《大行报告》瑞信下调舜宇(02382.HK)目标价至267元 评级「跑赢大市」
瑞信发表的研究报告指,舜宇光学科技(02382.HK)管理层于业绩会议中上调车载镜头出货量至按年增30-35%,并将手机镜头出货量增长降至5-10%,与该行预期(35%/8%)一致,并重申手机镜头模组及资本开支指引,现时公司料今年毛利率将按年上升,而经营开支与销售比例则由8%-8.5%调整至8%-9%。
公司指出今年下半年毛利率仍然受压,主要因为智能手机功能降级及竞争增加,意味即使全年毛利率有升,与上半年比较仍呈跌势,但料2022-23年毛利率趋升。在平均销售单价方面,公司料下半年手机镜头模组及手机镜头将与上半年持平。车载镜头的平均销售单价则受人民币升值影响而有所下降,而非镜头产品的贡献亦逐步上升。管理层亦指出与美国客户的进展超预期,而VR模组亦引入一个主要客户。
瑞信维持对公司出货量预测不变,但将公司2021-23年每股盈测分别降5%、2%及2%,以反映经营开支较高、平均销售单价及毛利率轻微下降,目标价由273元降至267元,维持「跑赢大市」评级。(el/u) ~
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.