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《大行报告》高盛仍关注舜宇(02382.HK)未来毛利扩张潜力评级「中性」
阿思达克 06-12 11:01

高盛发表研究报告指,仍关注舜宇光学科技(02382.HK)未来毛利扩张潜力,因随着功能增值的方向转移,以及用家追赶科技,手机镜头产业已经趋向饱和。

不过该行指,舜宇5月手机镜头出货量按年增39%,持续超越台湾同业大立光收入按年增16%的升幅,这与该行对其中国市占率增长的看法互相呼应。不过,毛利率仍然是关键,因市场对低端镜头的需求不断增加及竞争加剧,可能会对毛利率产生影响。

另外,公司车载镜头保持适度增长,在过去的三年收入贡献保持在6%;5月出货量增长仍然疲软,按年增长29%,导致今年首五个月按年增长23%,低於2017及2018年的41%及25%。但该行指出,舜宇现价接近花旗予明年预测市盈率15倍的估算,故维持其目标价70元不变,评级「中性」。

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