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《大行報告》大摩:舜宇(02382.HK)CCM出貨量及毛利或有驚喜 車載鏡頭前景仍正面支持估值高於同業
阿思達克 06-18 10:48
摩根士丹利發表的研究報告指,舜宇光學科技(02382.HK)鏡頭模組市場份額於今年上半年升3個百分點,估計勢頭將持續至下半年,該行認為鏡頭模組將可為銷量及利潤率帶來正面驚喜,展望汽車鏡頭方面亦維持正面,將支持公司估值優於同業,予目標價208元,評級「增持」。

公司於6月17日舉行年度投資者日,管理層分享智能手機鏡頭轉換的前景,及汽車行業的龐大機遇,考慮到近期的轉換,公司預期全球智能手機出貨量今年將升1.5%,而內地智能手機出貨量則維持在3.4億台水平。

在手機鏡頭模組方面,考慮到今年上半年整體智能手機銷量與去年下半年大致持平,公司手機鏡頭模組出貨量表現強勁,反映市場份額提升,而上半年其市佔較去年下半年升3個百分點,管理層相信勢頭將持續至下半年,而高端客戶方面其競爭力在於領先的封裝技術,在中低端客戶方面則有自動化及規模優勢。公司未有太擔心競爭帶來的利潤壓力,主要因為公司繼續向高端轉移,而自動化亦有助維持其盈利能力。

在手機鏡頭方面,公司對手機鏡頭轉向維持信心,相信視頻拍攝在5G時代將變得更重要,並會推動智能手機品牌升級鏡頭,另一方面公司料品牌將進取地升級旗艦機,主要因為尤其是高端市場的市場份額仍然是廠商今年的主要焦點。由於公司具規模優勢及領先技術,故可為客戶提供低成本解決方案,相信中低端機款成本壓力將為公司帶來機遇。

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