《大行報告》大和下調瑞聲(02018.HK)目標價至18元 評級「買入」
大和發表研究報告指,考慮到宏觀市場因素導致智能手機需求疲軟,將瑞聲(02018.HK)2022至2024年每股盈利預測下調12%至20%,其中2024年預測水平高於市場預期5%,反映出該行對瑞聲的業務復甦前景更加樂觀。
該行重申其「買入」評級,但將目標價從20元下調至18元,對應未來一年預測市盈率約16倍不變。展望未來,該行認為雖然安卓智能手機需求仍然疲軟,今年經營環境將較艱難,但預計在安卓需求可能復甦、光學產品利潤率提高,以及來自蘋果的業務表現穩定等因素下,瑞聲的盈利增長將在2023至2024年恢復至28%至45%。
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