《大行報告》美銀證券升瑞聲(02018.HK)評級至「買入」 目標價上調至65.5元
美銀證券發表研究報告將瑞聲科技(02018.HK)評級升至「買入」,以反映在重組後下半年利潤表現將轉勢,而來自安卓標準的聲學及觸控產品貢獻將升。該行估計公司2021/22年經營利潤率將升至14%及15%,而2020年則爲8%水平,考慮到下半年內地智能手機勢頭恢復,加上蘋果產品出貨穩健料將抵銷價格方面的壓力,將公司2021-23年盈利預測升5-14%,目標價由36.5元升至65.5元。
該行估計聲學的毛利率將於2021/22年復甦至34%及36%,認爲相關分部將是盈利的主要引擎。該行的情景分析顯示,今年聲學分部毛利率每改善兩個百分點,將提升每股盈利6-8%。而新的喇叭爲標準化設計,估計到2022年產品數量將縮減至100款,可大幅減輕成本及經營開支負擔,估計到2022年其安卓滲透率將升至20-30%。
在觸控方面,該行留意到部分安卓品牌聚焦於遊戲體驗,並加大採納X軸馬達,相關產品利潤較高達40%左右,該行估計2021年出貨或增三倍至6,000萬組,並於明年起加快採納,主要因爲零件短缺及價格壓力緩和。在光學方面,該行認爲垂直整合CCM將加快光學銷售,而毛利率料穩定在27-28%水平(2020年19%),主要因爲塑膠鏡頭利潤提升以及CCM盈利能力改善等。(el/u) ~
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