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《大行》中銀國際降瑞聲(02018.HK)目標價至62.6元 關稅戰未改復甦趨勢
阿思達克 07-14 16:22
中銀國際預期瑞聲科技(02018.HK)中期業績將交出強勁的按年增長,主要驅動因素包括:內地高端安卓機規格升級及出貨量增長;關稅不確定性促使美國大客戶提前出貨;銅製VC散熱、WLG鏡頭、側邊按鍵、汽車聲學及XR等產品多元化的實質進展。 隨著半導體及智能手機獲得特別關稅豁免,市場對消費電子行業(包括瑞聲)的信心料將持續恢復。此外,由於瑞聲海外業務佔比較同業更高,近期內地補貼暫停對其影響相對有限。 展望2025年下半年,中銀國際預期瑞聲復甦勢頭將持續,主要動能來自大客戶新產品量產規模擴大,以及高端安卓新機發布較去年提前。 然而,因汽車客戶需求放緩,該行輕微下調瑞聲每股盈利預測。基於22倍2026年預測市盈率,目標價由64.4元下調至62.6元,維持「買入」評級。
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