《大行報告》法巴:舜宇(02382.HK)估值合理 評級「持有」看192元
法巴發表研究報告指舜宇(02382.HK)盈利增長於未來5年相信可以有平均28%的增速,預期更多智能手機採用多鏡頭模組,以及5G升級周期都有助帶動手機鏡頭和模組增長,有關部份佔公司收入80%以上,即相等於鏡頭需求增長會維持強勁。
該行指,公司光學組件毛利由2014年的26.7%升至2019年的45.2%,反映產出收益率有很大的改善,預期鏡頭業務在未來5年將貢獻毛利平均達69%。該行對公司鏡頭業務感樂觀,但對模組業務感審慎,因易受原材料壓力和價格競爭影響。
該行又指,公司期望多元化其客戶基礎以包括環球品牌,如蘋果公司等,未來公司如果可以進入iPhone鏡頭供應鏈,則會成長遠利好因素,目前評級「持有」,目標價192元。
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