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《大行報告》高盛:是時候對瑞聲(02018.HK)重新關注 料2022年付運量增長99%勝同業
阿思達克 01-04 11:03
高盛發表報告表示,認為投資者是時候重新關注瑞聲科技(02018.HK),指最艱難時刻已經過去,該行維持瑞聲「買入」投資評級及目標價66元不變。 該行對瑞聲持建設性看法及具三大理由,第一是手機鏡頭和相機模組的擴展以及由全面產品(3P/4P/5P/6P、混合鏡頭、相機模塊)和客戶群滲透至所有領先的Android智能手機品牌組合升級,指公司具充足的產能(目前每月1億件,未來兩年每月可提升至1.3億至1.4億件)。該行又預計,瑞聲手機鏡頭出貨量將在2021年第四季度按季錄正增長,並在2022年第二季度恢復按年增長。第二是汽車電子為長期驅動力、第三是現有業務經過在過去四年後在失去市場份額後已趨穩定;而公司旗下小腔體揚聲器模組向Android手機品牌滲透更多型號。 高盛表示,下調瑞聲2021年至2022年純利預測分別9%及15%,主要是因為料2021年第四季度和2022年第一季度收入下降,而該行維持對公司2023至2027年純利預測基本不變,且對其現有業務的收入增長保持樂觀。 該行補充,瑞聲2021年手機鏡頭主要客戶是榮耀和小米(01810.HK),其次是vivo、OPPO和三星,集中的客戶群導致其2021年第三季出貨量波動,為避免未來出現類似波動,該行預計瑞聲科技將繼續多元化其客戶群。該行料瑞聲今年付運量增長達99%、料歐菲光(002456.SZ)出貨量按年升83%,估計舜宇光學(02382.HK)亦增長13%,大立光(3008.TW)則料跌17%。
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