《大行》中銀國際升瑞聲科技(02018.HK)目標價至62.9元 AI賦能設備與多元化驅動長期增長
中銀國際發表研究報告指,瑞聲科技(02018.HK)上半年收入按年增長18%至130億元人民幣,毛利率20.7%,均低於預期。淨利潤按年大幅增長62%至8.71億元人民幣,但若剔除一次性的PSS併購公允價值收益,則低於市場預期。不過,管理層對下半年的樂觀指引超市場預期,預計隨着多個高端項目投產及下半年營運槓桿大幅回升,毛利率將實現強勁按季反彈。
該行表示,因公司下半年指引及其在聲學與觸感領域的技術領先地位保持樂觀看法,同時瑞聲科技在光學及精密結構件領域的多年拓展也取得有成效的進展。該行預計,隨着瑞聲科技完成光學、聲學與結構件的全平臺能力整合,將有利於其在汽車、XR及機械人等新興市場的快速拓展。
該行將瑞聲科技目標價由62.6元小幅上調至62.9元,對應2026年預測市盈率22倍不變,維持「買入」評級,看好AI賦能設備與多元化驅動長期增長。
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