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《大行報告》野村上調舜宇(02382.HK)目標價至235元 評級「中性」
阿思達克 08-18 10:07
野村發表的研究報告指,舜宇光學科技(02382.HK)上半年光學電子產品毛利率為14.8%,較去年有所上升,帶動整體毛利率達24.9%,好過該行及市場預期,期內淨利27億元人民幣亦好過該行及市場預期,野村將公司2021-22年每股盈測升2-12%,以反映毛利率好過預期及匯率利好因素等,不過部分被出貨量增長減慢及手機鏡頭業務放慢等抵銷。該行將公司目標價由193元升至235元,維持評級「中性」。 該行指出內地智能手機需求再度減緩,公司或需要降低鏡頭及模組的出貨量指引,而舜宇將2021年手機鏡頭增長指引降至按年升5-10%(原為15-20%),但維持手機鏡頭模組出貨增長指引在20-25%,另一方面受惠車載鏡頭出貨量強勁,公司將相關增長指引由20-25%升至30-35%。 據管理層指,智能手機需求弱勢或會帶來勁能減少的趨勢,而智能手機相關業務在下半年毛利率或更受壓,但管理層仍期望今年整體毛利率高於去年的22.9%。另外管理層指蘋果相關業務進展理想,並在多項汽車、AR/VR項目中獲領導地位。(el/k) ~
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