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《大行報告》星展升瑞聲(02018.HK)目標價至31元 光學業務毛利率復甦引發樂觀情緒
阿思達克 03-25 09:45
星展發表研究報告指,瑞聲(02018.HK)是蘋果公司(AAPL.US)的主要聲學元件供應商。該行預計,iPhone 16將於2024財年加快升級聲學規格的步伐,料將側重於改善Siri體驗。該行預期,這將提升聲學平均售價,毛利率由2023財年的28%提高到2026財年的30%。 該行表示,光學業務在積極的定價策略推動下,預計集團於2024及25財年的收入將保持15%和20%的增長,在市場佔有率增長方面超越同行。該行又預期公司毛利率將由2023財年的17%回復至2026財年的23%,引發樂觀情緒主要是由於光學業務毛利率改善,而且產品升級進展順利。另外,管理層預計2024財年收入增長20至30%,整體毛利率高於20%,均超出市場預期。 該行將瑞聱目標價由26.2元上調至31元,重申「買入」評級。
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