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《大行報告》匯豐研究上調瑞聲(02018.HK)目標價至15.1元 評級「持有」
阿思達克 11-16 09:50
匯豐研究發表研報指,瑞聲科技(02018.HK)今年第三季收入增長27%,勝預期,主要由於新款iPhone的季節性表現及ToyoPrecision更高的銷售貢獻,帶動觸覺和精密組件銷售增長強勁。 期內瑞聲淨利潤增長28%至2.34億元人民幣,當中包括約4,300萬人民幣的外匯收益,但仍低於該行預期,相信是由於光學及MEMS業務拖累毛利率下降。匯豐研究將瑞聲2022至2024年的淨利潤預測上調3%至9%,以反映觸覺和精密組件的強勁銷售。 該行又指,瑞聲的股價在過去一個月累升約50%,對比同期恆指升約6%,主要是由於有傳Apple計劃取代物理側按鈕設計。惟該行表示對明年蘋果供應鏈的利潤率前景看法變得更加審慎,預期蘋果公司可能會採取更嚴格的成本控制措施,以抵銷需求放緩的影響。 匯豐研究維持預測市盈率14.8倍,計及匯率影響,將目標價由13.8元上調至15.1元,評級「持有」。
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