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《大行報告》美銀證券下調舜宇(02382.HK)評級至「跑輸大市」 目標價升至165元
阿思達克 01-08 14:30
美銀證券發表研究報告,指舜宇光學(02382.HK)近期股價因市場預期公司可進入蘋果光學鏡頭的供應鏈而上升,惟該行認為市場情緒比目前實際貢獻過於樂觀,預期iPad/iMac鏡頭可提升2021年盈利0.5%,iPhone前相機鏡頭提升可盈利1.5%,加上以其他企業經驗為例,首次進入蘋果供應鏈的公司,在起步初期利潤方面通常受影響,因此將其評級由「中性」降至「跑輸大市」,該行上調其2020-2022年每股盈測0%至2%,目標價相應由140元升至165元。

該行指,隨著光學鏡頭升級周期趨於平穩,公司正在面對的挑戰與大立光電(Largan)等其他企業所面對的相似,但相信公司未來有空間擴展至高端的6P及7P鏡頭市場,以提升均價和確保利潤,這有助於減輕瑞聲(02018.HK)和歐菲光(O-Film)等產品帶來的壓力。該行預期,去年下半年公司純利為26億元人民幣,按年持平。

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