《大行報告》高盛:汽車揚聲器和智能手機鉸鏈成瑞聲(02018.HK)新增催化劑
高盛發表報告指,日前到深圳與瑞聲(02018.HK)行政總裁及財務總監會面,對該公司維持積極看法,因為現金流健康、手機鏡頭及模組的出貨量及毛利率改善、發展汽車部件業務、產品線擴充。
管理層指,全球智能手機出貨量回穩,公司集中在現金流及利潤率提升,增加高端鏡頭佔比、推升產能使用率及毛利率、以及繼續控制成本。在聲學產品方面,管理層對擴充至汽車業務感到正面,早前收購的普瑞姆揚聲器系統(PSS)有助加快將現有產品發展至汽車應用。在手機外殼方面,應用於摺疊屏幕的手機鉸鏈具有發展機會,因為需求持續增長,毛利率亦較一般手機外殼產品更高。
該行認為,全球手機出貨量改善的趨勢,將會持續至第四季及以後,支持供應鏈庫存維持健康水平,為新型號的推出提供空間。對瑞聲持「買入」評級,目標價22.7元。
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