《大行報告》星展降舜宇(02382.HK)目標價至55元 高端化提升毛利率
星展發表報告,降舜宇光學科技(02382.HK)今明兩年盈利預測33%及42%,反映慢於預期的交付復甦,目標價由79元降至55元,相等於預測2024年市盈率21倍。基於對人工智能手機熱潮預期,仍預測2023年至2026年預測盈利年複合增長率54%,重申予「買入」評級。
該行指,舜宇去年下半年純利因毛利率收縮按年跌37%,大致符合盈警指引。管理層預測今年手機鏡頭及手機鏡頭模組交付量分別按年升5%及持平。該行預期舜宇今年盈利按年大升119%,基於公司在電動車零件的進展及增加對iPhone及三星智能手機交付。
該行又指,人工智能科技增加滲透至智能手機市場,將提升高端手機銷售,一般會提升高端鏡頭產能需求。該行指手機高端化提升毛利率,料人工智能手機市場滲透率在2027年將升至40%,舜宇作為三星旗艦智能手機Galaxy S24主要供應商,將透過增加高端鏡頭供應乘搭人工智能熱潮順風車。
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