《大行報告》大摩恢復予瑞聲(02018.HK)「與大市同步」評級 目標價18元
摩根士丹利發表研究報告,考慮瑞聲科技(02018.HK)觸感板塊增長機遇延後至明年,恢復予其「與大市同步」評級,目標價18元。收入、毛利率及經營開支逆風是瑞聲能否在今年下半年達至純利溫和復甦的主要阻力。
報告稱,觸感設備升級及市佔擴張是瑞聲未來6至12個月的主要催化劑。由於技術問題,計劃中的觸感設備升級料押後至明年,而不是今年第三季於智能手機產品推出,恐礙今年收入及純利復甦。不過,大摩料觸感設備升級將提振瑞聲明年收入及純利分別6%及10%,並留意市場消息作為潛在催化劑。
大摩稱,瑞聲聲學業務料穩定,今年料錄86億元人民幣(下同)收入,透過與海外客戶密切合作,瑞聲計劃透過改善產品競爭力及確保準時付運,支持客戶進軍新業務板塊;這或有助瑞聲市佔擴張。
不過,大摩料瑞聲光學板塊今年難有顯著增長,因競爭仍激烈;料未來數年瑞聲仍要在光學板塊扭虧為盈上艱苦努力。該行料其今年光學板塊收入按年跌10%至29億元,集團層面虧損料按年收窄40%至2.5億元。大摩補充其精密設備板塊料有增長,受惠對一家核心手機客戶的市佔擴張,料今年相關收入達40億元,按年增長31%。
大摩認為,瑞聲明後兩年將迎接汽車相關增長機遇。在低基數下,今年相關收入貢獻料小,但明後兩年汽車板塊收入貢獻料擴張。
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