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舜宇光学科技(02382.HK):镜头新客户抬升拉货动能;车载光学产品稳步成长
格隆汇 08-10 00:00
公司近况 8 月9 日,舜宇光学科技公布了7 月出货量数据:1)手机类产品:公司手机镜头产品出货0.89 亿片,环比增长23.2%/同比下滑14.9%,我们认为环比的边际改善主因北美大客户传统拉货周期开启,公司镜头产品导入较为顺利;手机摄像模组产品出货3679.3 万片,环比下滑8.8%,仍持续反映安卓手机终端需求较弱,上游零部件拉货动能承压。2)车载相关产品:公司车载镜头出货644 万片,同比增长25.7%/环比增长3.9%,连续第二个月实现同/环比正增长,我们依然看好下半年汽车市场新车的密集发布推升车载镜头市场整体需求扩容,公司作为头部车载镜头厂商有望持续受益。 评论 手机:北美大客户拉货开启带动公司镜头业务线增长,模组端预计仍将短期承压。手机镜头端,我们看到舜宇7 月镜头出货环比增长23.2%、大立光7 月营收环比增长15%,共同反映北美大客户传统拉货周期正式开启;同时公司较优的环比增长幅度也体现北美客户的导入进度相对顺利。伴随北美客户的新机发布以及传统手机销售旺季的到来,我们看好公司三季度镜头出货量表现将逐步好转;手机模组端,公司1-7 月模组出货量同比下滑22%,与整体手机销量表现趋同,虽然短期内我们认为公司模组出货仍将承压,但我们依然建议投资人紧密跟踪下半年手机市场,尤其是韩系客户的潜在出货拐点。同时,基于潜望式模组等光学创新仍在持续推进,且公司此前已存相关工艺积累,我们看好公司率先受益该产业发展趋势。 汽车:行业扩容趋势明显,公司有望作为头部厂商之一率先受益。6 月、7月公司车载镜头出货同比/环比增速均实现正增长。我们认为随着智能驾驶的渗透率不断提升,摄像头作为核心的智能传感器之一,行业扩容明显。我们持续看好公司作为车载镜头厂商之一,受益于汽车智能化转型趋势。 盈利预测与估值 舜宇光学科技目前交易于33.5 倍2022 年和25.3 倍2023 年市盈率。我们维持2022 年和2023 年归母净利润预测分别为32.6 亿元和43.2 亿元,同时维持跑赢行业评级。我们维持目标价150.8 港元,对应43.6 倍2022 年和34.9 倍2023 年市盈率,较当前股价具备30%的上行空间。 风险 上游缺芯问题持续;疫情蔓延影响全球终端需求。
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