星展发表报告，指瑞声(02018.HK) 是苹果以及其他主要安卓品牌的重要声学组件供应商。该行预计，在苹果iPhone和其他安卓旗舰机可能增强人工智能功能之后，其声学方面的规格升级步伐将会加快。此次升级将专注于改善人工智能语音助手的使用体验，这需要有信噪比(signal-to-noise ratio)更高的优质麦克风。该行预计，此次升级转变将使该公司的声学业务毛利率从2023财年的28%提高至2026财年预测的33% 。
该行上调集团2025/2026年盈测6.3%及6.9%，反映出由于平均售价(ASP)上涨以及产品组合改善而带来的毛利率扩大。目标价由43元升至56元，基于2025财年预测市盈率22倍计算，这一估值与上行周期的估值相符。该行预计光学和声学产品的规格升级以及平均售价的上调将成为催化剂。该行维持其“买入”评级，相信毛利提升推动价值重评。(ka/a)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-18 12:25。)
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