《大行》招銀國際降瑞聲科技(02018.HK)目標價至60.55元 維持「買入」評級
招銀國際發表報告指,瑞聲科技(02018.HK)上半年收入增長由於電磁傳動及精密結構件/光學/傳感器及半導體驅動,有關整體毛利率降至20.7%,主要受聲學毛利率疲軟影響。
有關管理層對2025年指引,該行認為是比較正面,這能緩解市場對下半年毛利率/需求的擔憂。昨天股價下跌13%,該行認為市場擔憂反應過度,並建議投資者股價回調是買入機會,看好瑞聲科技為AI驅動的規格升級周期的主要受益者,其在AI手機/折疊屏手機/AI眼鏡/機器人領域具有廣闊機會。
該行輕微調整預測,以反映上半年業績、更強勁的VC散熱業務/光學表現及較低毛利率。目標價由63.54元降至60.55元,維持「買入」評級。
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