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花旗上调舜宇(2382.HK)目标价至113港元料智能手机付运胜预期
格隆汇 07-18 11:41

花旗发表报告,重申对舜宇光学(02382.HK)“买入”投资评级,按综合方式作估值,目标价由原来105港元上调至113港元,以反映公司对旗下客户三星手机镜头模组市占率提升、及受惠5G发展,估计智能手机付运可胜预期,指舜宇为该行在行内喜爱股份。

舜宇光学将於8月中公布中期业绩,该行估计舜宇上半年收入按年升31%至156亿人民币,主要受到手机镜头增长40%、手机镜头模组增长20%及车载镜头增长25%所推动,估计公司中期纯利达14亿人民币,按年增长18%,主因手机镜头模组(HCM)业务毛利率承压,而外汇亏损会收窄。

花旗透过行业渠道了解,舜宇旗下三星手机镜头模组於今年第二季相关占比贡献达到10%,而相关订单毛利率较佳,而该行维持对舜宇今年下半年毛利率正面看法。

该行对5G需求前景正面,上调对全球智能手机2020年及2021年两年付运预测各3%及2%,分别至14.2亿及14.39亿部,对中国市场智能手机2020及2021年付运预测各调高9%及10%,分别至3.9亿及3.92亿部。

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