《大行報告》瑞信:舜宇(02382.HK)股價已反映手機疲弱因素 重申「跑贏大市」評級
瑞信發表報告指,舜宇光學(02382.HK)在智能手機市場面臨挑戰,集團降低了其今年展望,全球及中國的智能手機出貨量預期將分別按年下跌8%及17%,各至12.2億部及2.6億部,較該行原預測按年各下跌5.6%及13.5%為差。
該行將舜宇今年手機鏡頭模組及手機鏡頭出貨量預測,由原來按年各增長5.5%及4.7%,下調至按年持平,反映Android手機需求持續疲弱,指恢復能見度有限。
瑞信又下調舜宇光學2022年至2024年每股盈利預測分別15%、9%及6%,主因出貨、產品均價及毛利率降低,對其目標價由155元調低至141元,相當預測2023年市盈率25倍,維持「跑贏大市」評級,相信智能手機疲弱因素已反映在股價之上,仍看好公司長線業務增長前景(如XR、車載鏡頭等)。
該行料舜宇2022年每股盈利將按年跌19.3%,料2023年每股盈利將按年回升27.8%,估計2024年每股盈利將按年增長17.7%。
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