《大行》摩通:瑞聲(02018.HK)管理層交出正面下半年毛利率展望 目標價上調至65元
摩根大通發表報告表示,瑞聲(02018.HK)管理層在分析員會議中交出正面的下半年毛利率展望,預計受新高端產品增產及持續改善的光學業務推動。公司下半年的收入展望亦勝市場預期,受惠新業務顯著增長,包括導熱及汽車聲學,以及現有產品規格升級。
該行相信管理層樂觀語調及指引紓緩投資者對公司毛利率下降的憂慮。該行對公司穩固展望,以及長遠在人工智能、機器人與汽車有更多新機遇持正面觀點,對瑞聲目標價由60元上調至65元,相當預測2026年下半年至2027年上半年市盈率22倍,維持「增持」評級。
瑞聲管理層有信心2025全年毛利率仍將按年增長,或至少能與2024年的22.1%持平,這意味著2025年下半年毛利率將超過23%(對比2025年上半年的20.7%),估計下半年更多智能手機觸覺馬達新產品的量產提升產品組合(預計毛利率回到30%以上水平)
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