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《大行報告》招銀國際升瑞聲(02018.HK)目標價至22.4元 前景穩健
阿思達克 03-25 14:18
招銀國際發表報告指出,瑞聲(02018.HK)去年收入按年跌1%至204億元人民幣,純利跌9.9%至7.4億元人民幣,均高過市埸預期,主要受惠匯兌收益及其他收入。期內毛利率16.9%,大致符合預期,去年下半年毛利率恢復至19.2%,按年增長1.4個百分點,較上半年增長5.1個百分點。 該行提及,瑞聲管理層展望今年,目標銷售按年增長10%至15%(如包括PSS按年增長20%至30%),主要受惠於在市場復甦、規格升級和晶圓級玻璃(WLG)提升的情況下,估計今年下半年光學業務的毛利率轉正;與PSS整合為汽車業務帶來協同效應;新型號的發布利好瑞聲的聲學/觸覺/外殼/鉸鏈業務,並可提高市場份額;人工智能(AI)手機在聲學和冷卻零件方面的升級。 此外,該行將瑞聲今明兩年的盈利預測各上調29%及50%,以反映PSS交易、利潤率及業務前景強勁。維持對其「持有」評級,目標價由14.04元上調至22.44元,前景穩健。
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