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大摩:予舜宇(2382.HK)目標價230港元 評級“與大市同步”
格隆匯 09-03 16:50

摩根士丹利發表研究報吿指,舜宇光學(2382.HK)管理層對2022年及以後的相機升級充滿信心,或可進一步擴大手機攝像模組(CCM)業務市場份額;車載鏡頭及AR/VR增長勢頭仍然強勁,有能力成為行業領導者。該行予舜宇光學目標價230港元,評級“與大市同步”。

大摩表示,舜宇光學上半年手機鏡頭規格面臨壓力,亦受智能手機組件短缺及新冠肺炎疫情影響,整體智能手機市場需求放緩,但管理層對明年智能手機升級仍充滿信心,代工生產(OEM)主力放在高端相機及同類機款,將對手機鏡頭的平均銷售價格及毛利率產生積極影響。

報吿指,上半年手機攝像模組業務全球市場份額僅為13%至14%,而手機鏡頭市場份額 超過30%,因此在中端及高端產品有進一步擴大市佔率的空間,在毛利率方面,今年集團目標取得按年改善,長遠而言,集團希望通過改善產品組合、利用率和收益率,令其毛利率保持在10%以上。 車載鏡頭方面,根據公司指引,下半年出貨量增長放緩,主要由於汽車芯片缺貨、海外客户項目延遲,以及受去年高基數影響,但管理層有信心通過市場份額持續增長,在全球車載鏡頭市場保持首位。

報吿又指,VR增長勢頭依然強勁。 公司通過提供鏡頭和模塊,與VR市場的所有主要參與者建立合作關係。 現階段AR市場相對VR市場較小,2024年可能有更大的上漲空間。 從長遠來看,因為其高鏡頭規格,AR市場有更大的增長機會。

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