中金发表报告指出，瑞声(02018.HK) 发盈喜，预期去年净利润介乎17亿至18.15亿元人民币，按年增长130%至145%，符合该行及市场预期。该行认为公司去年业绩增长显著的原因为得益于全球智能手机市场需求回暖、零件升规带来产品组合优化、以及营运效率提升，声学、马达及结构件业务的毛利率有所改善；去年下半年光学产品量价齐升并实现毛利大幅扭亏，该趋势或在去年下半年延续；PSS并表贡献利润弹性。
由于瑞声盈利能力改善，该行上调对其2024及2025年净利润预测12%及25%，各至17.5亿与23亿元人民币，并引入2026年收入与净利润预测为345.1亿及27.1亿元人民币，当前股价对应今明两年的预测市盈率为23.4倍及19.7倍。
该行维持对瑞声的“跑赢行业”评级，考虑到端侧AI驱动行业估值中枢上移，上调其目标价41%至52.15元，对应今明两年预测市盈率为25倍及21.3倍。(jl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-02-14 16:25。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.