《大行報告》匯豐升瑞聲(02018.HK)目標價至71.6元 評級「買入」
匯豐發表研究報告,提到瑞聲科技(02018.HK)日前公布為光學業務引入4名戰略投資者,集資11.5億元人民幣的消息。該行認為,公司引入新投資者的戰略舉措,主要是為了釋放光學資產的價值,多於是為了集資。作出此觀點是因為管理層指公司將會維持其光學鏡頭產品的現有的業務計劃及增長策略,並沒有計劃加快投資。
更重要的是,由於戰略投資者小米(01810.HK)及OPPO均是公司在光學及非光學業務的主要客戶,有信心公司的研發及產品質量將會更具競爭力,並獲得主要客戶的認可。此外,該行亦看到通過三家公司之間增強的戰略夥伴關係,會令公司與小米及OPPO的未來訂單產生協同效應。預期公司的鏡頭出貨量在今年第二季達至1.54億個,較第一季的6,800萬個大幅增長,毛利率將擴闊至25%,這是得益於產品組合優化令平均售價上升。
該行維持對公司所有的盈利預測,並將其目標價由原來的57.8元上調至71.6元,維持「買入」投資評級。
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