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《大行報告》高盛上調瑞聲(02018.HK)目標價12.8%至25.6元 手機鏡頭組合升級支持毛利率復甦
阿思達克 11-28 10:34
高盛發表報告指出,維持對瑞聲科技(02018.HK)建設性看法,主要由於其手機鏡頭的升級組合支持毛利率復甦,並看好公司未來盈利及現金流強勁。 手機鏡頭方面,該行認為除了智能手機市場在今年下半年因補貨需求而穩定外,相機規格亦有所回升,支援瑞聲科技為6P以上高階鏡頭帶來更高毛利率的產品組合升級。該行預期公司的手機鏡頭出貨量於今年下半年及明年上半年分別按年增長15%及34%。 此外,瑞聲今年上半年自由現金流恢復至39億元人民幣,該行預期公司基本面復甦下,將持續支持明年的現金流狀況。 該行將瑞聲目標價由22.7元上調12.8%至25.6元,維持「買入」評級,對其2024至2027年盈利預測分別上調2%、2%、3%及3%,估計明年手機鏡頭毛利率為18.9%,相對於原預期為12.7%。
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