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大行評級丨傑富瑞:瑞聲毛利率勝預期,上調評級至“買入”,升目標價24%至36港元
格隆匯 08-23 13:12
瑞聲科技(2018.HK)中期純利升2.57倍至5.4億元。傑富瑞發表報吿指,瑞聲上半年毛利率好過預期,將評級由“持有”上調至“買入”,目標價由原先29港元,調高兩成四至36港元。傑富瑞表示,瑞聲上半年毛利率提升7.4個百分點至21.5%,較該行及市場預期高出2個百分點,其中光學業務毛利率轉為正數至4.7%。管理層最新定下今年收入增長15%以及毛利率介乎22%至25%的指引,均好過預期。報吿指,iPhone及Android將採用較高規格的揚聲器,以及AI智能手機用的液冷散熱VC,瑞聲科技均有覆蓋。公司旗下高端音響系統供應商Premium Sound Solutions (PSS),也有助公司汽車相關業務擴張。該行把瑞聲2024至26年度純利預測上調10%,以反映好過預期的毛利率趨勢,對蘋果手機未來1至3年結構性的換機潮看法正面,認為瑞聲處於有利位置;最新36港元的目標價相當於2025年19倍的預測市盈率。
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