高盛:予舜宇光學(2382.HK)沽售評級 目標價92港元
高盛發表研究報吿指,舜宇光學(2382.HK)上半年純利按年增加約52%至27億元人民幣,勝出該行及市場預期。受益於相機模組毛利率按年提升3.7百分點至14.8%,儘管產品的平均售價按年下降,但集團上半年毛利仍勝預期。該行給予舜宇沽售評級,未來12個月的目標價92港元。
報吿指,舜宇的產品組合按年有小幅升級,主要是手機鏡頭、車載鏡頭的光學零件佔總收入的22%,毛利率按年升1.4百分點、但較去年下半年跌0.8百分點至42.9%。期內高端手機鏡頭模組的出貨量下跌,產品的平均售價下降,更高的毛利率抵銷了較少的收入增長,導致毛利按年增長35%。
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