《大行報告》瑞信下調舜宇(02382.HK)目標價至267元 評級「跑贏大市」
瑞信發表的研究報告指,舜宇光學科技(02382.HK)管理層於業績會議中上調車載鏡頭出貨量至按年增30-35%,並將手機鏡頭出貨量增長降至5-10%,與該行預期(35%/8%)一致,並重申手機鏡頭模組及資本開支指引,現時公司料今年毛利率將按年上升,而經營開支與銷售比例則由8%-8.5%調整至8%-9%。
公司指出今年下半年毛利率仍然受壓,主要因為智能手機功能降級及競爭增加,意味即使全年毛利率有升,與上半年比較仍呈跌勢,但料2022-23年毛利率趨升。在平均銷售單價方面,公司料下半年手機鏡頭模組及手機鏡頭將與上半年持平。車載鏡頭的平均銷售單價則受人民幣升值影響而有所下降,而非鏡頭產品的貢獻亦逐步上升。管理層亦指出與美國客戶的進展超預期,而VR模組亦引入一個主要客戶。
瑞信維持對公司出貨量預測不變,但將公司2021-23年每股盈測分別降5%、2%及2%,以反映經營開支較高、平均銷售單價及毛利率輕微下降,目標價由273元降至267元,維持「跑贏大市」評級。(el/u) ~
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