《业绩前瞻》券商料舜宇(02382.HK)中期多赚21% 关注新指引及行业竞争
舜宇光学(02382.HK)将於本月17日公布中期业绩，虽然有新冠疫情的影响，但藉着安卓新产品的周期(料主要受到韩国客户订单所驱动)，受惠手机镜头(HLS)及手机镜头模组(CCM)出货强劲，料公司上半年业绩仍然稳固，本网综合5间券商，预期舜宇光学今年上半年纯利介乎17.14亿元至18.35亿人民币，较去年同期14.31亿元人民币，按年上升19.8%至28.2%，中位数17.32亿人民币，按年升21%。
综合6间券商，预测舜宇光学今年上半年收入介乎168.67亿元至198.31亿人民币，较去年同期155.75亿元人民币，按年上升8.3%至27.3%，中位数184.51亿人民币，按年升18.5%。此外，综合5间券商，预期舜宇今年上半年毛利率介乎16.2%至19.5%，较去年同期18.4%，按年跌2.2个至上升1.1个百分点，中位数19%按年升0.6个百分点。
但券商普遍关注舜宇下半年经营环境或会转弱，静候管理层会否更新其出货量指引，市场对今年第三季智能手机前景趋保守，并关注同业瑞声(02018.HK)进入光学领域所带来竞争会令产品价格承压。
【料中绩稳固 观行业竞争】
汇丰环球研究本周初发表报告，料舜宇今年上半年纯利可按年升28%至18.35亿人民币，主要受期内收入按年升21%所推动，并估计毛利率可由去年上半年18.4%，提高至期内9%。但该行料公司今年下半年需面临需求不明朗及行业竞争，但其长期增长潜力仍然稳固。
摩根大通估计舜宇今年上半年纯利可按年升近20%至17.14亿人民币，料收入可按年增8.3%至168.67亿人民币，其中来自镜头模组业务收入127.67亿人民币按年升17.4%，估计手机镜头业务收入21.2亿人民币按年升16.3%、料车载镜头业务收入8.05亿人民币按年跌14.3%，料总体毛利率按年升1个百分点至19.4%。
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综合5间券商，预期舜宇光学今年上半年纯利介乎17.14亿元至18.35亿人民币，较去年同期14.31亿元人民币，按年上升19.8%至28.2%，中位数17.32亿人民币，按年升21%。
券商│今年上半年纯利预测(人民币)│按年变幅
汇丰环球研究│18.35亿元│+28.2%
麦格理│18.08亿元│+26.3%
瑞银│17.32亿元│+21%
招商证券│17.28亿元│+20.8%
摩根大通│17.14亿元│+19.8%
按舜宇2019年上半年纯利14.31亿元计
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综合6间券商，预测舜宇光学今年上半年收入介乎168.67亿元至198.31亿人民币，较去年同期155.75亿元人民币，按年上升8.3%至27.3%，中位数184.51亿人民币，按年升18.5%。
券商│今年上半年收入预测(人民币)│按年变幅
瑞银│198.31亿元│+27.3%
摩根士丹利198亿元│+27.1%
汇丰环球研究│188亿元│+20.7%
招商证券│181.01亿元│+16.2%
麦格理│177.53亿元│+14%
摩根大通│168.67亿元│+8.3%
按舜宇2019年上半年收入155.75亿元计
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综合5间券商，预期舜宇光学今年上半年毛利率介乎16.2%至19.5%，较去年同期18.4%，按年跌2.2个至上升1.1个百分点，中位数19%，按年升0.6个百分点。
券商│今年上半年毛利率预测│按年变幅
招商证券│19.5%│升1.1个百分点
摩根大通│19.4%│升1个百分点
汇丰环球研究│19%│升0.6个百分点
瑞银│18%│跌0.4个百分点
摩根士丹利│16.2%│跌2.2个百分点
按舜宇2019年上半年毛利率约18.4%估算
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