《大行報告》瑞信料舜宇(02382.HK)中期純利按年增長58% 下調其手機鏡頭付運預測
瑞信發表研究報告指舜宇光學(02382.HK)7月手機鏡頭付運量按月反彈22%,不過按年仍因高基數減少23%,相信大致反映市場季節性補貨的因素,料8月份的表現會更好,車載鏡頭受晶片問題影響,料會於9月起改善。
該行指,手機鏡頭的付運將見下行風險,降2021至23年付運量預期,以反映需求轉弱和競爭加劇。同時降光學組件毛利預期至分別42.3%、45.1%及45%(原先預測為43.7%、45.5%及45.4%)。
該行料毛利率情況改善,現時預料上半年毛利率可按年增5.4個百分點至24.9%,高於其他券商預期的22.8%,當中得益於手機攝像模組毛利率較佳;純利料按年增58%至28億元人民幣,高於其他券商預期9%,業續表現為短期催化劑,目標價維持273元,評級「跑贏大市」。
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