《大行報告》大摩:舜宇(02382.HK)手機鏡頭付運較預期弱 料市場反應負面
摩根士丹利發表研究報告指,舜宇光學科技(02382.HK)6月手機鏡頭出貨量遜預期,但估計2021年已見底,儘管面對短期阻礙,相信投資者將較關注公司上半年業績及第三季潛在出貨量復甦。
該行指出6月份舜宇手機攝像模組及手機鏡頭出貨量分別按月跌7%及14%,而按年計手機攝像模組出貨量則升18%,而手機鏡頭出貨量則跌27%,跌至2020年以來最低水平,該行早前發表的報告指,受智能手機次季銷售較弱以及零部件去庫存影響,公司增長將有所緩和,不過該行認為智能手機鏡頭出貨表現的確遜市場預期。
車載鏡頭方面出貨量按月跌25%,但按年比較仍升35%,儘管受高基數效應影響,上半年增長維持82%水平,遠高於公司全年指引的20%至25%增長,考慮到汽車芯片供應短缺,公司的高增長意味其市場份額正提升,相估有利捕捉自動駕駛方面的機遇。
該行認為公司股價受手機鏡頭出貨遜預期拖累,料市場反應負面,不過很多投資者已自5月初起調整預期,相信他們將投放更多關注於第三季出貨復甦及上半年業績表現上。
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