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大行評級|高盛:上調瑞聲科技目標價至38.2港元 今年毛利復甦正面

高盛發表研究報吿指,對瑞聲科技今年毛利復甦感到正面,更大手機出貨量及像素組合升級帶動毛利率反彈。同時,該行亦見到人工智能手機帶來規格升級的機會,以在手機中加入人工智能功能,令瑞聲受惠。該行料,公司税息前盈利(EBIT)毛利潤率將由2023年低位2%恢復至今明兩年的7%及8%。高盛對其估值基礎延展至明年,以市盈率20.5倍計,對瑞聲目標價由33.8港元升至38.2港元,重申“買入”評級。

該行上調瑞聲2025年至2027年各年收入預測上調1%、1%及1%,原因是受其像素組合升級和人工智能智能手機的規格提高推動,上調對其智能手機鏡頭及MEMS麥克風業務收入預測。該行亦上調了營運支出預測,以反映有關新產品的研發支出增加。另外,該行維持對其2025年及2027年盈測大致不變。

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