《大行報告》中金降舜宇(02382.HK)目標價至150.8元 評級「跑贏行業」
中金發表報告指,舜宇光學(02382.HK)公布6月出貨量數據,公司手機鏡頭產品出貨0.72億片,按月下滑20.1%;手機攝像模組產品出貨4,034.5萬片,按月下滑18.6%。該行認為,鏡頭與模組出貨的單月按月跌幅均在18%至20%區間,反映出安卓手機終端需求不振,致使上游零部件拉貨承壓。
不過,中金認為隨著下半年傳統手機拉貨旺季的到來,以及公司手機光學產品正逐步擺脫去年高基數影響,預計下半年按年增速將逐步回歸理性水平。至於車載鏡頭出貨603萬片,按年增長25.3%,按月增長2.7%。隨著下半年汽車市場新車的密集發布以及自動駕駛滲透率的不斷提升,公司車載鏡頭仍有望維持較良好的增速水平。
考慮到今年手機市場整體需求較為疲軟,中金下調舜宇光學今明兩年淨利潤預測分別27%及19%,至41.4億元及52.2億元,並維持股份「跑贏行業」評級。雖然目前投資者對於手機產業鏈展望仍存壓力,但基於公司在車載及ARVR領域長線佈局清晰,該行審慎下調舜宇目標價10%至150.8元,對應36.5倍今年和28.9倍明年市盈率。
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