《大行報告》瑞信:瑞聲(02018.HK)分拆誠瑞光學上市可儲備更多資金 對股價正面
瑞信表示,瑞聲科技(02018.HK)分拆誠瑞光學上交所上市申請獲受理。誠瑞光學計劃發行16.9億至19.5億股,集資82億元人民幣。
誠瑞光學去年收入按年升43%至24億人民幣,虧損2.747億元人民幣,主要由於研發費用高昂及光學鏡頭及模組利用率低。光學毛利僅3.5%。管理層預期第二季尾可改善,因為防疫措施放寬及提高生產能力,去庫存亦於第三及第四季改善。該行調查指自5月以來手機鏡頭模組平均售價有溫和的下降趨勢,影像感測器價格正在下跌中。
瑞信表示,誠瑞光學上市讓瑞聲在競爭加劇的環境下儲備更多的資本,對股價為正面催化劑。該行期待能看見瑞聲更多盈利復甦。評級維持「中性」,目標價維持17.8元。
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