《大行報告》野村:舜宇(02382.HK)手機鏡頭指引遜預期 或因對三星訂單轉趨保守
野村發表報告指,舜宇(02382.HK)管理層在業績電話會議中,透露今年手機攝像模組及車用鏡頭出貨指標為按年增長15%及20%,大致符合該行預期。手機鏡頭出貨指引(按年增10%)則較預期弱,可能是由於疫情影響海外需求疲弱,令舜宇對三星的訂單轉趨保守。
報告指出,去年2000萬以上像素鏡頭佔總出貨量20%,但有部分800萬像素潛望式長焦鏡亦需要用上6片鏡片,認為現時鏡頭像素規格及數量都在不斷升級,相信舜宇今年將致力提升手機鏡頭平均銷售價格,以及令手機攝像模組業務的客戶收入更平衡。
公司預計今年資本支出為30億元人民幣,較去年約32億元人民幣稍為減少;假如疫情可在短時間內受控,毛利率可保持與去年相若,即約20.5%,維持「買入」評級,目標價150元不變。
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