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"對等關稅"對瑞聲科技(2018.HK)影響有限,且公司議價能力較強
格隆匯 04-09 11:12

國盛證券最新研報稱,在美國"對等關稅"事件中,瑞聲科技承受的成本有限,且議價能力較強,挑戰更是機遇。

該機構分析認爲,主要原因在於瑞聲科技自身對美國市場的敞口有限,且消費電子產業鏈較長,而瑞聲科技處於上遊的核心零部件環節,傳導更爲間接。此外,瑞聲科技在全球多個國家擁有產能佈局,可以最大限度優化其供應鏈佈局、降低影響。

而相較其它消費電子產業鏈企業,瑞聲科技基於其核心技術能力,在客戶的聲學、馬達、相關結構件擁有較高份額和競爭力,議價能力較強。

此外,瑞聲科技車載業務主要爲本區域生產、本區域銷售,不受此次關稅波動影響。

與此同時,國盛證券看好瑞聲科技在手機、車載、機器人等場景的強勁產品力。其中,智能手機方面,瑞聲科技在強勢業務聲學、馬達、結構件等持續迭代之外,積極推進光學升級進程,其塑膠鏡頭、模組、WLG相關產品持續獲得高端產品突破。車載業務方面,除聲學以外,麥克風模塊、車載光學等開始進入量產導入期。

在新場景應用方面,瑞聲科技積極佈局機器人賽道,在感知環節和執行環節積極拓展頭部客戶,打造包含零部件、系統級模塊、算法的垂直一體化能力。XR賽道則積極拓展聲學和光學等佈局。

國盛證券認爲,AI硬件升級趨勢勢不可擋。瑞聲科技作爲聲學、馬達、光學、結構件等環節的龍頭企業,縱向推進產品升級創新、橫向加強多場景拓展,在外部環境的波動中更有望加強其多維度競爭力,挑戰更是機遇。

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