《大行報告》大和:舜宇(02382.HK)短期股價受壓可能為良好切入點
大和發表研究報告指出,舜宇(02382.HK)發盈警,預期上半年溢利按年跌65%至70%,至4.07億至4.75億元人民幣,中間值計按年跌67%至4.41億元人民幣,較該行及市場預期低55%至65%。公司解釋上半年受需求疲弱、經濟不確定性和激烈競爭而導致利用率降低,令手機攝像頭均價及毛利率受壓,另因人民幣貶值未變現外匯虧損約1.615億元人民幣。
該行認為,舜宇上半年初步業績不佳加劇了該行對公司近期的擔憂,因其幅度比預期更差。展望未來,該行預計公司上半年盈利可能觸底,並將由下半年開始逐步復甦,主要受惠於智能手機規格可能恢復升級、品牌廠商致力差異化,以及提升鏡頭預算以改善整體成本結構等有利影響。該行還對其汽車業務保持長期正面的看法,因看好電動車/先進駕駛輔助系統(EV/ADAS)勢頭強勁,增強現實/虛擬現實(AR/VR)的上行潛力,以及可能改善的生態系統。
該行料舜宇股價可能會因上半年初步業績不佳而承壓,但認為可能為長期投資者提供良好的切入點的機會。重申對其「買入」評級,目標價95港元。
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