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大行評級|星展:上調瑞聲科技目標價至56港元 相信毛利提升推動價值重評
格隆匯 02-19 10:31

星展發表報告,指瑞聲科技是蘋果以及其他主要安卓品牌的重要聲學組件供應商。該行預計,在蘋果iPhone和其他安卓旗艦機可能增強人工智能功能之後,其聲學方面的規格升級步伐將會加快。此次升級將專注於改善人工智能語音助手的使用體驗,這需要有信噪比更高的優質麥克風。該行預計,此次升級轉變將使該公司的聲學業務毛利率從2023財年的28%提高至2026財年預測的33%。

該行上調集團2025/2026年盈測6.3%及6.9%,反映出由於平均售價(ASP)上漲以及產品組合改善而帶來的毛利率擴大。該行對其目標價由43港元升至56港元,基於2025財年預測市盈率22倍計算,這一估值與上行週期的估值相符。該行預計光學和聲學產品的規格升級以及平均售價的上調將成爲催化劑。

該行維持其“買入”評級,相信毛利提升推動價值重評。

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