《大行報告》建銀國際上調瑞聲(02018.HK)目標價至20.5元 評級「跑贏大市」
建銀國際發表研究報告指,瑞聲(02018.HK)第三季度收入按年及按季增長27%及19%,達到54億元人民幣,較市場預期高出10%,相信是由於主要海外客戶銷售旺季所致。毛利率按年收窄3.7個百分點至19%,當中是受傳感器與半導體和光學業務的利潤率收窄所影響。期內淨利潤按年及按季增長28%及61%至2.34億元人民幣,亦較市場預期高10%。
期內受主要美國客戶銷售旺季的推動,聲學產品銷售額按年增長6%,傳感器及半導體銷售更升66%。而「聲學+馬達」Combo產品推動下,在電磁傳動業務收入按年增長47%。光學產品收入按年增長45%,按季比較則下降39%,毛利率更大幅收窄至14%。
建銀國際指,最新渠道調查數據顯示,瑞聲的主要美國客戶下一代產品可能會採用新的觸覺反饋設計,相信將推動明年電磁傳動業務發展。另外瑞聲近期在車用市場亦取得突破,用於VR/AR的3P Pancake光機模組生產線也預期將在年內建成。
考慮到光學業務表現,該行將2022至2024年盈利預測下調9%至24%,但由於瑞聲的市場份額已提升超過10%,認為股價可能會進一步重估,將目標價從16元上調至20.5元,評級「跑贏大市」。
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