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一文綜合券商於舜宇(02382.HK)公布去年業績後最新目標價及觀點
阿思達克 03-18 10:45
舜宇光學(02382.HK)今早股價受捧,盤中曾高見197元一度抽上10.1%,最新報193.2元升8%,野村指舜宇去年下半年盈利勝預期,主要受手機攝像模組毛利率14.3%較高,高於原預期11.1%,及其非營運溢利所推動,而該行估計舜宇在最樂觀情況下,或最快於今年下半年有機會進入蘋果公司旗下iPhone供應鏈中。

公司昨日收市後公布去年純利按年升22.1%至48.72億元人民幣,每股盈利445.78分人民幣,每股末期息派88.8分人民幣,上年同期派72.8分人民幣;毛利按年升12.2%;毛利率上升2.4個百分點至22.9%,主要由於光電產品下的手機攝像模組毛利率由9.3%提升至12.6%,且業務佔總收入約75%。舜宇去年收入按年升0.4%至380.02億人民幣,主要因為去年三大主要產品,即手機鏡頭、車載鏡頭及手機攝像模組出貨量按年增加,且市場份額進一步提升。

【盈利勝預期 毛利率提升】

野村發表報告表示,基於舜宇自1月中表現大幅跑輸恆指,上調對舜宇投資評級由「減持」上調至「中性」,目標價由168港元上調至193港元。該行認為,舜宇手機攝像模組去年下半年毛利率勝預期,主要因為有利匯兌及涉華為業務減少推動,逾4億元人民幣非經營溢利則主要由投資及匯兌利潤推動。但認為手機鏡頭業務去年下半年表現仍相對呆滯,業務壓力於今年料將因不利競爭環境而持續。該行估計,舜宇正於蘋果iPhone手機主要鏡頭的認證程序,最樂觀情況下可取得今年新iPhone小部分市場份額。

摩根士丹利表示,留意到半導體部件供應緊張將持續至今年第二季,但仍見全球智能手機及汽車市場需求強勁復甦,為業務帶來短期助力,舜宇在車載鏡頭的領導地位應視作長期業績動力。該行給予舜宇「增持」評級,目標價235港元。

摩根大通指出,舜宇去年下半年銷售遜預期,但毛利率有正面驚喜,主要因為手機攝像模組毛利擴張、有利匯兌及持續的效能改善。經營開支比率則高於預期,受更高研發及員工薪金所影響。該行認為,業績反映產品平均單價在今年上升空間有限,基於市場競爭及有限的手機效能升級。該行給予舜宇「增持」評級,目標價155港元。

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本網最新綜合8間券商對其投資評級及目標價:

券商│投資評級│目標價(港元)

瑞銀│買入│285元

瑞信│跑贏大市│273元

大和│買入│256元

摩根士丹利│增持│235元

花旗│買入│230元

野村│減持->中性│168元->193元

摩根大通│增持│155元

高盛│沽售│81元

券商│觀點

瑞銀│毛利率在收入減少下強勁改善 為正面驚喜

瑞信│去年下半年盈利勝預期,受毛利及匯兌收益推動

大和│去年下半年業績明顯勝預期,維持行業首選股

摩根士丹利│手機攝像模組毛利率上升,推動去年下半年業績遠勝預期

花旗│毛利率推動跑贏同業

野村│下半年盈利勝預期,主要受手機攝像模組毛利率擴張及非經營收益推動

摩根大通│下半年業績好壞參半,收入遜預期,毛利率改善

高盛│去年下半年收入遜預期,毛利上升因經營開支比率增加

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