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研報掘金|中金:上調瑞聲科技目標價至52.15港元 因其盈利能力改善而上調盈測
格隆匯 02-17 14:54

中金髮表報告指出,瑞聲科技發盈喜,預期去年淨利潤介乎17億至18.15億元,按年增長130%至145%,符合該行及市場預期。該行認爲公司去年業績增長顯著的原因爲得益於全球智能手機市場需求回暖、零件升規帶來產品組合優化、以及營運效率提升,聲學、馬達及結構件業務的毛利率有所改善;去年下半年光學產品量價齊升並實現毛利大幅扭虧,該趨勢或在去年下半年延續;PSS並表貢獻利潤彈性。

由於瑞聲盈利能力改善,該行上調對其2024及2025年淨利潤預測12%及25%,各至17.5億與23億元,並引入2026年收入與淨利潤預測爲345.1億及27.1億元,當前股價對應今明兩年的預測市盈率爲23.4倍及19.7倍。該行維持對瑞聲的“跑贏行業”評級,考慮到端側AI驅動行業估值中樞上移,上調其目標價41%至52.15港元,對應今明兩年預測市盈率爲25倍及21.3倍。

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