《大行》高盛升瑞聲(02018.HK)目標價至63.6元 維持「買入」評級
高盛發表報告指,瑞聲科技(02018.HK)上半年光學業務毛利有所增長,而混合毛利率則下降至20.7%,該行預期下半年毛利率將回復至23.6%,主要受以下因素推動,包括手機鏡頭毛利在下半年改善至30%以上;聲學業務毛利回復,原因是中高端項目量產;以及汽車聲學和冷卻業務多元化,利潤率較高。
高盛指,仍看好瑞聲,並預期光學業務的規模和組合提升,以及汽車、人工智能/AR眼鏡和機器人業務的長期機遇,將進一步改善盈利能力。維持「買入」評級。目標價由62元升至63.6元。
該行同時將瑞聲2025至27年各年盈利預測分別上調14%、3%及4%,收入預測亦分別上調1%、1%及3%,以反映今年上半年業績表現。
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