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花旗:維持舜宇(2382.HK)“中性”評級 目標價115港元
格隆匯 05-22 13:43

花旗發表研究報告,看好舜宇光學科技(2382.HK)手機鏡頭、手機攝像模組及車載鏡頭業務的定位,同時認為手機攝像模組及車載鏡頭業務短期內可能會看到客户需求的不確定性。

舜宇今年的目標是手機鏡頭出貨量增10%至15億件,手機攝像模組及車載鏡頭業務分別增15%及20%,至6.2億及6000萬件。基於公共衞生事件的影響,估計集團達標有壓力,尤其是車載鏡頭業務。

該行稱,手機鏡頭4月出貨量同比及按月均跌2%,主要是三星的訂單疲弱。手機鏡頭去年平均售價上升約兩成,手機攝像模組升10至15%,該行相信在客户訂單温和及毛利率穩定下,兩者今年的平均售價會維持穩定。

目前,該行對其年底的產能預測不變,手機鏡頭為1.6億件,手機攝像模組為7500萬件,車載鏡頭為600萬件;資本開支30億元人民幣;研發開支佔總收入比例5至6%,去年為5.8%;營運開支佔收入比例8至8.5%,去年為8.2%。

該行表示,維持對其“中性”評級,目標價115港元。

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