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《大行報告》美銀證券降舜宇(02382.HK)目標價至51元 付運指引疲弱
阿思達克 03-22 16:28
美銀證券發表報告指,舜宇光學科技(02382.HK)去年下半年純利按年跌37%,屬早前盈警指引按年跌介乎27%至38%的下限,並低於該行6%,但符合市場預期。經營溢利較該行及市場預期低出48%及55%,主要受毛利率按年跌4.9個百分點至14.1%影響。該行下調對舜宇今明兩年盈利預測18%至19%,反映付運指引疲弱,目標價由61元降至51元,維持「中性」評級,反映風險回報平衡。 該行認同舜宇將受惠於整體光學行業改善,因高端手機將升級,但公司仍需額外努力以達致毛利率指引,因中國市場需求能見度低,尤其中國客戶的供貨規格已高於海外客戶。該行又指,管理層預期車用鏡頭今年交付按年升10%,低於2021至2023年的15%至20%,除因舜宇在傳統鏡頭涉足較多,亦相信歐美市場近期疲弱導致指引疲弱。
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