《大行報告》大和料舜宇(02382.HK)今年打入蘋果供應鏈 升目標價至256元評級「買入」
大和發表的研究報告指,早前已預計舜宇光學(02382.HK)自2021年起盈利增長將回復強勁,主要受惠汽車及智能手機多鏡頭趨勢,加上今年下半年手機鏡頭再度升級,同時有機會獲新客戶。最近該行的研究亦確認了其正面看法,估計公司2021-22年盈利增長回復至35-39%,主要受惠利好趨勢和蘋果(AAPL.US)訂單開始出現,重申「買入」評級,目標價由175元升至256元,維持為行業首選。
該行估計舜宇將於今年打入蘋果鏡頭供應鏈,而最近的研究亦顯示相關進展處於正軌,料公司將在今年首季量產iPad鏡頭,並在明年上半年量產iPhone鏡頭,估計2021-22年公司將向蘋果出貨1,000萬及6,000萬組鏡頭,假如iPhone進展加快將有潛在上行空間。而該行的研究亦顯示各品牌將在今年下半年進取地升級機型,支持了對舜宇的正面看法。
另外,榮耀回歸及華為有機會進一步分拆高端智能手機等亦有望加快升級,故料舜宇在2021-22年手機鏡頭收入將按年增21-31%,而手機攝像模組收入則升19-22%。
另一方面公司在汽車鏡頭方面具領先地位,市佔率達三成,相信電動車勢頭將有利舜宇,估計疫情後需求復甦,料公司2021-22年車載鏡頭銷量將重拾23-25%的增長。(el/u) ~
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