《大行報告》野村降舜宇(02382.HK)評級至「減持」 目標價上調至168元
野村發表研究報告,指舜宇(02382.HK)股價今年以來累升12%,跑贏恆指升2%,主因投資者對新能源車行業需求過份熱情,帶動包括公司在內的行業供應鏈企業受追棒,同時市場預期公司可獲蘋果公司鏡頭訂單,以及榮耀分拆可利好大中華光學市場。
該行指,認為市場對公司的預期過高,令股價不吸引,評級由「中性」降至「減持」,目標價由165元升至168元。
該行表示,舜宇的車用鏡頭,或自動駕駛相關業務佔收入比例會由去年的6%增加至明年8%,毛利由13%增至20%,帶動估值增長,但該行已計入公司車用鏡頭未來兩年帶動盈利增長40%的預期,而目前估值並未見十分吸引。至於蘋果業務方面,公司獲取iPad鏡頭訂單的機會大於iPhone,故維持公司不會成為iPhone鏡頭供應商的預期。
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