制)、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,共取得瑞声通讯增资扩股後约9.58%股权。融资所得的资金用於增加集团营运资金如资本开支、雇员开支和研发费用等。
该行表示,小米及OPPO等品牌制造商投资瑞声的光学业务,表明集团的镜头业务(手机镜头、相机模组)正获得客户支持,使未来的出货量看来正面,对集团的手机镜头出货量增长持正面态度,不过未来相机模组业务或会影响其综合毛利率及估值。
高盛称,瑞声镜头业务获客户支持,对其他现有包括供应商包括大立光电(3008.TW)、舜宇光学(02382.HK)及欧菲光(002456.SZ)而言为负面讯号,因会导致竞争加剧。另外,现时所有龙头相机模组供应商都有自家的手机镜头,因此瑞声需要建立自己的相机模组生产线,以为客户提供整体解决方案。
该行维持瑞声科技的「沽售」评级,目标价31元。
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