《大行报告》麦格理下调舜宇(02382.HK)目标价至123.8元 评级「跑赢大市」
麦格理发表研究报告指,舜宇(02382.HK)有为各大Android手机商提供镜头及相机模组产品,认为美国对华为作出禁运制裁,对舜宇的影响有限。
该行预期,华为拥有足够的单晶片(SoC)库存,今年智能手机出货量可达2亿部。在基本情景下,预测明年华为将改为向联发科购买SoC,以增加其国内出货量,但由於不再生产使用海思及高通晶片的手机,海外出货量可能按年减少76%。
麦格理指出,舜宇2019年收入中有39%来自华为,但其Android客户群分散,相信华为的影响可控。估计最差情况是苹果在中国内地的高端市场占比增加,对舜宇会有轻微负面影响。该行早前将舜宇剔出购买名单,考虑到华为风波的不确定性及市场份额变动,将目标价由177元降至123.8元,维持「跑赢大市」评级。
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